Lead Management is the process of directing the leads persistently and equally. For marketing companies, a lead is nothing but a potential customer, in simple words. Any business needs customers. And leads are the unqualified customers who can be qualified, analyzed, and nurtured to be converted into new business opportunities. Lead Management Software is simply a systematic process through which the leads are managed.
If you ever find yourself in a situation where a sales lead isn’t performing to your expectations, it may be prudent to bring in lead management software into the company. But what exactly is lead Management? Lead Management is a system that works to identify and manage potential leads within an organization. Both Sales and Marketing companies use lead management techniques. So, let’s look at a few things you need to know about lead management.
Lead Management is the process of identifying, analyzing, and managing leads to identify opportunities. One of the most critical decisions a sales organization makes to produce a sale is deciding which leads to pursue. Lead Management is the process utilized by the sales organization to identify and qualify leads. As a sales organization, you need to know: Who is the perfect buyer for your product? Who is the ideal prospect that produces the highest sales conversion rate? Who should we approach first? How can we improve our sales process?
What are the different stages of Lead Management?
- Lead Capture automation
Lead Capture automation means that the leads should automatically be netted in the system of the business. Generation of leads is the very first process in lead management software. First, you generate leads who are interested in your field of business. It is pretty easy to find this out with the help of modern Artificial Intelligence techniques.
- Lead Tracking
The next task is to keep track of the activities of the leads. Which sites do they visit, what queries do they ask, what are their intentions? It would be best if you tracked everything to have a better idea of their mindset and to check whether they can be your customers or not. Thus, Lead management software gives valuable insights into the leads that will be helpful for the business.
- Lead Distribution
The next step is distributing the leads among your sales representatives based on their location, product, or department. It would have taken ages if this work were done manually. Instead, a lead distribution system automatically assigns the leads based on the defined logic.
- Lead Qualification
The qualified leads are also known as sales-ready leads. The leads are tested to identify whether they are worth pursuing or not. A quality score is given to each lead based on their chances of closure. The quality score is given to the leads with the help of Lead Management Software.
- Nurturing
The next task is to nurture your leads. It is done with the help of emails, social media, telephone, live chat, and even in person. You can also conduct online webinars to nurture your leads. This step is essential because it makes the most significant portion of leads. Once you come to know why a specific lead is not interested, you get an idea about what you can do to get that lead interested in you.
- Analysation
And lastly, you analyze leads. That means the number of leads you have gained, the conversion rates of different lead sources, and the sales representatives who convert the most.
Lead management software is an integral part of CRM, which helps companies organize and analyze customer interactions and helps sales and marketing teams to optimize their sales/marketing campaigns. In addition, lead management software helps manage leads and lead generation opportunities to close the deal.
Why is lead Management important?
Lead Management Software is essential for successful sales operations. It helps businesses cope up with the strategies which bring in the best leads and accordingly optimizing their sales/marketing campaigns. It helps the business to understand the customer journey, pain points of the customers, and bottlenecks in their existing processes. Therefore, Lead Management Software is crucial for successful sales operations.
What is Lead Management in CRM?
CRM stands for customer relationship management. CRM software helps manage relationships with customers by maintaining a database of their relationships with the company. Lead Management Software is a fundamental part of CRM as it allows brands to track the entire journey – from lead to customer. It serves two functionalities: Lead Management Software to help close a deal and customer relationship management for after-sales support.