The primary role of the sales team is to convert leads into paying customers. However, to attain a good conversion rate, the leads should be qualified for available offers. Therefore, it is critical for the marketing team to understand what constitutes a “qualified” lead to the sales team. An effective lead management process can help to prevent miscommunication between the marketing and sales team by ensuring the two work seamlessly.
For example, the lead management strategy can define the buyer persona of the ideal leads that are likely to convert to customers. With a strategy in place, marketing will know how to tailor campaigns to reach the defined prospects, while sales will know how to handle the leads based on where they are in the buyer’s journey.
How to Develop an Effective Lead Management Process
Having an effective lead management process is critical to helping both sales and marketing reach their goals and drive business growth. Below are four steps for developing an effective lead management process.
1. Determine the Technology to Use
Using marketing automation software is critical to managing incoming and existing leads. Before selecting an automated lead management system, think about the functionalities you want. These should be dictated by the immediate and short- to medium-term needs of your firm.
Related Article: Digital Transformation Trends Your Business Should Explore
Ideally, you want an automation solution that can scale with the changing needs of your business. Moreover, the solution’s vendor should be responsive and have adequate resources to help you get the most out of it.
2. Work Closely with Sales
In order to succeed, both sales and marketing should be in lock-step with one another: showcasing the best type of teamwork where one department can instinctively communicate with the other.
Related Article: 10 Proven Ways to Grow Your Business Effortlessly
Sit down with the sales team and identify lead attributes that are critical to the closing process. The sales team should develop the profile of the ideal prospects, whom you as a marketer can target with your campaigns.
3. Implement Lead Nurturing Campaigns
Not all leads will convert to paying customers the first time they interact with your brand. According to the Marketing Rule of 7, it takes a prospect about 7 times of hearing an advertiser’s message before they take action and buy.
Implement lead nurturing campaigns to warm up and build trust with prospects before going for a sale. Derive the most value out of your leads by setting up remarketing campaigns to build your brand and bring back leads to your business.
4. Track and Measure Your Efforts
Finally, track your marketing and closing efforts. Without tracking, you cannot know the return on investment from your marketing efforts.
Work with sales to come up with specific key performance indicators (KPIs) that will indicate success. The KPIs should be based on your overall goals. For example, if you are looking to build brand awareness, one of the KPIs you can measure is social media mentions by new customers. On the other hand, if you are looking to improve sales, the most important KPI may be the number of new customers signing up.
Related Article: Why Call Tracking Is Essential for Marketing
With the four steps out of the way, here are some frequently asked questions about the lead management process that you should know.
FAQs on Lead Management Process
What is a lead tracking system?
A lead tracking system is a software solution that helps to track the leads generated for your business from different marketing campaigns. The lead management system can track the activities of the leads—from their first interaction through their lifetime with your business—to provide important insights such as average spend, engagement, and so on.
Why is lead management important?
A successful lead management process can help you uncover profitable campaigns that you can scale up and underperforming ones that you can scale down. This ensures you get ROI for your marketing.
How do you keep track of your sales leads?
Sales leads can be tracked using legacy or SaaS. There are various lead tracking software and tools with particular features that can provide an overview of the performance of your campaigns in terms of leads and sales generated.
What is the best lead management software?
With dozens of lead management software solutions on the market, it can be difficult to determine the best one. However, the best solution for your business would be one with the features or functionalities that are important for your objectives.
Phonexa’s LMS SYNC is an example of a powerful lead management system that gives you the tools to generate, track, and distribute leads to get the most out of every lead and maximize your earning potential.
An effective lead management process is critical to helping the business reach its immediate and long-term goals.