What is Lead Management and How Does It Work?

Remya
Remya

19 May 2022 | 5 Min Read

You’re doing everything in your power to get leads to click your ads and visit your website, Unfortunately, you still don’t see a real improvement in your conversion rate. This could be an indication that you’re lagging in lead management.

Without the right lead management process in place, your sales team might waste time on prospects who don’t convert and neglect potential customers.

In order to improve your sales cycle and prioritize leads, you’ll need robust lead management processes that cut through uninterested prospects and get you qualified leads. Managing leads will boost your business and move qualified leads down the sales funnel more efficiently.

In this article, we’ll review how to manage leads and go about discovering the lead management processes so you can go out there and apply the same to your organization.

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What is Lead Management?

A lead is a person or organization that shows interest in your organization’s goods or services.

It's an opportunity to build a business relationship with potential buyers, who may become long-term clients if approached correctly at the appropriate time.

A well-functioning lead management process includes systems, such as marketing automation, social media management, CRM platforms, and others to attract, educate and nurture leads before handing them off to sales.

It is vital to use lead management systems in order to establish structure while carrying out sales operations.

It's essential that we find leads who have a positive attitude towards purchasing; otherwise, you’ll end up with a slowed business or a highly frustrated sales team.

Lead Management Process

1. Lead Generation

Lead generation is similar to fishing. You want to attract interest from consumers by casting your line out into the vast ocean of information that’s available out there and then wait for some catches.

The best way to get quality leads most times when it comes down to lead generation is by making sure you know exactly who it is you're targeting and exactly how they look at or use your product or service.

And although prospecting your leads may sound like a lot of effort, you should remember how much time it can save you in the long run if you know what sort of people you're looking for before contacting them.

2. Lead Capture

Every successful business needs a solid foundation, a base of support from which to launch new opportunities. While lead generation is the first step in achieving that goal lead capturing is the next.

Retaining prospects, returning customers, and clients who never actually become paid customers are all necessary parts of growing a successful business.

The only way to do this is by capturing leads. Captured leads are those people who have expressed interest in receiving additional information or products and services from you.

Capturing new leads begins with enticing visitors to your brand's website by offering free information, brochures, eBooks, guides, and so on. You could also provide a sign-up form for a newsletter where interested parties can choose their own format for receiving newsletters.

3. Lead Scoring

Person A and Person B are two different people, with different opinions, definitions, and thoughts. It’s not necessary they may always see eye to eye on things. That may mean something to Person A may mean something completely different to Person B.

That’s right. You can consider your Marketing and Sales teams to be Person A and B in this scenario. In order to make the lead handover as quick and painless as possible, it's important that both these teams are on the same page.

This means defining a clear and uniform meaning of the word “lead”. While marketing may consider all those people clicking their ads as leads, sales may only consider those leads who are ready to make a purchase.

Enter - Lead scoring

Lead scoring is the practice of assigning points or labels to leads, which helps determine the buyer's level of interest.

Points can be awarded for filling out the contact form or for downloading a white paper, then segmenting them into different groups according to their score.

You can also execute lead scoring by assigning a numerical value based on their relative importance and readiness to purchase from you when possible. For instance, you might use “1” to rate hot leads who fall into the category of “prospect.”

4. Lead Nurturing

Lead nurturing is the practice of sending prospects informative, educational information about your services and products as they move through the sales cycle on their way to becoming a qualified buyer.

It's important to note that your existing customers also require continuous nurturing. Don’t assume that because these customers have already made a purchase from you, their journey has ended.

The fact that they've demonstrated some interest in what you're offering and have proven they're willing to spend cash means they aren't going anywhere.

Establishing a relationship with them ensures you'll always be among their thoughts - plus, it's another occasion to 'remind' them why you are worth spending money on.

How Do Companies Benefit From Managing Leads?

Companies that fail to have a defined lead management process are vulnerable to their sales team missing out on opportunities because of a lack of visibility into who, when, and where they are connecting with leads. This also means reps will have difficulty qualifying which prospect is the right fit.

To add insult to the injury, companies who don’t have a seamless lead nurturing processes could find themselves losing much-needed time and money being thrown away on prospects that are never going to happen.

Managing leads allows you to store, organize and manage information about prospective clients/customers in a database that you can use to keep track of how they've interacted with your marketing and sales teams.

Keep up-to-date records of all communications between the two parties and decide which leads have had enough interaction with your sales department to be considered as opportunities that require your urgent attention. Lead Management is the glue that can hold your sales and marketing team together and align their efforts into bringing positive results.

Traek Helps You Manage Your Leads Efficiently

Traek is a smart tool that identifies individuals or companies who are visiting your website.

It offers exceptional features for lead management. One of these features is to export info regarding the visitors directly over to Salesforce so you're able to track them at all times using all of your team's resources instead of just relying on Google Analytics alone.

This way, you aren't going to miss out on any potential customers, and you will always be up-to-date with the latest information about your site's traffic 24/7!

Traek’s hide lead feature is another amazing attribute that lets you hide unqualified leads or those that you do not see as potential leads for your business. You can easily select them and hide them from your account, and they wouldn’t show up again unless you wish to revisit them.

Interested to begin? Sign up for your free trial or learn more about Traek.

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