In most businesses, the marketing, lead processing and sales departments essentially work as separate teams in their own closed cocoons. The lack of communication means that the entire lead management process gets limited into incomplete metrics such as number of leads rather than quality of prospects or probability of conversions.
But then, how can you evaluate your lead acquisition performance.
In this situation, you actually need on-the-money lead management metrics that could draw an accurate picture of your current lead performance. Otherwise, you will simply end-up with the wrong assessment of lead quality or current business prospects.
A standardized lead management system lets you evaluate the lead performance across teams and process flows.
In this blog, we will enumerate the crucial metrics to evaluate the value of your lead and the particular conversion contributors. We will also discuss about the particular aspects of these metrics that make them significantly better than the rest.
Need for Quality metrics in lead management
In most organizations, the lead management is not a single activity but is rather spread along multiple teams and departments.
A sample lead management process vaguely follows the process pipeline described below.
According to the graph, your particular lead is required to travel along multiple stages before becoming a paying customer.
In this multiple step process, there are numerous chances of your leads getting dropped-off along the conversion funnel. In-turn, your follow-up process may be strung around the wrong prospects.
The lead management system lets you process and evaluate the right leads that contribute to your final conversion. Further, it helps you generate better quality leads.
In this blog, we will determine the particular part of the sales funnel that contributes to a higher conversion. Afterwards, you can focus on iterating and improving the right factors to generate better results.
Lead acquisition rate for particular channels
By segmenting and analyzing your particular lead channels, you can learn about the factors that enable actual conversion of leads.
Well, let me explain.
Comparatively, it’s usual to have particular website pages or offline banners with higher conversions. Sometimes, they may even lead to 200 % or 300% higher conversion than the rest of the apparently similar pages.
Usually, this happens because these sections have something working exceptionally to its benefit. By dissecting this part and optimizing it for further conversion, you can aim to achieve similar improvement in other pages or channels.
You can apply the same principle to your offline business performance and activities.
If you tag particular offline ads or roadside banners, you can follow the contribution of that particular effort. It allows you to acquire the increased conversion that was previously localized to those particular pages.
In this particular screenshot of lead capture, you can see that the print media consistently has the highest volume of lead quality.
This approach enables you to be smarter and more incisive in your total marketing efforts. It also enables you to leverage the right factors to increase your actual lead acquisition.
Response time for each lead and optimizing lead response
The studies have repeatedly found a definite correlation between speed of response and probability of obtaining a positive revert response from the customer.
This requires your system to minimize the lead response time for each client.
The lead management system based ticketing system will allow you to set a time limit for each particular lead. This enables you to maximize the lead conversion for a particular enquiry.
By having a set ticket escalation time for each incoming inquiry, you can ensure that every issue is getting resolved within the prescribed time.
Lead drop-off Rates and Recognizing high revenue Activities
As described in the image, each lead processing activity needs to be followed through multiple steps. This process will allow you to manage certain activities that will directly generate higher revenue.
By segmenting and analyzing each activity, you could understand the drop-off points in their entire lead processing flow.
This lets you recognize the lead drop-offs in particular lead processing stages. Afterwards, you can improve the efficiency in these particular stages.
According to the consolidated data given above, having a more efficient follow-up process will directly result in higher revenue impact for your business.
Knowledgeable Lead response for each Query
In a recent study, it was shown that the sales people who provide actual solutions to resolve a customer dilemma has a higher probability of conversion.
At the same time, you should also ensure the earliest response to maximize the conversion.
By having a unified database, you can collect and evaluate all lead responses. This will enable you to procure a significantly higher quality of customer responses.
This will help you produce a qualitatively better quality of customer interactions.
Number of integrated Channels
Having to give the customers the ability to communicate through multiple channels is a basic aspect of modern customer interactions.
If you choose to limit your customer communications to phone and Email, it will significantly contribute to a lead drop-off.
Rather, you should have the ability to track interaction rate through each channel. Consequently, this allows you to focus on the right channels for each customer.
This allows you to unify the customer communications in multiple channels to a single database.
For most businesses, the improving the lead conversion at one stage will lead to an exponential change in revenue and business fortune.
For this, you need to uncover the collective punch of your marketing, sales and lead management departments. In turn, this requires deep cohesion between the multiple departments.
An integrated lead management system lets you evaluate each aspect of lead processing activity. Consequently, you can take corrective measures to maximize the performance of leads.
Kapture CRM is the winner of the Google accelerator Launchpad award to recognize startups that makes a mark in the digital landscape.