How would you rate your chances at finding and convincing a passerby on busy bazaar to immediately purchase your product?
Not really high, I guess….
Unfortunately, many businesses take a similar approach at managing their leads. They repeatedly try to discover, convince and fix purchases with brand new prospects in a single go…Unfortunately, most of these approaches fail most of the times.
The lead tracking process involves recognizing, engaging and converting the incoming lead opportunities into sales conversions. A successful lead tracking mechanism will bring you to repeatedly engage and communicate with your prospects to increase conversions.
Make all-round improvements through-out your lead tracking process
- Get more customers – Under the same number of total leads, an effective lead tracking mechanism helps you get more customers.
- Make accurate sales predictions – By tracking every opportunity, you can effectively predict the upcoming sales closures. You can also have a round-about figure about the individual deal closures. Now you can start making future predictions about upcoming sales.
- Get better margins – An efficient lead tracking helps you become more efficient and systematic in their lead processing. This helps you achieve higher margins on every potential deal.
- Decide whether prospects are ready for closure – A lead tracking system lets you decide whether a given prospect is ready for closure. Now you will be able to drive future conversions based on the existing conversations.
- Turn your sales into a collective team effort – By having the lead tracking enabled, you can view and assign the available lead opportunities to the right sales persons. Allocate the available opportunities across teams for effective perusal and closures.
In a short sentence, the lead tracking process enables you to extract the maximum value from each acquired lead. It also helps you close all the particular leads over the shortest time period.
An efficient lead tracking mechanism lets you find and convince the right prospects to become the paying customers.
Bucket all your quality leads into a single funnel
Whether you run an online or offline campaign, there is common complaint concerning the quality of generated leads – Bulks of generated enquiries are usually low quality. This a common issue with all lead generation campaigns.
And it isn’t going to change anytime soon….Most of the incoming enquiries aren’t likely to give you the value for your time.
This is true even if you are running highly targeted and focussed marketing campaigns. The bulk of the generated enquiries also don’t have the inclination to immediately finish the particular purchase.
A significant portion of your customers are likely to buy the product after the requisite product comparisons and choices.
All these point to the need to focus on identifying and nourishing the generated leads to acquire final sales conversions.
By having a systematic lead tracking system like CRM, you can evaluate and accurately assign the value for each prospective lead.
This will save you valuable time by avoiding chasing low value leads with improbable conversions. Further, this will help you improve lead conversions in the future.
Leverage maximum value within the generated leads
Businesses are most eager to get qualified prospects. This follows a logical progression. More prospects mean more meetings and more meetings should mean more customers. In these cases, you can utilize lead tracking to improve the progression of each prospective opportunity along the sales funnel.
As per the current status of progression, you can set a current value for each lead. For example, a particular prospect at the consideration phase would have much higher value than a prospect at the awareness phase.
In this sense, you could benefit by taking each prospect progress to the farthest end of your lead processing funnel.
This also allows you to maximize the value of the already generated lead opportunities.
Step-up your Lead response time
Among the diverse variable factors, the lead response time has been rated the most critical when it comes to the final business acquisition.
A high lead response time will prevent potential leads from cooling-off or already getting aligned with the competitor.
Within a lead tracking platform, you can set-up the maximum times for responding to each potential lead.
You can also set-up a trigger ticket response to ensure that all your tickets get responded within the given time. This will enable you to avoid potential opportunities are not getting sidelined.
Fix sales funnels and improve long-term engagement
Unlike an immediate purchase, a sales funnel involves multiple points of decision making. This also means that there are multiple points where the customer could be potentially leaving your business.
Ideally, the business should first try to fix their leaks in the sales funnel. This means that businesses should discover their multiple drop-off points and use them to reinforce the prospect relationships.
This is known as fixing the sales funnel or improving your customer relationships through the sales funnel.
First, the businesses should identify where the prospects are dropping-off during their lead funnel. You could quantify each prospect relationship and interactions with a potential client.
This process helps you track individual leads and improve the functionality of sales funnel. This helps you generate improve results across your sales stages.
The high value lead opportunities are usually sprinkled among your casual enquiries. If you can recognize and focus on the right sales leads, it’ll dramatically increase your final customer acquisition. In turn, this requires you to have a well-tuned lead management process.
This stands true for almost all businesses and industries such as real estate, enterprise, media etc…In these multiple cases, the right lead management process and protocols will dramatically increase your final lead conversions. It also helps you create a healthy sales funnel to nourish future lead conversions.