Qualified leads are the group of people who are most likely to buy from you – they have a current need, problem or desire that your offering will solve or serve. These people are your target market, or ideal customers. Qualified leads are generally easier to convert into customers, so a high number of qualified leads mean a high conversion rate and, of course, more sales.
Knowledge and understanding of your target market is crucial to the viability of your business. You have to know if there is enough demand for your product, or enough interest and need for your service. You have to know how to communicate with your customers, and understand their thoughts and behaviours.
Without a comprehensive understanding of your target market, you can’t make smart choices about your front end offers, marketing strategy, pricing structure, and product or service mix. It’s kind of like driving a car with a blindfold on – you’d be headed for disaster.
In addition to being essential to confirm assumptions and understand purchase motivations, market research is something you will need to get into the habit of doing on a regular basis to monitor trends and stay ahead of the competition.