Lead generation is the primary objective of almost all inbound marketing strategies; however, it takes more than just lead generating skills to run a successful business and then be able to sustain it; you should be capable to convert the incoming leads into opportunities and then customers.
Let’s first look into the lead generation dilemma.
There are many marketing channels that help you generate high volume of leads. You can also flex your networking skills to rake-in leads. But if you are not able to convert them into sales opportunities, all your previous efforts will go waste. This is clearly not a sustainable activity.
Moreover, at some point you can’t afford anymore investment into your marketing activities to generate those leads.
Many successful lead generating businesses will eventually lose up-to 95% of their total leads, and end-up pouring thousands, or millions of pounds down the drain.
Ideally, you should have a strategy to nourish all the incoming leads into solid opportunities.
While aiming at a particular demographic segment can help you to grasp highly-targeted leads; more information is often required to identify if they are truly qualified leads.
Now, what is ‘qualified lead’?
Broadly speaking, the qualified leads are positively interested and have the budget to potentially purchase your product or service. It also means that your prospect has been offered or positively taken-out the time to request quotes or related information.
So, how will we identify the qualified leads? What will be the appropriate strategy for converting leads?
But, how does it work? Let’s see five benefits of this lead management system.
Be always ready and never drop a potential Lead
As mentioned earlier, a marketer can come up with umpteen numbers of lead sources for each lead activity.
It’s largely impractical to tab between multiple channels for incoming leads. You also need to collect incoming lead information. This includes information about various channels, such as social networks, surveys, referrals, and websites etc.
You can integrate multiple lead channels into a single CRM dashboard. This allows you to collect and manage leads from multiple lead streams.
This helps you say that all the inbound leads are essentially being channelled into a single lead dashboard.
In this system, you also require significantly lesser manual work at receiving adequate information; you can also supervise your customers to manage the acquired information.
Within your CRM application, you can streamline all relevant lead data into a single dashboard, from where you can easily retrieve and manage it. This enables you to access comprehensive history on each lead.
Always get your customer order right on-time
If you are a waiter, you need to get a customer order right every time. You can’t afford to have a percentage play in the number of times you serve the actually ordered food.
The same applies to lead management and acquisition.
Do you know, only 13% of leads convert to opportunities and it takes more or less 84 days. Conversion rate from an opportunity to deal is even lower. Generally, only 6% of opportunities convert into actual sales deals, though it takes lesser time – 18 days on average.
So, for qualified leads, it takes almost (84+18) 102 days to convert into sales deal. Those 102 days is the most crucial time for a salesperson.
In this phase, a salesperson has to be tactical at understanding the customer issues and serve the customers.
At first, the prospect needs to acquire the primary data. Afterwards, this data needs to be clearly structured and arranged. This enables you to collect ‘good data’ that provides you with all the relevant insights.
Without proper CRM software, it is really difficult to keep track of tasks during this time. You are likely to make follow-up calls, check on demo requests, update data after the call, and even making notes while interacting with the client.
The CRM Application software lets you have a structured, timely and improved communication with the client, without any slip.
Data automation leverages lead nurturing process, while you can focus on conversion and sales. Also, your CRM takes care of the lead database management to make your nurturing process flawless and easy.
Identify and prioritize your Qualified Incoming Leads
If you don’t have a clear idea about different leads, you will just end up trying to juggle leads without any actual results.
You could also suffer by assigning unqualified leads to the sales team.
Moving unqualified leads up in the sales funnel is a general mistake made by a lot of marketing and sales teams. High-quality lead generation is the top challenge for 61% of B2B marketers.
This results in overall bad lead management.
You may also doubt – is it really possible to identify the qualified lead? If yes, then what is the way to recognize it?
According to Demand Metric Research Corporation, 84% of the sales companies believe that CRM software is really beneficial in determining the quality of leads.
It helps you to collect data, analyze it properly, eliminate unnecessary information and unqualified leads and provide you with a perfect segment of targeted leads. With marketing optimization, you can reach out to the customer segment, from where you can get qualified leads too.
Improve Prospect Relationship and engagement
Better relationships with clients lead to a better conversion rate. If you join these points you can easily deduct the possibilities of enhanced relationships with clients.
Primarily, CRM software emphasizes on building up contacts. That gives a chance to figure out the best tactics for converting those leads.
Strong customer relationships speed’s up to the entire conversion process and undoubtedly increases the conversion rate as well. It ensures long-term relationships with clients that happen to be the most crucial target for a B2B sales team.
We all have seen memes and jokes that show the human attention-span dipping below that of a goldfish – approximately eight seconds. Moreover, we are in a product-overwhelm period, where all the market options seem to look alike.
We should have a clear strategy to plan and prioritize our incoming leads. A quality lead generation and attribution tool help you generate these leads.
A lead management tool helps you to get more qualified leads and increase lead closure rate.
The CRM software can drive lead conversion rates to improve over 300% and decrease sales and marketing costs by 23%. Besides, CRM application has been known to increase revenue by 41% per salesperson.