Every prospect that comes your way holds immense potential, right?
But here’s the catch: Without a well-thought-out lead management strategy, those opportunities slip away faster than you can say lost sales.
And let’s face it; no business wants to stagnate or struggle to keep up with the competition.
But fear not!
There is a way to rise above the chaos and turn the tides in your favor. It all starts with mastering lead management.
It helps you gather, follow up with, and nurture leads throughout the sales process.
You risk not keeping track of essential leads, missing out on sales possibilities, and squandering precious resources on unqualified leads without proper lead management.
Ever heard the expression the gold is in the list?
We’ll provide you with it, literally.
Here is the lead management guide that you have sought for a long time.
Let’s dive right in, shall we?
What is lead management?
Lead management captures, tracks, and nurtures leads from the first point of contact to the point of sale.
It enables you to establish connections with prospective clients.
Customers will choose your service or goods over your competitors if you nurture leads with customized and pertinent information over time.
Hence, pay attention to lead management if you’re committed to expanding your company.
It’s essential for converting leads into lifelong clients and ensuring sustained success.
Compared to non-nurtured leads, those that generate 20% more sales chances on average.
Since this is the case, lead management has become essential to many businesses’ marketing strategies.
By managing your leads well, you can increase the number of sales you make and get the most out of your money.
Let’s hit the nail on the head.
Why is lead generation so crucial for your business?
Benefits Of Lead Management
Do you want to improve how you manage leads and bring in more money for your business?
Lead nurturing can help you do just that.
Let’s look more closely at what you can anticipate:
Better Lead Nurturing
Marketo’s study found that companies that emphasize getting sales-ready leads get 50% more sales-ready leads at 33% less cost.
A lead management system lets you tailor how you interact with leads based on how they act, what interests them, and what they like.
You can move leads further down the sales funnel and boost the likelihood of turning them into paying customers if you use data-driven strategies to deliver specific and pertinent content.
Comprehensive Filtering Options
A lead management system gives you many filtering options that let you group and rank leads based on essential factors like demographics, behavior, and where the lead came from.
Using data to help you figure out how to manage leads, you can make better decisions and get better results.
In fact, a report from McKinsey & Company discovered that businesses that use analytics and data to make decisions are twice as likely to do better than their peers.
It is important to maintain a lead management system so that you can keep track of your leads and analyze their behavior, preferences, and level of engagement.
A recent report says businesses using data analysis are five times more likely to make decisions faster.
With this information, you can make better decisions about how to get leads and keep them interested, resulting in improved outcomes and a higher conversion rate.
Improved Team Coordination
It makes it easier for your team to work together and coordinate their efforts. Your lead management gets more efficient and effective, leading to higher conversion rates and more money.
A study by the Sales Management Association found that sales teams that work together are 26% more cost-effective than those that don’t.
A lead management system lets you put all your lead information and activities in one place for better visibility and overall performance.
Quicker Response Time
You can use a lead management system to set up automatic responses and alerts that let you know when a lead does something.
It means you can respond quickly and effectively to leads in their hour of need, increasing the chance they will become customers.
InsideSales discovered that your chances for lead qualification drop by 400% if you take more than 5 minutes to respond.
A lead management system can help you enhance your lead nurturing and lead qualification, track your leads’ behavior and interaction, improve team coordination, and respond quickly to information.
Using the right lead management processes and tools based on data can improve your conversion rates and grow your business over time.
What is the lead management process?
Lead management begins with identifying potential clients from various sources, collecting their data, and segmenting them according to their likelihood of making a purchase. Then, you may pique their interest using tailored marketing techniques and turn them into loyal customers.
Imagine an inquisitive person browsing your online store, loving your products, but not making a purchase.
But fear not!
In order to obtain their contact information and start a compelling relationship, lead management emerges as the hero. Their attention is maintained by interesting emails and relevant social media advertisements, which nurtures their desire to buy your products when the time is perfect.
The lead management adventure starts when a visitor lands on your website, taking them from curiosity to unwavering loyalty.
Let’s find out how that happens, ready?
8 Stages For Successful Lead Management
The sales lead generation process has eight steps; getting leads, capturing, tracking, qualification, scoring, enrichment and tracking, nurturing, conversion, and optimization of lead management.
To get the results you want, you must follow these steps.
Use your lens well to filter out the best leads.
Set the dates for a lead generation campaign, assign tasks to team members, select how often and when email campaigns will go out, choose the appropriate equipment, and plan.
Remember that customer relationship management (CRM) is essential for generating leads.
You can also use it for prospecting, building lead lists, gathering sales intelligence, enriching data, or reaching out to people on social media.
Like a hawk, watch as your lead capture, tracking, qualification, scoring, distribution, and nurturing take shape.
You should know what to do at each stage of the lead management process.
For the first step of lead management, you must get leads from different marketing channels, such as your website, blog, live events, or social media.
Lead generation means getting as much attention as possible so prospects know you exist.
Your sales reps should try to get leads to get prospects’ attention, turn them into marketing-qualified leads, and then get them ready for sales.
Let’s look at how gathering leads works:
- Your marketing channels are how people discover your brand.
- They click on the prompt.
- A call to action (CTA) takes them to a form they must fill out to get the offer.
- In the end, they will be your lead.
- There are a lot of free, open-source lead generation programs on the market that can help you with this step.
Lead generation strategies show that you are reliable and trustworthy, so prospects will give you their information in the lead capture stage.
This step will help you get the traffic and high-quality leads you need in the long run.
Remember that your sales will increase the more targeted your lead-generation efforts are.
Are you prepared to experience the mesmerizing art of lead capturing?
Once you've mastered lead generation, it's time to gather their valuable information and direct them through the sales funnel. You may take advantage of the massive amounts of leads that are presented to you by automating database management.
But this is when the true magic happens:
Your lead management platform transforms into a potent sorcerer, easily collecting data from multiple sources, including web forms.
But the magic of it doesn't end there.
It seamlessly feeds this valuable information into your CRM software, ensuring no leads slip through the cracks. In fact, did you know that a staggering 91% of companies with ten or more employees rely on CRM software?
They know its potential to strengthen client relationships and skillfully manage data.
If your business doesn’t have a CRM, you’re missing out on leads and business opportunities.
Once leads are captured, the next crucial step is qualification. Why spend time and money on leads that aren't likely to convert?
You may save time and money by determining which of your prospects are most likely to purchase from you. It's time to unlock the secret of targeted pursuit.
Businesses frequently concentrate entirely on obtaining more leads in their quest for success. However, they must remember that quality is equally as important as quantity.
To put it simply, not every lead is created equally.
Someone is not necessarily a potential buyer just because they visit your website. Your marketing team must determine whether they fit your buyer persona or ideal customer profile. They must see if they look like your ideal customer or buyer persona.
Here's a startling fact: An astounding 80% of leads never make it to the sales process.
By weeding out non-qualified leads in advance, you greatly enhance your chances of sealing the deal and maximizing profits.
It’s not a risk but a way to avoid falling for the wrong opportunities.
Lead scoring is the art of evaluating your leads based on their eagerness to embrace your products or services.
But what factors are used to determine scores?
Their potential can be unlocked by studying demographics, purchasing patterns, and online engagement.
Here's the exciting part: Lead scoring is subjective and unique to each business. You have the freedom to choose the criteria that resonate most with your organization.
Here are some compelling insights about lead scoring:
- If a lead achieves a high score, they are likelier to become a buyer.
- Prospects that do not take action or click on the CTAs are not ready to buy and need extensive nurturing.
- If a lead follows all your content and fills out opt-in forms, your sales and marketing teams may make a sales call as they are a warm lead.
Lead scoring will help you determine whether your leads still need nurturing or are ready to enter the sales process.
But why should you score your leads? It’s practical:
68% of successful marketers cited lead scoring as a very effective tactic.
The resulting score is then used to rank the leads a receiving function will engage.
Documented behaviors, also known as lead intelligence, often refer to the details you can learn about specific information based on their online behavior.
Lead qualification and lead scoring are must-dos if you want to prioritize your leads, and expedite your sales process, and improve your chances of turning leads into repeat customers.
Lead Enrichment and Tracking
Keeping a close eye on your potential buyer’s actions can give you information you can’t find anywhere else.
Lead tracking means figuring out where the lead came from, keeping track of all the steps the lead takes after it enters your sales cycle, and keeping a record of those steps so that you can change things to make more sales.
But that's not all.
The buyer’s actions make it easier to tell the difference between inbound and outbound leads. Depending on your goals, this lets you focus on organic reach, campaigns, or both. If you figure out how to get one strong lead, you open the door to many more.
According to a report by Hubspot, businesses that employ marketing automation to track their leads have a 451% boost in qualified leads.
So, lead tracking lets your sales and marketing teams keep track of what your target audience reacts to the most.
Is it a blog post, a paid ad, or something you share on social media?
By doing this, you will lead your marketing and sales teams in the right direction to make your business a lead magnet. Lead tracking also gives sales teams the information they need to develop a pitch that can’t be turned down and convinces the target group. It can send your sales through the roof.
At first, most leads need more time to be ready to put money into you.
Because they don’t know how trustworthy you are. This is where lead nurturing comes into play.
Using customized marketing techniques based on who your prospects are and where they are in the buying process can help you stay in their minds.
For clients, individualized engagement is of utmost importance. Customers expect businesses to comprehend their specific demands and expectations, according to 66% of consumers.
The number of customers who anticipate tailored offers always is up from 49% in 2019 to 52% in 2020.
This means that it is no longer just a nice-to-have but a must-have. It keeps leads coming back to you when ready, even before buying from you.
Here are some of the perfect ways to ensure your lead nurturing campaign succeeds:
- Sort your leads into groups and change how you talk to each group.
- Stick to personal interactions on all social media to fortify your connection with your lead.
- Remember to add CTAs that work and are relevant to every content.
- Engage them from the beginning and help them until they want to make the purchase.
Lead nurturing gives prospects the information they need to make good decisions, which speeds up the sales process.
It always hits the right pain points, which makes prospects more and more likely to buy over time.
Lead conversion is the transformative moment when your sales-qualified leads evolve into enthusiastic buyers. Picture this:
Your sales representative, armed with charisma and knowledge, charms a prospect who has already demonstrated a strong interest in your company. The moment of truth arrives as that prospect finally makes a purchase, sealing the deal.
Now, let's talk numbers.
The lead conversion rate equals the total number of conversions divided by the total number of leads multiplied by 100.
Tracking your lead conversion rate will greatly help your business.
- It figures out the return on investment, which helps the sales and marketing teams use business resources in the best way possible.
- It gives your marketing and sales team a better idea of the best campaign, lead source, or sales method.
- It lets you compare different marketing campaigns and find ways to improve them.
- It shows a customer’s buying journey, which you can use to move leads further in the sales pipeline.
- Notify you if there are any lead leaks so you can immediately fix the problem.
The average lead conversion rate is 3.5% for B2B services.
The conversion of leads creates new commercial possibilities for you. Keep grinding. You are on the right track!
Optimization Of Lead Management
Setting up a lead management process is fantastic, but will it make you money if you don’t keep an eye on it and change it as needed?
Not even close!
For the best results, you should look at where leads are leaving, why they might be leaving, how far you’ve come each month, and so on.
Your business will make much more money if you optimize how you manage leads.
Here is why:
- You’ll know if all the steps of the sales process and lead process flow are in place, providing an opportunity to work on the stages of your funnel that have the most leaks so you can convert leads better.
- It helps you determine if you’re trying to target your cold, warm, and hot leads correctly.
- It helps your sales rep check to see if all the leads are getting put into the correct categories based on where they are in the sales funnel.
- It helps you avoid losing money for a long time because of a problem with the lead management process.
Over 68% of organizations, according to a Marketing Sherpa report, need to recognize their sales funnel correctly.
Your efforts have to pay off. Strike while the iron is hot, and understand all things lead management!
Speaking of that, do you know how to follow up on your leads? Find out more below.
Make something like this:
Use Follow-Up Strategy
Only some customers will purchase when you expect all of them to. Life can get in the way sometimes.
But it would help if you didn’t give up on them because of that. Most likely, your business spent money to get each lead.
Don’t throw away that money!
Always plan how to follow up with each sort of lead.
If a sales-qualified lead has already talked to your sales agent, it may be best to have a personal sales customer service person keep in touch with them.
If, on the other hand, marketing-qualified leads don’t book a live demo or consultation call or improve to a paid subscription, you’ll need to use marketing to follow up.
You could show them retargeting ads or send them funny follow-up emails that get them interested in your brand again.
Retargeting ads get clicked ten times more often than routine ads and get people to buy up to 150% more often. Below are some of the most popular marketing areas to use retargeting.
Your leads may be curious about your product but have yet to think much of your emails. These emails are a reminder for the people who get them.
Track And Analyze Your Leads
Do you need help keeping track of all your prospects and analyzing how they act?
There are options to make it easier to track and analyze leads. Using the proper tools and methods can make your sales team more effective and boost their sales.
First, consider buying a system for managing customer relationships (CRM). This technology can assist you in maintaining records of all your leads in one place, making it easy to track where each lead is in the sales cycle and what you need to do to move them forward.
This statistic was broken down to demonstrate that 91% of companies with more than 11 employees use CRM, compared to 50% of companies with ten or fewer employees.
Besides this, you can use data analytics to gain additional insight into your leads’ behavior.
By tracking how many people open and click on your email campaigns, how many people visit your website, and how many people interact with you on social media, you can learn more about what kinds of content and messages your leads like.
It will let you customize your approach, making them more likely to become customers.
If you want your sales team to do well, they need to track and analyze leads.
It is possible to increase the number of people who buy from you by investing in a CRM system and using data analytics.
Don’t let precious chances slip through the wayside.
Take action now to enhance your lead monitoring and analysis skills.
Analyze The Lead Management Process
From when you get a lead until it becomes a customer, the most important numbers to keep track of are the leads, rate of change, opt-in rate, sales conversion rate, and conversion rate.
There are different types of leads, such as information-qualified leads (IQL), marketing-qualified leads (MQL), sales-qualified leads (SQL), and users on a free trial.
The rate of change is essential to tracking how many people sign up and how many sales get made, as it could be because the lead magnet needs to be more exciting or the blog post or ad needs to be more relevant.
Divide the number of leads in the sales funnel by the number of visitors to get the sales conversion rate.
The most critical information in this text is about how important it is to keep track of things like total sales, sales cycle time, acquisition costs, average transaction size, and the value of a customer over their lifetime.
But can you succeed without knowing the best practices in lead management?
Take a look at these best lead management strategies.
Lead Management Best Practices
You can employ several best lead generation strategies to ensure your lead management works well.
These help you reach two long-term goals: first, get the most leads and turn as many of them into customers, and second, reduce the number of bad leads in your sales and marketing funnel.
You should do four things when managing leads:
1. Use targeted content to gather leads
Targeted content is an integral part of managing leads. It asserts your brand as a top performer and an expert on the products you sell, particularly in the B2B market.
Even in a B2C situation like lifestyle and beauty products, how-to guides and reviews may go a long way toward building customer trust and interest.
2. Always use data from clean leads
The results of your campaigns depend on the data in your sales and marketing systems.
The garbage-in, garbage-out rule applies here:
If your sales and CRM funnel is full of bad leads, your team will spend too much time on irrelevant campaigns and follow-ups that don’t bring in much business.
3. Figure out how well lead management is working
It is obvious. Monitoring which lead-generation campaigns get the best results is a good idea. You can put more money into these areas to make the business more profitable.
4. Throw out a wide net at the top of the funnel
It’s not a good idea to start lead management with hot leads. Your first list of leads will include prospects at different stages of the buying process.
If you only look for hot leads, you might miss warm ones that could become sales with some work.
At the beginning of the funnel, you can reach a lot of people through things like contact forms that are easy to find, a social media presence, and paid display advertising.
You can then use the most suitable software to complete and complement your lead management process.
Lead Management Software
Are you searching for a complete lead management solution?
Consider Zendesk, Keap, CallPage, HubSpot, Unbounce, Pipedrive, Agile CRM, and AeroLeads as a few options.
These lead generation tools each have distinctive capabilities that assist you in managing your leads and enhancing your sales process.
Zendesk is a cloud-based management system with customized capabilities to create online communities, knowledge bases, and customer care portals.
The system provides a front-end portal with customized live chat capabilities and connectivity with CRM and Google Analytics programs.
Keap is a simple-to-use CRM platform with features that can assist you in organizing leads, automating tedious processes, and receiving payments more quickly without using external applications.
Keap offers checkout cart capabilities to raise conversion rates and typical cart values, integrated invoicing, and multiple payment processing connections.
A lead generation tool called CallPage enables companies to interact with website visitors by offering them an immediate callback.
For organizations to produce and handle leads more efficiently, it offers a variety of capabilities, such as lead capture forms, lead qualification, and analytics.
A CRM platform called HubSpot provides an all-in-one solution to provide the best customer service.
It is a carefully designed, not haphazardly put-together solution that gives teams the tools to develop into more robust, influential groups.
Unbounce is an intelligent landing page builder powered by AI, enabling you to assemble stunning, effective marketing campaigns in minutes. Construct landing pages.
No matter your campaign, Unbounce lets you collect visitor information through simple-to-launch forms for ebooks, webinars, and more, turning more visitors into buyers.
A CRM program called Pipedrive was created to make it easier for companies to monitor their sales pipeline.
To assist organizations in streamlining their sales process, it offers a variety of functions, including lead management, deal management, and sales reporting.
Additionally, the software has interfaces with widely used programs like Trello, Zapier, and Google Apps, which makes it simple to utilize with current processes.
Agile CRM is an all-in-one CRM that combines sales automation, service automation, and marketing on a single platform.
It has a straightforward, clean, and contemporary UI that includes features like sales monitoring, marketing automation, user management, web analytics, phone, two-way emails, and a helpdesk.
You may locate and qualify leads more successfully using AeroLeads, a lead creation tool.
AeroLeads can assist you in generating high-quality leads with its lead search, verification, and enrichment capabilities.
Interfaces with widely used programs like HubSpot, Salesforce, and MailChimp, making it simple to use with your current workflows.
Software for managing leads is more than just a tool; it’s a calculated investment in the success of your company.
Lead management software can assist you in maintaining your sales efforts’ organization, effectiveness, and efficiency, whether you run a tiny startup or a huge corporation.
You may have also wondered about customer relationship management, where lead management is concerned.
Here is your straight answer.
What differences are there between lead management software and CRM?
A comprehensive lead management system aids you in lead generation and lead tracking. Yet, a CRM system aids in raising the lifetime value of your clients.
CRM systems include various customer administration tasks, including managing marketing campaigns and automating sales.
The two systems may work better together.
Utilizing both a lead management system and a customer relationship management system, you can transfer the leads that become customers to your CRM system.
Sales personnel need software that gets made for them in particular. Aim for something that would fit into their daily life with as little fuss as possible.
You must always know where the leads for your teams are in the pipeline. So, if you want to know how lead management software differs from CRM, think of it this way:
CRM software takes care of the whole thing.
It would help to have a customer-centered philosophy covering support, service, marketing, and sales.
You can create solid connections that result in steadfast client loyalty by nurturing your leads, offering worthwhile content, and earning their trust.
Keep your leads from disappearing:
Control the lead management process and watch your clientele expand.
And if you need help, we are here to lend a hand.
At AI bees, we provide various services that can benefit companies of all sizes and sectors.
We can monitor consumer behavior and preferences to more accurately categorize and target leads using machine learning algorithms and predictive analytics.
It enables you to tailor your marketing messaging to specific audiences and raise engagement, eventually boosting conversion rates.
We are a lead generation agency that can assist you in streamlining your sales procedures and identifying and engaging prospects.
Talk to us today to get assistance in identifying trends and patterns that you can leverage to enhance sales and boost customer happiness by offering insightful data on client interactions and purchase history.
Frequently Asked Questions
How does lead management work?
The process of gathering leads from various sources, recording each interaction with the company, such as chats and emails, and managing them until they become clients is known as lead management.
It serves as the foundation for your business’ sales activities.
What is lead management software?
Lead management software helps businesses convert incoming leads into new customers by qualifying, analyzing, and nurturing them. Incoming leads are processed and turned into deals for sale in your lead management system.
Is lead management part of CRM?
Some software programs combine the functions of lead management and customer relationship management (CRM).
However, CRM cannot ever be a component of lead management. CRM vs. lead management is comparable to prospective vs. current customers.
What are the four main stages in the lead management process?
Lead generation, qualification, nurturing, and conversion are the four primary phases.
Why Is Lead Management Important?
Lead management enables you to identify and eliminate sales bottlenecks, creates chances for ongoing sales growth, enhances the customer experience, and aids in lead prioritization.