Many marketers spend far too much time and effort on top-of-funnel efforts. It’s not that they aren’t important—you can’t do anything if you’re not attracting new clients. The issue is that many of us become so thrilled about the possibility of obtaining an increasing number of leads that we neglect that there is still much work to be done once they convert. A strong lead management process is the solution to this issue.
What is Lead Management?
The process of collecting, organizing, and managing lead interactions is known as lead management. It involves collecting leads from various sources, screening them, assigning them to sales representatives, and monitoring and documenting all online and offline contacts, including phone calls, emails, clicks on advertising, website visits, and personal meetings.
Lead management helps businesses comprehend the needs and trouble areas of their clients. By doing this, they can suggest a solution that meets the demands of their clients. 47% of customers think they are more inclined to purchase from a seller who understands their demands.
To further understand this, let’s consider an example.
When you initially receive a lead, lead management gets started. This should include client contact data (such as their email address). Still, it should also include their name, company details (if you’re operating in a B2B setting), and some indication of their interest in your product or service.
Leads are often collected using a lead-generating device, such as an eBook, webinar, or free account registration. These leads are kept in your sales CRM, which serves as a mechanism for managing leads. What follows is determined by your unique procedures.
Leads, however, often go through a nurturing phase during which prospects get several emails from your company. Engagement with these emails and other types of information is tracked to determine when sales should engage. This is known as lead scoring, which we’ll go over later.
The sales procedure then starts. Leads are monitored through your sales funnel until they convert to a potential client (or you close them as a lost opportunity). During the lead management process, you will monitor several key performance indicators, such as:
- Conversion rates for pipeline stages
- Interaction with sales content and correspondence
- Length of sales cycle
Why is Lead Management Important?
Lead management provides business owners with a complete picture of where their consumers are in the sales funnel. Using a CRM system to handle leads gives businesses a comprehensive understanding of how productive their sales funnel is.
Lead management helps marketers in completing the following tasks:
- Identify the most effective marketing channels that are worth the money.
- Select the lead generation tools that work the best.
- Determine which leads are the most qualified and then categorize them according to their buyer journey stage, interest level, and engagement.
- Nurture each lead according to their qualifications.
- Assign leads to sales reps.
- Retain the history of all interactions with leads in one location for easy reference.
- Establish and preserve long-term relationships with clients.
- Automating lead generation and sales correspondence.
- Maximize sales.
Benefits of Lead Management:
Because of ineffective handling, the majority of early-stage leads often vanish. Fortunately, you can stop leads from vanishing and increase your income by implementing a robust lead management program.
1. Create quick contact:
Establishing quick interactions that may progressively develop into a solid and long-lasting relationship requires an effective lead management procedure. Every lead needs to be taken extremely seriously right away to maintain a steady flow of leads through the sales funnel.
Communicating with leads and resolving their concerns is much simpler when the process is transparent. According to one research, the individual who replies to an inquiry first receives 35-50% of the sales. A quick answer improves perceptions and shows that you are sincere in your desire to help a business overcome its growth-related obstacles. It provides customers with more reasons to do business with you.
2. Quick access to lead information:
Lead management, as we all know, maintains things neat and well-organized. Thus, the lead information is easily accessed in a well-organized structure. You can effectively organize and rank your leads with everything at your fingertips. You’ll be able to make better use of your time to achieve your goals.
3. Keep up regular, effective communication:
Effective lead management makes it possible to move the lead along in the purchasing cycle through constant contact. Additionally, you can engage leads interested in learning more about your company and product with a well-planned lead management strategy. Utilize the technology that allows you to automate emails as much as possible to improve your communication and quickly qualify leads.
4. Enhanced customer experience:
A few components of the customer experience can become disorganized in the absence of a comprehensive lead management system that covers the whole customer journey. For instance, after providing a tons of information on your lead form, a sales representative contacts them a few weeks later and asks the same questions.
Implementing a lead management system with processes to follow and strong lead management software to handle them can help you create a comprehensive client experience.
5. Higher conversion rates:
You will attract more clients if your lead management and customer experience processes are consistent. An efficient lead management process that includes a reporting review stage to evaluate performance and put improvement plans into action is also crucial.
For instance, your pipeline stage conversion rate tracking could indicate to you that a significant percentage of your clients are lost during the presentation stage. Given this, you may choose to enhance your sales team’s performance in this area.
6. Increased return on investment through marketing:
You are generating more income if you are closing more transactions. Additionally, you’ll increase ROI and be more capable of convincing senior leadership of the importance of marketing if you’re doing all of that without raising your marketing budget (since you’ve put in place a more efficient lead management process).
Wrapping It Up:
Ready-to-sell leads are essential for any business. However, you have to work hard for things instead of merely “wanting” them. Try new approaches and techniques; explore and experiment with anything that is feasible. Keep an eye on the actions of your lead and maintain organization. If you don’t want to lose your valuable leads, the marketing and sales teams must work together effortlessly. If you play your cards well and take the appropriate actions, closing sales will become a simple chore. To succeed, make use of the top lead management system.