Sales teams use many acronyms while evaluating potential leads and creating sales strategies. Many lead qualification methodologies and frameworks are used to qualify these leads present in the sales funnel to convert them into future customers. CHAMP is one such lead qualification methodology.
In the CHAMP lead qualification framework, CH stands for Challenges, A stands for Authority, M stands for Money, and P stands for Prioritization. A lead is an individual who has a high probability of purchasing your product or service. CHAMP lead qualification framework helps the sales team prioritize leads with a high revenue potential. This framework helps to track qualified leads by observing the customer's challenges to purchase the product/services.
‘Why’ to Qualify a Lead
Companies target the same customers but use different methods to qualify these leads. Due to these differences in opinions, companies acquire various lead qualification methods. By qualifying leads, the sales team can prioritize these leads and focus on the ones with the highest potential to become future customers.
CHAMP uses models such as Challenges, Authority Money and Prioritization to qualify leads. Each is critical for qualifying leads to see how likely they will become paying customers.
The CHAMP Lead Qualification Framework focuses on understanding prospects' unique challenges, pain points, and concerns. Sales teams can use this technique to position their products and services by understanding the customer needs and concerns . Once the sales team has identified these challenges, an opportunity is created. If the sales team asks clarifying questions, they can get to know the challenges faced by potential customers.
Here are some questions that you can ask to learn more about the challenges faced by customers:
- What are the specific challenges you are facing in your business today?
- What are your key performance indicators to track success?
- Do you have any particular challenges in lead generation and customer acquisition strategies?
- How do you deal with objections and concerns from customers during the sales process?
Companies need to identify the decision-makers and individuals with purchasing authority while closing B2B deals. The CHAMP Framework helps sales teams identify them and reach out to the right people at the right time. Building relationships with key decision-makers and matching solutions to their needs increases the chances of a successful conversion.
Sales teams can use authority questions to identify key decision-makers within a customer's company and understand their decision process. Here are some questions you can ask to establish authority:
- Who are the main stakeholders involved in the decision-making for this purchase?
- What is your typical decision-making process for buying products and services like ours in your company?
- Do you need any specific people or departments to be involved in evaluating and approving our product/services?
- What criteria does your team consider when choosing a partner or vendor?
Assessing the financial capacity and willingness of leads to invest in a product or service is a crucial factor of the CHAMP Framework. Understanding the lead's budget, readiness to allocate resources, and the potential return on investment helps sales professionals focus on high-priority leads. This aspect involves practical financial qualifications and negotiation skills. When engaging with customers, sales teams can ask a variety of questions to understand their financial situation and budgetary considerations:
- What is your budget?
- Do you want to make a single purchase or would you prefer a subscription?
- How would you like to finance this purchase? We can discuss pricing and possible discounts.
- Are there any restrictions or limitations on the payment terms that you would like to discuss?
- Do you have any specific revenue goals in mind?
Prioritization is the final element in the CHAMP Framework. Sales teams must be able to allocate their resources intelligently, as all leads are unequal. Sales professionals can allocate resources and prioritize efforts by assigning a score or value to each piece of information based on their challenges, authority, and financial readiness. Prioritization allows sales teams to focus on leads with the most significant conversion likelihood. This increases efficiency and success rates. Questions that the sales team can ask while prioritizing their potential customers:
- What are some of the most important things you want to achieve or focus on in your business/organization?
- What are the pain points or problems that need to be solved right away?
- What features or abilities are crucial to you in our product/service?
- Do you want to focus on Business Process Services?
Other Lead Qualification Frameworks
What is the purpose behind the CHAMP Lead Qualification Framework?
The CHAMP Lead Qualification Framework assists sales and marketing teams in prioritizing leads based on their specific challenges, decision-making authority, financial capability, and alignment with ideal customer profiles.
What challenges does a leader face using the CHAMP framework?
Engage in conversations with leads to better understand their needs, goals, and pain points. The sales team should ask probing questions to gain insight into their specific challenges and how you can help them.
What is the best way to determine a leader's decision-making authority?
Ask questions about who is involved in the decision-making process, the lead's role, and the influence level. Find out if the person has the authority to make decisions independently or if others need to be consulted.