Around 53% of marketers spend half of their budgets on lead generation only. The lead management process manages all potential leads, tracking their behaviour, qualifying them, and finally converting them into sales. Small, medium and big companies value the power of lead management.
For instance, Taking care of your baby isn’t difficult. But what if you’ve multiple babies to nurture at once?
In such a scenario, you require an established process to serve each baby with equal attention and that too constantly.
Likewise, growing businesses suffer from the problems of providing tailor-cut care to every single lead. Thus, more than a mandate, an effective lead management process is one of the supporting pillars of sales and marketing.
Why Is Lead Management Important?
Lead generation is a fair core activity to marketing. – Chris Brogan, Human Business Works.
Lead management can be termed as a connecting channel between sales and marketing. Many businesses misinterpret lead generation with lead management. Any marketing activity like content marketing, social media marketing, etc., can generate leads for your business. The success of the business lies in the fact that how companies are managing these leads.
First of all, it is not easy to generate leads.
While more than 61% of B2B marketers consider lead generation to be the biggest challenge, managing the coming leads becomes a responsibility. Lead management is mandatory to ensure the success of different marketing strategies. There is no worth in investing in lead generation when the results compromise on quality.
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Secondly, it is observed that 63% of the leads will not buy anything from the business for an initial period of 3 months. Thus, fetching leads is not the end process. You have to track their behaviours, stay connected with them, and prepare for the sales.
It is a time-consuming process with your competitors’ eye on grabbing your market share. Thus, end-to-end lead management is essential for decreasing conversion time.
There is no need for a sales process without lead management. Sounds awkward? With more than 73% of companies having no re-engaging process for customers after sales, reasons are clear for increasing customer churn.
Lousy lead management can result in lead leakages, missed follow-ups, and zero lead engagements. Struggling between leads’ quality and volume, designing lead management process flow is challenging for many businesses. Things worsen in challenging pandemic times when online channels remain the only method to stay connected to the audience and established in the market.
Steps to Improve Lead Management Process
To improve sales and keep your customer engaged with you, it is vital to rejuvenate your lead management process.
First of all, value lead management as a step-by-step affair, not as a single strategy. There are specific treads to improve lead management and here are some of the best steps include.
1. Identify and Understand Your Leads
Understanding your leads is the first step in the lead management process flow. You must know about the leads’ personal background like their location, age, sex, etc. You must also know about their work, their companies, their previous service providers, etc. Getting to know about the needs and requirements of the leads will help you to serve them better.
It is also essential to identify your leads based on source, behaviors, etc. It is best to generate details about how they get to know about you, like social media, Twitter, website, or blogs. It will not only support identification but helps in improving the effectiveness of existing marketing strategies.
2. Generate & Collect Intelligence about Your Leads
Employ technology like the modern lead management tools to get insights into your leads. You can simply track your content and customer behavior in numerous ways. You can start by adding a tracking token to all links shared as a part of social media marketing or email marketing. Another method can be marketing analytics to understand the customer interaction to your website and most-clicked content.
Content is the fuel for your lead generation efforts. – Dayna Rothman, Everstring.
You can hide lead capture form in premium content offers to collect critical lead intelligence. This customer behavior information and other sensitive data help design the correct route of your lead management process.
3. Score Your Leads
It is the first step towards prioritizing your leads. Businesses score the incoming leads on rankings based on numerous factors like the business sector and others. If you want to pass out a qualified lead, scoring is essential. In any lead management process flow, scoring can be done based on the lead’s demographics and behaviour.
The high-scoring leads have more chances of successful conversion. The leads’ inactivity can downgrade their scores as the entire lead management process is highly time-sensitive. Thus, the prioritized leads can be passed to the sales department while the low scorers are passed to lead nurturing. The key to the success of scoring is the correct scoring method.
4. Nurture Your Leads
Nurturing your leads involves understanding their requirements, expectations and then creating awareness about your products. You can use the so-far collected information about the leads to categorizing them on different funnel levels. Lead nurturing campaigns thus form an internal part of the lead management process.
All you need to do is stay personal in the lead nurturing. It helps to strengthen your relationship with leads. Other tips for lead nurturing include relevant calls to action for each content and utilizing a content map. You have to be consistent in maintaining this relationship with leads through every possible channel until they can be passed to the sales process.
5. Pass Off Your Leads to Sales
Mature leads are successfully handed to the sales team in this step of lead management process flow. This pass-off should eliminate those leads that are still premature and require more time in decision-making.
This pass-off should be handled carefully by the marketing team by going through the lead’s activity and information. The sales team should go through the lead intelligence to research the lead before pitching them with plans. The other vital things are stringent follow-ups and the provision of immediate contact details.
6. Track and Measure Your Leads
Tracking and measuring your leads is essential to keep them protected from getting lost in the sales process. You can monitor the sales cycle and its return on investments. This gives a double layer to the leads and protects them from getting disinterested in your business.
Nothing matches the power of constant tracking and evaluation. These are the simple yet powerful steps to keep your lead management process highly effective at all times. All you need to do is understand their chronological order for the best implementation with zero loopholes.
- Automate your lead management with modern CRM software.
- Monitor your high profits and money-draining lead generation sources.
- Have a simple approach of contacting your leads before your competitors do the same.
- Design lead scoring carefully with due diligence from sales and marketing teams.
- Motivate your sales and marketing team with special perks and advantages so that they can focus on every single lead.
- No two methods of lead engagement can be the same. Design specialized lead nurturing campaigns for different leads. This can focus on their pain points about previous experience.
- Eliminate the word dead lead from your dictionary. You must focus on these dead leads with quality services.
Implementing an effective lead management process is not impossible. However, it is neither a cakewalk. It all starts with the understanding of leads and getting more profound insights about them. Employ the lead management tools for fetching all data and making it a base for lead scoring.
Once you’ve achieved lead scoring, it is time to categorize them under sales-ready or lead nurturing ready titles. Taking the right step in either direction at the right time will convert your leads into a successful business. Never skip tracking at these specific steps and introduce modifications accordingly.