How to use CRM for lead management
For 61% of marketers, generating leads is the most difficult task and highest priority. Of course, without consistent leads, your business is doomed.
Even a
well-designed lead generation strategy doesn't guarantee success, according to
88% of marketers who are unhappy with their lead conversion rates.
A missed
sales opportunity will not make you money.
You must
approach the process holistically and properly manage leads from lead
generation to conversion.
In this
article, we will talk about lead management and its role. Enabling business growth
and managing leads more effectively with a lead management CRM solution.
What is lead management?
By its very
definition, lead management is the acquisition of prospects before they move
from the top of the sales funnel to a purchase decision. Lead management can be
divided into six main steps...
- ·
Lead
capture
- ·
Lead
enrichment
- ·
Lead
qualification and lead prioritization
- ·
Lead
distribution
- ·
Lead
management
- ·
Lead
conversion
Lead
management can be considered successful after two things this means that if you
build a solid bond with prospects who have entered your sales pipeline, and
when they buy from you, they will choose your solution over a competitor.
5 Steps to a Lead Management System
Lead
management is ultimately about managing information and building relationships
One of the best ways to look at
your lead management strategy is through a Data Lifecycle Management (DLM)
lens.
DLM consists
of five steps:
- ·
Data
collection.
- ·
Data
storage.
- ·
Data
retention.
- ·
Data
use.
- ·
Data
cleansing.
Each lead
(and related data) goes through similar stages as your business, so each lead
must be properly managed.
Without
further ado, here are five steps to managing your lead system.
1. Lead
Collection
A successful
lead management system starts with consistent lead collection. This is the
foundation on which all other steps are built. Without leads, there is no one
to market and sell to.
At this
stage, we attract people who visit your website, click on an ad or attend
company events and fill out their contact information. The person can then
receive a lead magnet, free trial, product demo, sales call, or sign up for
your email list.
2. Saving
leads
Once a lead
has submitted their contact information, it is a best practice to save it in a
CRM (Customer Relationship Management) system. This enables multidisciplinary
teams to organize and simplify lead data for easy access.
Without
proper lead storage, you could be missing leads or relying on inconsistent
data.
The
consequence? Potential income is wasted.
3. Data
retention of leads
Not every
lead becomes a customer. So how do you make sure you're filtering and targeting
the right leads at the right time? Active lead data management.
This step
augments the lead data stored in customer relationship management to better
understand each persona, reject leads that aren't a good fit, and score leads
based on their durability.
Time is
money and it gives the sales team a reason to focus on the right leads that
will increase sales.
4. Use of
Tracking Data
Would you
buy a product from a random ad that appears for the first time in your Facebook
feed? Probably not.
But after
joining their email list and receiving value-based emails, reading the
company's blog, seeing more relevant ads, viewing testimonials, and answering
questions via Instagram chat, you might be ready to click the "buy ".
" button or schedule a sales call.
The purpose
of this stage is to reach out, develop relationships and grow leads through
repeated touch points. Simply put, this is where the data will be used.
5. Lead
Data Cleansing
To maintain
reliable and accurate lead database, it is important to clean and update your
data regularly. You can do this by:
·
Verifying
all records.
·
Removing
outdated information.
·
Fixing
errors and inconsistencies.
How can an effective lead management
application help you boost sales and achieve revenue goals?
Each lead
management process helps your business understand which tactics bring in the
best leads so you can optimize your sales strategy to be effective and
efficient. Most lead management applications document a prospect's interaction
and experience throughout the sales cycle, which in turn helps you analyze
exactly how an inquiry was converted into a lead and then into a customer.
Automating
lead generation and subsequent action in the sales process ensures that no lead
falls through the cracks. Most lead management software integrates seamlessly
with your sales process to manage your sales funnel and make it faster to reach
and sometimes exceed your revenue goals.
Why is
lead management important?
Lead
management has many benefits for any business, large or small. Here are some of
the highlights...
Helps you
instantly connect with your leads. Contact leads as soon as possible before
moving them into the funnel.
Helps you
stay in constant contact with leads. Effective leadership ensures constant and
relevant communication; which influences customers when choosing a service.
Helps track sales leads effectively. Know exactly who your leads are, where they come from, where they respond best and how well they convert.
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