How Does Lead Status Tracking Benefit Your Business


17 Mar 2022 | 5 Min Read

We often hear sales managers say, there is plenty of fish in the sea. But if you’re fishing in the wrong lake, finding the wrong kind at the wrong time then you’ll probably miss out.

Tracking lead status can be a very important part of the sales process that can dramatically boost your sales and increase overall revenue if done properly.

Keeping an eye on where your sales leads are in the customer journey & how they respond to each stage of the process can have a meaningful impact on conversions.

Tracking lead status provides access to all important data that is essential to converting potential leads into customers. This blog explains what lead status is all about, why it matters, and how you can implement it for your own business.

What Is Lead Status?

The lead status is wherever a potential customer stands in the sales funnel. A potential customer can go through the different lead statuses, depending on how much they have been engaged in the sales process.

For example, a potential customer that has only just been identified might be considered a hot lead in the lead qualification stage (opportunity created). The next stage would be one that is much later in the sales process wherein customers should feel relatively comfortable with the sales team (ready to close).

While it's important to maintain the momentum of sales, it's also important to track the progression of each lead status to know whether each potential customer might be closer to making a buying decision.

What Are The Benefits?

1. Double your conversions

Tracking sales leads helps provide a salesperson with specific information they can use to their advantage when talking with prospective customers. This information so all the ammunition they need to get more conversions.

By knowing the level of interest and knowledge a customer has, you’ll be more aware of how best to interact with them and conduct your sales presentation. Tracking sales leads also helps in categorizing potential customers into warm leads or cold ones.

2. Identify lead sources

Sales teams aren't just handed leads. They need to track their source, whether it's an organic result or something generated by marketing efforts. The sales teams are able to easily identify where they’re getting the best prospects by verifying lead status at each step in the sales funnel.

Traek is a tool that can help keep track of this information and to identify top lead sources. Tracking lead status helps you determine where on the sales process the lead is and how likely it is that the customer will buy from you within a specified period.

3. Lowers lead dropout

The sales funnel has several stages of conversion yet not all leads convert to customers. Lead dropout is inevitable but by keeping track of your leads, you can find out how to stop lead loss and what you can do to increase your chances of convincing them the next time.

Lead tracking is a great way to find out where leads are dropping out and seal up any possible loose ends or leaks in the funnel that might encourage people to leave before reaching a sales representative or otherwise being convinced to purchase products.

4. Gather deeper insights

There are so many crucial elements to consider when it comes to lead generation. Integrating the efforts of sales and marketing is a critical but often overlooked component in the process.

It’s vital that you keep track of your leads while figuring out which pitches, content, and optimizations worked on behalf of marketing and which techniques worked best on behalf of sales. Tracking sales leads helps you evaluate what’s been working for you so far, and how you can modify or enhance it for even better results.

3 Best Practices For Tracking Sales Lead

Sales management can be difficult and time-consuming which is why it's essential to develop an intuitive approach that fits seamlessly into your sales process. Let’s take a look at 3 best practices to maximize your sales.

Perform lead scoring

Lead scoring is a way of classifying leads according to their level of priority. You can score leads based on how important they are to your business. In this way, you can focus your sales team's effort in more significant, worthwhile ways as opposed to having them spend all of their time trying to get people on board who are unlikely to become customers.

Once you start filtering down from those top-prioritized leads, the remaining items may start getting filtered out automatically if they repeatedly remain unresponsive due to a lack of interest or resources necessary. This makes it easier for your sales teams to decide which ones to pursue and which ones not to.

Start follow-ups

There are plenty of leads that enter your sales funnel, however, not all are ready to buy just yet. Some people need nurturing before they convert. Not giving proper attention to your leads will result in them going astray. You might end up losing the company money that you spent on acquiring said leads in the first place.

That being said, it's easy to keep an eye out for new developments when there are only a few potential clients but things change when there are hundreds in the pipeline. You'll waste an incredible amount of time if you don't schedule further follow-ups with your prospects after having talked to them once already.

By doing so, you know exactly where your prospects stand at every stage and what they should be doing next, which is pivotal when it comes to closing deals.

Use a website tracking tool

All you need is a single tool to help you lead generation. A website tracking tool is dedicated to identifying, qualifying, nurturing, and housing leads in the right place until they are ready to soar.

These tools come with an automated dashboard that sends out information at just the right times and right when you need it. Not sure what it means? No worries!

The same way your customers like benefits, your team can take advantage of this as well by having time-saving functions automated which allow them to focus on their products more closely so they're able to better suit their customers' needs.

Keep Track of Your Sales Leads With Traek

A smart tracking tool that identifies companies visiting your website, even if they don't end up filling your lead magnet form. Interested to begin? Sign up for your free trial or learn more about Traek.