Image Source : acquirentIt’s imperative that your sales funnel should be filled 24/7. Your sales cycle can turn inconsistent & unreliable without a steady stream of leads in the pipeline. Your firm will be better positioned for efficient & sustainable growth with consistency. Lead management strategies play an important role in all this & also in helping to reduce the cost & decrease time spent in the sales funnel. Most of the time referred to as customer acquisition management or contact management, lead management generally encompasses of the following: Lead generation: The process of invigorating interest in a product or service to convert prospects for the purpose of developing sales pipeline. Marketers use different tactics which includes emails, blog posts, advertisements, white papers, social media, events, and PR campaigns for lead generation. Customer inquiry and capture: The data of the prospects who positively responds to marketing are recorded in this process which creates sales leads. Filtering, grading, distribution, and contact: This is the part which determines data that can be turned to a lead. The data is sorted by the validity of the request, prioritized on the basis of the likelihood of becoming a customer & then dispersed to sales reps to be contacted. A lot of work will go into defining how to categorize individual leads accurately, depending upon the size of the marketing program. Lead Nurturing: Constant communication is needed to develop relationships with buyers at every stage of the sales funnel & through every step of the buyer’s journey. It helps in understanding the needs of the process & providing the information and answers they need. If everything is followed as per the books, the process is likely to end with a sale and the lead has emerged as a customer. But the work doesn’t end there as the leads turn to customers, businesses must continue to nurture the relationships. Regular follow up is critical for maintaining high levels of customer satisfaction & sales efficiency. Lead Management is important because it helps businesses to identify which tactics bring in the best leads, which will help in optimizing sales strategies to be more effective & efficient. Since it help’s in documenting the full history of the person’s interactions & experiences with the company, you can easily analyze exactly how a person got converted from a prospect, to a lead & finally to a customer.
(Image Source: tegrita.com)The best practices in Lead management are ever-changing. We have jotted down the best 5 lead management practices that you can apply to enhance your sales leads:
- Budget to purchase the particular product
- Authority to make the purchase decision
- Specific needs they have
- Timescale regarding the need
Keeping clean data:
Practicing the method of lead scoring:
- Persona which can be industry, title, role, company size, revenues.
- Engagement which includes number of visits, unique page views, repeat visits, form conversions, email opens and clicks, blog comments, social media mentions, inbound links.
- Buyer stage which can be identified by clicks & conversions on specific content indicating a lead lifecycle change, such as mid-funnel and bottom-funnel offers.
- Velocity which is recency of engagement, volume & timing of events which indicates imminent interest to buy.
Integration of Marketing automation & CRM:
- Website content management system(CMS)
- Creation and promotion of content(blogs, social media)
- Lead conversion (landing pages, forms and calls-to-action)
- Lead nurturing (drip campaigns, personalized content)
- Marketing automation (email marketing, list segmentation, lead scoring, lead management workflows)
- CRM integration (seamless, bi-directional transfer of lead data, KPIs and communications)
- Enterprise application integration (customer service apps, e-commerce, business intelligence systems)
Rating your Lead management process
Boiling it down
(Image Source: i.ytimg)An effective lead management program is necessary to help you create better relationships with your buyers, better understanding of their requirements which will lead to lesser time in converting prospects to sales leads. The process ain’t simple & ignoring these steps can lead to poor outcomes but building an awesome process integrating all these steps can lead to sustained growth & profitability.