What does it mean to qualify a lead?

To qualify a lead means to evaluate whether that potential customer has the likelihood and capability to purchase a product or service. This process involves identifying specific criteria such as the lead’s budget, authority to make decisions, needs, and timeline for purchasing (often referred to as BANT: Budget, Authority, Need, Timing). By qualifying a lead, sales teams can prioritize their efforts on those prospects who are most likely to convert into paying customers, thereby increasing efficiency and optimizing sales strategies.

The other options involve different aspects of marketing and sales processes that do not directly relate to the assessment of a lead's potential for becoming a customer. Generating advertising strategies and developing customer satisfaction surveys are focused on engagement and feedback rather than qualification, while assigning leads to sales representatives pertains to the operational handling of leads rather than evaluating their potential.