Most running businesses are usually agonistic about their lead tracking mechanism. Most businesses or sales people consider lead processing as a one-to-one conversation, giving little significance to the complete picture or lead to sales patterns.
The truth is that following this blind method may even temporarily improve your ability to handle large volume of leads.
But at the same time, it constricts your incoming leads as a passive flow of prospects. You will fail to differentiate or understand the requirements of your collective prospects. This way, your lead management could get constricted to just plainly answering client queries.
In-order to achieve continuous improvement, incoming prospects should be able to teach and mould your marketing and sales activities for a better future.
Lead tracking and management lets you understand and manage your initial leads to generate better returns. You can learn to make meaningful investment to make further improvements. In this article, we will be addressing the significance of lead tracking system that can realize this objective.
At the same time, enterprises can also benefit by taking their prospects through a singular lead processing channel.
Why Lead tracking is quintessentially important?
Lead tracking is one of the easiest ways to increase your sales conversions. This enables you to achieve consistent and repeatable high performances.
Well, let us explain.
Having the ability to continually monitor and track will improve almost anything and lead to better performance output.
A motivated team may produce sporadically high performance or lead output. But actual performance improvement can be achieved only through a systematic lead management system.
According to standard study, the way to increase lead conversion is to track and realize its optimal output. By tracking leads, you can get closer to understanding the actual requirements and qualifications of your incoming leads.
This enables you to potentially achieve better conversions.
If you are considering the improvement of your lead performance, you can look around different industries for similar circumstances. But the direct and easy way to improve them would be to continually monitor them.
You can see that the same lesson is being taught by experts in the field.
Moreover, it helps you kick start your new customer relationships on a high note, eliminating potential points of customer mismanagement and miscommunication.
Creating and Qualifying the Lead Lifecycle for your Business
A lead lifecycle starts with receiving a lead to finally converting them to sales or loosing that particular prospect. In-order to improve the lead lifecycle, you need to understand the critical points or milestones associated with each lead. The transition stages of lead lifecycle or milestones could be described as given below.
The pictogram below expresses the different stages of lead to sales transition or lifecycle.
These different stages are lead reception point, lead response and prospect communication and deal closure. As the first two points concern with lead qualification while the latter two concern with lead closures.
You could examine and improve the efficiency of your leads through examining these particular points. First, you should identify and qualify the particular lead milestone. This helps you determine the destiny of each single lead.
By following these different stages, you can track and manage the prospect’s progress along the sales stages. Further, it also feeds you information concerning the needs and requirements of each and every prospect.
It can also give you ways to quantify and improve your lead transition. This helps you track the progress of each prospect along the sales pipeline.
Managing the Lead Reception and Transition
As the name indicates, the prospect registers the lead at this point.
And then the timer starts ticking…
It has been proven that leads which get responded within five minutes have a better chance of acquiring a prospect’s response.
As you can see, the initial points are characterized by a steep dropping curve.
By having a response to each enquiry within 5 minutes, you can proportionally increase your conversion rate.
With better lead response time, you have more inquiries to be passed along to the later stages of sales funnel. Ultimately, this will end-up reflecting in your final sales acquisition.
By tracking the current lead response time, you can take a conscious decision to improve it. This process helps you simulate a higher lead response.
Lead to revenue Tracking and Management
Even the successful businesses maintain their lead to sales transition within 8% – 10 %. Even a single percentage of deviance either way will lead to incremental changes to the company bottom-line. By having a lead tracking system, you can store and retrieve the conversation to manage each and every prospect.
By illuminating frequent causes for prospect drop-off, you can learn about low hanging fruits to increase your conversions. This also helps you further drive progressive business conversions.
By filtering the initial lead list, you can filter the reasons that lead to low lead conversions. This enables you to run more personalized email and SMS campaigns that have better chances of conversion.
Improving Lead Quality
According to 3rd party stats, increasing the quality of leads is the top priority for most marketers.
But the act of improving lead quality is a subjective matter depending on your ability to evoke a response from the prospect.
By having an integrated lead tracking system, you can improve the response quality and value of each lead. This helps you leverage the maximum value from each lead.
Tracking Internal Collaborations and Communication
Today’s sales process is anything but simple and direct. Usually all sales are driven by team collaborations.
The following paradigm by Mark Cranney captures the different stages of lead to sales transition.
For this, you need well-intended team collaborations and communication. For this, you should manage a comprehensive platform to receive all enquiries, filter valuable queries and later pass them on to the sales funnel.
By following a CRM-based ticketing system, you can ensure that your entire organizational vertical remains accessible to each employee enquiry.
Tracking and improving Lead Response Ratios
As per the study, only one in ten lead inquiries move from initial inquiry to lead response. There are mainly two reasons that limit the initial lead response – the response time and the quality of response. (If your response addresses the customer request, it has a better chance of receiving responses. An automated message can rarely initiate further communication).
A CRM System lets you receive and manage all enquires through a single dashboard. This means that you will be able to reflect the total number of leads from a single dashboard.
Most businesses consider even a 1/10th contact to sales conversion as laudable. In this situation, you should consider modulating the circumstances to achieve better conversions.
Kapture CRM is an integrated lead management platform that can track and optimize every lead to sales transition. This helps you increase your conversion and handle every customer conversation in a productive manner.