No matter what industry you are in, it is essential to find and nurture the right leads. It is what will make the difference between converting prospects into loyal, paying customers or wasting your time on unqualified people.
It makes sense to focus your attention on lead management and optimize it at each stage. Research shows that automating the lead management process can boost sales revenue by 10% in as little as six months.
Your lead management results will depend on the tools and strategies you use. Consider trying other methods to reach potential customers via social media such as LinkedIn automated messages and prospecting on Facebook to capture their interest in your product.
This article will cover the essential steps to optimize your lead management processes. This will help you to create the best system for your sales team, and consumers.
Let’s first discuss what lead management is.
What is Lead Management?
Lead management involves creating leads, qualifying them for sale, tracking their progress and passing them on to the sales team at the right time. Your lead management process is made up of many parts that are crucial to your business’s success.
Lead management can be viewed as a game of Jenga. You’ll lose prospects if you have inconsistency in any one area, such as lead generation, routing, scoring, timing, or lead scoring. It is essential that each component of your lead gen process is perfect.
What is the importance of a Lead Management Process?
What makes lead management so important for stability and growth? There are many reasons that lead management is so important, as it turns out.
- Target the right prospects It is important to choose the right people with whom you want to do business and then pursue them.
- Increase the efficiency of your sales process – When your marketing team is able to identify better leads, they are able to create better content. Converting new leads is the most important step in your sales funnel.
- Increase closing rates There are two parts of the closing equation. First, ensure you have salespeople who are enthusiastic and well-trained. To increase your closing ratio, ensure they are talking with the right leads.
- Increase sales productivity Sales reps won’t have to chase unqualified leads and can instead spend their time on revenue-boosting activities. Sales CRM allows you to free up sales reps to focus on higher ROI tasks.
- Track your results to improve An excellent lead management process can be followed step-by-step to identify weak points, increase closed deals and pinpoint weaknesses.
Let’s now talk about what lead management is, and how it can help your business.
7 Tips to Optimize Your Lead Management System
1. Create a Buyer Persona
Before you can move on to the next step, you must first define your buyer persona. Your buyer persona, also known as an avatar, lists the essential traits each prospect should possess, such as:
- Role / Title
- Pain Points
This buyer persona should be considered at every step of lead management. Prospects will feel that you are speaking to them one-on-one.
2. Get Lead Capture Customized
You need to make sure you are collecting all the necessary data in order to optimize your lead management. You can customize your lead capture stage to include elements such as:
- Custom forms – Each visitor to your website will be at a different stage of the buyer journey (also known as levels or awareness). Different forms can be used for different lead capture portals such as webinars or landing pages that offer a free trial.
- Chatbots Modern chatbots can imitate real conversations, making prospects feel more comfortable sharing personal information online.
- A/B testing Always compare your lead capture methods to a second. One will convert at a higher rate than the other.
3. Use Lead Scoring
The key to optimizing your lead management process is a lead scoring system. Scoring leads means that you assign them a number to rank how ready they are for sales based on the criteria you have established.
This will improve the alignment between your marketing and sales. This allows sales teams to follow up quickly with the right leads in an automated manner.
4. To Nurture Leads, Create targeted content
What can you do about leads who are qualified but not highly-selected? They could be a great match, but only later. These leads can be nurtured on autopilot.
This can be achieved by sending leads certain content at the right time in their buying journey. This will help them become more sales-ready and not pushy. You might, for example, send helpful content to potential clients if you are a realty agent and they are in the beginning stages of their search.
If you are willing to invest in a web-based platform, you could offer an informative webinar to qualified leads who have not converted. This will give you valuable information and build trust with them.
5. For passing off leads, outline clear parameters
Lead routing is an important step in the sales process. A cold lead online could happen quickly so it is crucial that your marketing department alerts sales when the right time is right.
This handoff can be optimized by defining a few criteria.
- Timeline for handoff
- Expectations for follow-up
- How do you determine which rep is assigned the lead?
Clear parameters for lead routing will allow you to get in touch quickly with the most important leads and increase sales.
6. Keep your database current
Good data hygiene is not the most enjoyable aspect of lead management. It is vital that we have accurate lead data. Here are some good practices:
- Remove duplicate entries – Use a data analysis tool, to locate duplicate names or information, and then delete it every month.
- Automated verification – Make sure your email addresses and telephone numbers are active with automated verification.
- Detail hygiene protocol – Tell your team when and how to clean their databases in order to establish good database hygiene as a routine.
7. Integrate Technologies
Technology plays a major role in your lead management optimization. The best lead management technology will help you to systematically capture, organize, update, and update leads.
Marketing technology can be a great investment that takes the guesswork out of sales and marketing, and allows them to focus on what they do best.
FAQ (Frequently Asked Questions).
Entrepreneurs and business leaders often have the following questions about lead management:
What companies are most likely to benefit from lead management?
The concept of lead management is universal. Although specific tactics can vary according to the size of the company, the industry and the target customer, the basic principles are the same. Every company can benefit greatly from good lead management.
Do you find it difficult to optimize your lead management processes?
It’s not worth wasting time – it takes a lot of hard work and planning to set up your company’s lead management system. It will take you less time than it might seem. It will save you and your team time because it is scalable and optimized.
What is the difference in lead management and nurture?
The difference between lead nurturing and lead management is similar to the difference between a rectangular and square. A square is a type or rectangle. Lead nurturing is also part of the lead management process.
Lead management is the whole process of converting leads from start to finish. Lead nurturing is about building a relationship with prospects.
Companies today face a unique problem in the business world. Accessing enough customers or clients was the biggest challenge in the past. Social media and other tools make it easy to reach thousands or hundreds of potential leads within seconds.
Companies now have to be selective among a sea of contacts. Your sales and marketing team has a limited amount of time and bandwidth.
This may be why 91% marketers list lead management as their top goal. It should also be yours. These tips will help you ensure that your lead management process runs smoothly and is profitable.
The article 7 Ways to Optimize Lead Management Process appeared originally on Scoop.it Blog.