Every business, big or small, depends on leads and deals. Leads are potential customers who have shown interest in your solution but who have not yet made a deal with you. For businesses growth, you have to convert leads to loyal customers. For that, you need to manage sales leads in an organized manner. And here you will learn everything you need to know about lead management and how it can help close deals faster.
What is Lead Management?
“Lead management is the process of managing leads, constantly and equally throughout.”
But that is the traditional approach. The modern day lead management CRM does much more than just managing the leads which makes a new definition for lead management like this:
“Lead management is the process of capturing leads, tracking their activities and behavior, qualifying them so that sales executives can work on the most promising leads”
The Lead Management Process
During the lead generation activities, you would have contacted your ideal buyers through various online sources such as email marketing, social media, webinars, paid advertisements, and a lot more.
In today’s world, there are infinite sources for lead generation activities, and when the lead volume is high, manually adding these leads into the system is not feasible. A lead management CRM ensures that each lead is fed into the system right at the point of origin, preventing lead leakage of any sort.
When a lead is captured, the lead management or lead tracking software would start tracking the activities and behavior of that lead, this ensures your sales team don’t have to spend time on research and manual data entry. The lead management system also tracks the lead’s activities on your website like the pages they are visiting, the forms they are filling, the time they are spending on your blog, links clicked, resources downloaded, etc
These valuable insights around leads’ behavior which you would otherwise not have. Advanced lead management software also tracks conversations over the phone or chat.
One effective way to qualify leads is through Lead Scoring. It is a model that rank leads based on their demographic information and engagement with your company. By scoring the leads based on their behavior and engagement your sales team will be able to differentiate qualified and unqualified leads quickly. Using scores to qualify leads allows your sales team to invest their time in pursuing the right sales leads for your business, so that the lead scoring tool built into your lead management system is highly cost-effective and beneficial for your sales teams and business.
After capturing the leads, you need to pass them on to the relevant salespeople, it will take a long time if you do it manually. A lead distribution system in a lead management CRM automatically assign the leads to the relevant sales person based on the logic that you define. You can also generate reports to identify the territories that bring profit, best performing salesperson, and the potential sales area to improve based on this sales distribution system in the lead management CRM.
For Example Leads from Facebook assigned to nurturing team
Pass the lead to UK Sales team if the location is UK
As per human Psychology, a lead fills up your inquiry form, in all probabilities, they have done the same for 5 more services similar to yours, at least 3. So in most businesses, if a company is able to contact the lead before their competitors, they’d get a definite advantage, here is the lead distribution system helps you by making the entire assigning process in a flash.
There is nothing called a dead lead, not all your leads are sales-ready. Some leads may not buy your product now but there will be a chance for that in the future. Some of them might never buy your service but if you are able to give them a good experience in a way or another like business tips, webinars, blog post etc helps you to build a relationship with hem as a brand advocate or consultant for life.
The moment you know why a lead is not interested, you get an idea of how you can get him interested in you or your business. This can make the largest portion of leads in your database of those who are not immediately interested. The Maybe’s. These somewhat interested leads will be added in the nurturing cycle and passed along to sales whenever they become ready to be sold to.
Lead nurturing is a process of constantly engaging the audience through multiple channels. This is where you educate and demonstrate them through valuable content, promotional offers, etc. that your service can solve their pain points.
So, these are the different stages that make up a lead management system, this can give you a fair idea of how a lead management system can help your business. Now you should be thinking about which lead management software is best for your company. Getlead Lead management Software is designed with these concepts, don’t forget, there are a host of features that are coming in future to make your experience easier than ever and to place your business on the peak.