A Lead refers to an individual or a company that expressed interest in products or services your business offering but that individual or a company not yet purchased any product or service from you.
Commonly interest is expressed by providing a phone number, email address, and so on. Leads are considered as an essential part of a business that contributes to the growth of a business. Once you set up a new business, lead generation becomes your primary objective and once you start growing the number of leads your sales executives will find it difficult to manage the leads with manual entries in sheets.
Inquiries received by your employees convert into leads that are entered manually. These manual entries can be managed if the flow of lead generation is limited but if the lead generation is massive then these manual entries invite a lot of discrepancies too.
Every lead is important to your business and you should not ruin that lead with an incorrect manual entry of lead’s information. To overcome such challenges you need to implement a proper Lead management process for your business that helps you convert a lead into a deal.
What is the Lead Management Process?
Lead management is a process of managing the leads effectively. It involves documenting and classifying the leads based on interactions made with the sales and marketing executives. Lead management is not only the process of capturing leads but also tracking the leads’ activities and buying behavior and then qualifying the leads. The motive behind this process is to make the leads sales-ready and then passing them on to the sales team. Yes, the process sounds simple but, in fact, lead management is a complex process, especially when the numbers of leads are high. In such cases, you need a robust lead management system that helps you drive the lead management process effectively.
How Does Lead Management System Work?
Lead Capture Automation
Lead capture automation refers to the automation of leads which means the leads get captured automatically in your system. Nowadays, there are a plethora of sources of lead generation, and when the lead volume goes high; it becomes a herculean task for employees to enter each lead into the system manually. Lead capture automation helps you hereby ensuring that each lead is captured into the system correctly at the point of origin that prevents any sort of lead leakage.
Another facet of lead capture automation is the capability to automatically gauge sources generating a maximum number of leads and revenue for your business. It becomes a cakewalk to identify the lead generation sources that are giving high profit, and the ones which are not profitable. This data holds great importance for marketing and business intelligence teams as they can plan their budget accordingly with this insight.
When a lead gets captured, the lead management solution activates the feature of lead tracking that automatically tracks the activities and behavior of the lead captured. It gives a detailed tracking report of a lead that includes – the pages lead visited, the forms lead filled, the time duration lead spent on your blog, and so on. In this manner, it provides you valuable insights about your captured leads that help you to know your leads in detail. Nowadays, lead management software is also highly effective in tracking conversations made with leads over the phone or chat.
Lead distribution is a crucial stage of a lead management process. Once the leads get captured you need to distribute them among the relevant sales executives. Lead distribution is a time-consuming process if done manually. However, with the help of the lead management system, this process can be amplified. The lead distribution system of lead management software distributes and assigns the leads automatically to the sales executives based on any logic or parameter that you define. For example, if there is a team that manages any location-specific leads then the leads of that specific location will be automatically assigned to that particular team.
It has been found if an organization contacts the lead before any other competitor; then the chances of sales get better. As you know a lead not only fills your form but also the forms of other 5 more service providers similar to you. With the lead management system, you can overcome this challenge and significantly reduce the response time and ensure that the lead is contacted by the most relevant sales executive of your business. In this manner, you can delight your leads by giving them a consistent experience, as soon as they make a query.
Once the leads get distributed to sales executives; the analysis of leads starts to check if they are worth pursuing or not. After analysis, the leads that get shortlisted are known as sales-qualified leads. The Lead Management software in the market available qualifies the leads based on the chances of those leads turning into a closure. A quality score is provided by the lead management solution that can be customized based on the kind of interactions made with leads and the probability of that lead turning into a customer. This scoring of leads known as quality scoring that can be changed as the chances of lead turning into a customer gets high. Quality scoring also depends on the buyers’ persona. For example, a lead who is the CEO of any company holds a more weightage than any lead other lead which is of sales executive of a company.
Hence based on buyers’ persona and the kind of positive interactions made with leads decide the quality scoring of a lead. The quality scoring of a lead helps sales professionals in prioritizing their task and accordingly they can focus first on those leads that have comparatively better lead scoring and then they work on other leads.
Lead nurturing is a crucial stage. Many businesses fail to nurture the leads properly and miss opportunities to turn them into a customer. Lead nurturing is all about educating your customers regarding the benefits of your products and services. You should present your products and services in front of leads in a way that acts as a solution to their problems. Lead nurturing can be effectively done by engaging and educating the leads by sharing informative content through multiple channels that generate curiosity among them to buy from you. These multiple channels generally consist of email campaigns, SMSs, or social media platforms where you can engage with your most promising prospects and as well as with existing customers too.
Another aspect of lead nurturing that can’t be ignored is that none of the lead is a dead lead. It might be possible at present some of your leads not interested in buying from you, but with the pace of time, you never know when that lead cone back to you as a potential buyer. Also, there can be chances some of the leads never buy from you, but still, you can’t ignore them and must give them a good experience by offering a useful e-book that might help them or any of their friends and family member. This gesture encourages positive word of mouth for your brand.
Benefits of Lead Management System
Running a business is not a cakewalk in a highly competitive world. You always plan a strategy to overcome the competition and multiple challenges that your business face. With the pace of time strategies change and if you do not change then it’s a big mistake that impacts your business adversely.
Lead management solution is one of the solutions that helps your business in beating the competition and provides the right direction to your business in achieving the desired goals. Let us dig into a few benefits of the lead management system.
Simplifies your work
Have a clear view of your target audience
Focus on the quality of leads
Saves your time and efforts
Entice your leads and
turn them into customers
Be more customer-centric and personalize with your customers
Enables you to gauge when, where, and how to approach a lead effectively.
Saves your money,
manpower, time & efforts
It is cost effective
Lead management solution here helps you to achieve your desired goals by making you aware of strategies to manage leads.
The lead management system is one unique way of establishing a seamless relationship with leads that any business irrespective of its size small, medium or large and irrespective of its industry must implement.
It helps you in various processes of your business right from generating the most relevant leads to the distribution of leads among the suitable sales executives.
It helps you to gauge the quality of leads based on their buyers’ persona and buying probabilities that helps sales executives in prioritizing their sales activities. Lead management solution most importantly enables
your business to nurture the leads effectively in a personalized manner.
It helps you to give that delightful experience to your customers. It enables you to know your leads’ needs and challenges first and
then showcase your products and services in front of your leads as a solution to their problems.