In order for businesses to grow, you have to convert leads into actual sales from a loyal customer base. For that to happen, you have to develop and manage leads. While that might seem obvious, the question is, how can that be completed in an organized and swift manner? With lead management.
Lead management is the process of capturing leads, tracking their behavior and activities as well as qualifying and engaging those leads until they are ready to be passed on to quota-carrying sales representatives. These methodologies and practices are designed to create a potential business clientele.
Let’s do a deep dive into Lead Management, how it can help your business close leads quickly, improve sales and establish a steady customer base.
Lead Management Process
Success lead management can be completed if you follow these five steps:
1. Capturing/Generating Your Leads
The first step of lead management is to first find your lead! Normally, businesses reach out to leads through emails, social media posts, webinars and other forms of marketing communication. You can also capture the source of where you lead came from, which helps with producing stronger marketing efforts.
2. Tracking Your Leads
After entering a leads name into your system, it is populated with any public information about them that is available including, job title, company name and social media profiles. You are also able to track your lead’s activity on your company’s website such as links clicked and pages visited. Gaining insight into their behavior helps, you personalize sales approaches once they are pushed down the pipeline.
3. Lead Scoring
Next is to score your leads based on demographics and company engagement. Scoring leads based on their similarities (job title, company, website activity) allows sales teams to determine who is qualified and which leads aren’t.
4. Lead Distribution
Once you’ve established which leads are worth pursuing, it is time to push them out to sales representatives. The faster this is completed, sales reps can contact leads, which will then have the potential to translate into sales.
5. Nurturing Leads
Even if your leads are perfect for business, they may not be ready to purchase just yet, which is where nurturing comes in. Providing informative company and product information continue company/customer contact and builds a relationship between the two entities. Nurturing leads can ultimately lead to future purchases.
Benefits of Lead Management
Lead Management makes the process of capturing and nurturing leads easy and swift. Here are some of the benefits that businesses may experience once they begin utilizing lead management.
Fast Response Times
Thanks to lead management, reps can look at customers buying activity and reach out to them quickly, through multiple forms (email or phone).
Features including automation picks up the slack with smaller scale activities, allowing reps to focus on communicating with potential customers.
Meaningful Customer Engagement
Having lead management as a tool allows users to know exactly what customers are interested in purchasing, which can lead to sales reps having in depth, educational conversations with leads about company products, etc..
Lead management can assign the right leads to the correct sales rep, which then flows into selling products in the most effective way.
If your business struggles with capturing the correct leads and converting them into money made for a company, invested in a lead management system may be for you. It is an organized system that funnels customers from those who are passersby’s into a loyal customer over time.