What Is Lead Management?
Lead management deals with the process of tracking potential customers, nurturing them and converting them into actual customers. This process begins with lead capturing and continues even after the lead has converted to a paying customer.
This process can be very demanding especially when you have to manage thousands of leads. However, with a lead management software, the entire process is simplified and its efficiency increased.
Get this, more than 49% of companies are now automating their lead management system. 80% of these recorded an increase in their leads while about 77% experienced a higher conversion rate.
These statistics surely show why lead management software is a must-have for any company?
Benefits of Using Lead Management Software
When leads are first captured, they need to be sorted and placed in categories based on demography, behavior, lead source and any other stipulated parameters. Rather than having to repeat this process manually with each lead, each one of these steps is handled automatically by the lead management software.
The fact that the process is automated means less time is spent on the process. This ensures an effective use of time as your staff can spend their time doing other important stuff.
Effective Management of Leads
The lead management software does not just automate the lead management process, but it also handles it more effectively. Without automation, lead management gets more difficult with the amount of leads increase. However, with the automation of a lead management process, the efficiency of the system is the same whether there are 10 leads or 10,000 leads.
Easy Monitoring of Sales Processes
The monitoring of your entire sales process is very easy and efficient with the automated system. Rather than having to constantly update your excel sheet with new information, an ideal system will provide you with updated data in real time with just a few clicks.
The manual method is tedious and inefficient while the automated system offers a stress-free process that is easy to handle.
Effective Lead Scoring
Every sales person knows that not all leads are equally ready for a sale. With the automation of the process, the lead management software properly profiles and scores every lead in a matter of seconds.
It will easily identify leads that are ready to be handed off to the sales department and those that need more nurturing. This means that your sales department will no longer have to waste time selling to unqualified leads. Their efforts will be focused on selling only to sales-ready leads.
This clearly defines the roles of your marketing and sales department, increasing efficiency in each case.
Effective Segmentation and Personalization
With proper segmentation, your marketing campaigns will be properly targeted and more personalized. Smart segmentation tools provide your marketing department with enough information on each lead so they know how best to nurture them to achieve higher conversion rate. It will also help you know if a lead is worth it at all. This saves everyone a lot of time that would have been spent on pursuing leads that may never convert.
Reporting is very crucial to any business as it helps a business to understand which strategies work and which don’t. With sophisticated analytics capabilities, reports are easy to both generate and study. Both your marketing and sales departments can easily identify any areas that require additional attention.
Easy Identification of Lead Sources
Wouldn’t you love to know where your best leads are coming from? Once you uhderstand this, you will simply put a little bit more effort into getting more leads from that source.
With lead management software, this is done with ease. You will easily identify the source of each lead and will be able to tell where your best leads are coming from at a glance.