What You Need To Know About Lead Management
Lead Management is the process of acquiring and managing leads until the point where they make a purchase. This is a more involved process than standard advertising and is most applicable to eCommerce stores that generate individual relationships with customers. It’s important to know the meaning of lead management because it is an important aspect for any business. It revolves around how you maintain the leads and accounts in your sales funnel. It includes generating, evaluating, nurturing, and handing off leads to sales, and it’s important to keep all your strategies updated as buyer expectations continue to evolve. Lead management is not an activity, it is a continuum. Businesses can’t survive on one or two or three or for that matter even hundred leads. A business needs continuous leads for survival and these leads need to be managed efficiently. So, let’s have a look at the stages of this process or continuum.
Stages of Lead Management Process:
1. Lead Generation:
The first part of lead management process is advertising and acquiring leads. Nothing can be done until potential customers have been reached. Lead generation is the process of attracting and converting strangers and prospects into someone who has indicated an interest in your company's product or service.
2. Lead Tracking:
When a lead is captured start tracking the activities and behaviour of that lead – the pages they are visiting, the forms they are filling, the time they are spending on your blog, etc. Basically, it gives you valuable insights about your leads which you would otherwise not have.
3. Lead Distribution:
With leads in the pipeline and interest from prospective buyers, the next key step in lead management is lead distribution. Lead Distribution allows companies to quickly capture leads and then intelligently route them based on a variety of factors. Not all leads are ready for sales contact, so either they need to be nurtured further before being handed to an inside or outside sales rep or, in the case of a channel-based organization, must be distributed to the right channel partner.
4. Lead Nurturing:
Lead nurturing is the process of developing relationships with buyers at every stage of the sales funnel and through every step of the buyer’s journey. It focuses on marketing and communication efforts on listening to the needs of prospects and providing the information and answers they need.
We’ve spoken about lead management, but is it even important? After all its not free, in fact it does involve significant investment. So, is it worth it? Let’s have a look at their benefits and you can make up your mind
Benefits of Using A Lead Management System
· Talk to quality leads. Sales representatives can focus on the sales-ready leads in turn maximizing sales opportunities.
· Engage with context. With a lead database that is centralized, the sales reps can quickly get context to make meaningful conversations with them
· Productivity improvement. Automation in the lead management process saves precious time of the sales team and effort to do what they do best which is sell.
· Quick response time. Sales reps can reach their prospects through phone or email merely looking at their buying intentions which increases the chances of making a sale.
· High Return on Investment. It lets you identify which lead source is bringing good and quality leads in and maximize your efforts in those areas to increase your ROI.
· Measure results. Get invaluable insights into the activities in the lead funnel, such as the territories generating the most leads, the response time of each sales rep, etc.
In theory and in text lead management might sound simple and that might be true for some small companies too. But there are companies that function on a very large scale where managing these potential clients or what we call leads becomes an extremely cumbersome task. So, what’s the solution for this? How does a company manage leads coming in from around the globe? Well, since the world has advanced so much in terms of technology, the solution lies there itself. Over time, there have been many software that have come to the rescue of these organisations suffering from improper lead management. Let’s look at some of the most common software used by organisations to manage their leads.
Popular Lead Management Software
Freshsales, as the name suggests is a lead management CRM solution by Freshworks.It has a highly intuitive user interface and an impressive set of features including AI based visual deal pipeline, lead scoring and intelligent workflow automation. Freshsales provides their partners/ clients everything they need to manage their sales in a hassle-free package
Cratio Lead Management
Cratio offers CRM software and risk-free lead management that deals with customization, dedicated support. In fact, they even provide online cloud and mobile CRM software for b2b, real estate, education, financial services, travel, tours, hotels & health care industries.
HubSpot’s lead management tool allows businesses to keep complete eye on every lead as well as the touchpoint with those leads in order to track the lead status. Moreover, the HubSpot’s lead scoring system helps sales teams reduce a significant amount of time and efforts in filtering out the hot leads.
Zoho CRM gives its clients a complete view of the sales cycle as well as the pipeline. Apart from that, it also has an open source version. Zoho CRM empowers all kinds of business from small to mid-size to large-sized organizations with a cloud-based solution for lead management to managing organization-wide sales, marketing, customer support, service and inventory management in one business system.
Pipedrive is a leading web-based lead management system preferred by many companies. It is also a sales pipeline management tool to centralize the sales process around deals and helps team members focus on the right thing.
Velocify is a sales lead management tool designed for the unique needs of today’s high-velocity sales environments. With Velocify Lead Manager, one can rest assured that salespeople are focused on the best opportunities in sales pipeline.
Leads App is the lead tracking tool which is run by Apptivo to capture leads from the website, prioritize it, schedule follow up and finally convert them to opportunities. To put it in simple words, it manages all business and sales lead right from lead qualification through the sales pipeline till the conversion
Lead Prime is a web-based lead management tool for various business verticals. Lead Prime mobile enables you to seamlessly capture new leads, keep track of all your leads, gives you follow-up alerts and efficiently increase the lead conversion ratio in turn benefitting the whole organisation.
LeadSquared is an all in all customer acquisition platform for businesses across different domains. It integrates the features offered by both CRMs as well as Marketing Automation software which in turn brings the sales and marketing teams on the same page.
Bizom Lead Management system is an intuitive and extremely powerful tool to organize and prioritize one’s tasks as well as leads. It ensures that one doesn’t miss out on their deadlines and potential leads. It has various features to offer but some of the most interesting ones are lead prioritization, task progress tracking and task dashboards.
Kapture is a user-friendly CRM which is mobile-first and fully customizable. It is one of the very few CRM platforms which enables you to grow your business exponentially by automating all your sales, customer service, distribution and marketing effortlessly and seamlessly distribution and marketing effortlessly and seamlessly
Sales is the only department within an organization which generates revenue for them, and the prospective customers are the backbone of an efficient system of continuous sales. Thus, lead management becomes significant for a company and over time as the size and complexities increase, it becomes even more difficult to manage them which is why there are many tools and software that have been mentioned above, help in managing the leads. Now lead management can be a tricky game to play so it is recommended that you take support from professionals who have expertise in handling the software and can also advice on the best practices for lead management.
If you are looking for some professional support to step up your digital marketing game, then let’s talk!