When you talk about ‘ What is a Lead Management System?’ – you are in essence talking about the systems that a company puts together to manage prospects or potential buyers using the Sales CRM. What is CRM?’ A CRM is a cloud based SaaS platform used by companies to automate specific operations. When a company puts together inbound and outbound strategies to find potential buyers – the process is known as customer acquisition or lead acquisition and it generally consists of the following processes;
This process in it’s simplest form is known as customer lead generation. There are many different ways one can go about this process. In the online sphere this would comprise of advertisements, shoutouts, guest posting and Pr articles. In the offline world – this could consist – of billboard ads, newspaper ads, flyer, pamphlets and much more. Basically any medium where your prospective customer is regularly engaging with is a potential medium for you to acquire a lead.
Not every lead is created equal. When you actually get in touch with all your leads after a campaign – you would find a large number of leads have no intention of buying, a few just wanted to know more about your product and a small tiny percentage would be the ones who would make the purchase. The filtering process is where you actively mark out your leads as Hot, warm or cold based on their immediate buying interest.
This process is where you begin actively creating a series of emails, newsletters or calls to your leads where you slowly nudge them towards making purchase from you. The reason this process is important is because – it is only when a prospect truly believes in your ability to solve his problem will he take out his wallet and make his purchase. The lead generation is just the first step – lead nurturing – or making them your fans is a key crucial element in the buyers journey.
When a lead signs up to hear from you – he’s in his hottest state. If you can get in touch with him minutes after he signs up – then you have a better chance of building a quality relationship with him. One of the features of a lead management system as soon as a lead signs up through online or offline channels – the lead gets auto assigned onto the Lead management dashboard – from where you can either initiate an email automation or have an agent get in touch with the lead immediately
When a lead signs up – it first arrives on your lead management dashboard. From here. It also have a feature – where you can auto assign it to the nearest available agent. You can also auto assign it based on the services provided. The agent then gets in touch with the lead and makes his sales pitch. This process helps because there is no lag time between the lead generated and the first contact.
Everyone who signs up to hear back from you may not end up buying your service. The importance of a lead management system is that it let’s you have your energies hyper focused on the most convertible prospects. The lead management system has a feature called the lead scoring tool. With this tool you can label your prospects as Hot, warm or cold. So when your salespeople are setting up follow ups as soon as they pull up the contact they can see if this a Hot lead or not – based on which they can decide where to focus their selling energies.
Prioritizing the Hottest Leads will help your sales team hit their targets consistently. The importance of a lead management system is that once the lead is tagged using the scoring tools – the lead management system will reorganize your leads in terms of their readiness to purchase. This will help your sales team create an effective follow up plan.
One of the benefits of the lead management system is that each time a lead is generated from online or offline channels – it can get a little messy with multiple spreadsheets – tracking your leads. With a Lead Management system – you have one single dashboard – essentially something that looks like a gmail inbox. Every time a lead is generated from any channel – the lead lands straight into this inbox – telling you where it has come from with all the details listed on the dashboard. This makes it easier for your salespeople to qualify your leads and more importantly set up follow up appointments.
The Lead scoring tools lets you measure the buying interest of your leads. Let’s say you generate 100 leads – and your sales people get to contacting each and every one of them – you most likely may have about 15 really Hot Leads who have say they wan’t to make a purchase from you at the earliest. The lead scoring tools will allow you to tag all these leads as Hot, Warm or Cold. Once you tag the lead based on the buying interest – your sales team can prioritize follow ups based on the interest level shown.
With the lead management tool you can track things like the amount of time that a person spends on your web pages – the email click through rates and email open rates. You can also track the interaction that your sales team has with your customers and by evaluating the preferences shown by your customers in these interactions you can tailor your sales messages accordingly.
When you have a stream of leads coming in consistently – you’ve cracked one part of puzzle – but an effective system of converting these leads into prospects willing to purchase requires a level of automation that a lead management system offers.
When you fine tune your lead qualification process and create a follow up sequence that puts your leads through a strict filtering process – you can slowly but steadily start hitting all your sales goals consistently.