7 best practices in lead management
Want to know what's new in lead management best practices? Here's our brief to be used “on the go”, for rookies and top guns alike.
Basics-to-go: What is sales funnel management?
Sales funnel as the major indicator of your business’s health offers a full-fledged overview of the opportunities your company is able to enjoy if it manages its sales funnel well. Proper sales funnel management is capable of yielding impressive fruit for the companies where sales efforts are well-organized. Crucial components of the process are opportunity management and leads management. Let’s dive deeper into leads management tricks.
We won’t take the lid off the fact that an acquisition of a new lead is costly. According to a research, it is 6-7 times more expensive to acquire a new customer than to keep a current one. So, smart lead management strategies can help in reducing cost and decreasing time spent in the sales funnel.
In order to increase your leads number and conversion rate, you are to manage your leads in a structured and systematic way. We will share a handful of valuable practices, tactics and strategies accumulated by our inhouse experts to help you reach your most ambitious goals in lead management.
7 lead management best practices: tips and tricks
Here is a collection of practices with the help of which you can increase your pipeline, streamline your activities with leads and analyze your bottom-line performance:
Create comprehensive plan
First and foremost, before launching any campaign, create a deliberate plan as to how to qualify and route your leads, how to manage and archive your data, and so on. It is a rule of thumb for any activity, and it holds true for lead management too.
Do not neglect any stakeholders who are involved into lead management process, even minor ones. Establish close cooperation and mutual understanding between marketing and sales as a vital prerequisite for future success.
Qualify the lead
Know thy lead. Describe your buyer persona. Determine behavioral traits, problems, interests and preferred communication channels of your perfect leads. The traits will indicate when leads are ready to be passed to the sales team, or dismissed.
To avoid wastes of efforts at the earliest stage, you’re to evaluate the following points: budget, authority, needs, and timescale. Don’t waste your temporal/financial resources on the prospects who do not qualify your criteria.
Use lead scoring method
Lead scoring helps tracking prospects’ behavior and their level of interest in your product/solution. On its basis, you can determine the maximal amount of time and efforts to be reasonably spent on the lead. Consequentially, it influences your sales results directly.
Implement nurturing process
From time to time you can come across a situation when you feel you’ve reached a deadlock with that contact. Here’s an email you can write in the case:
Marketo and Annuitas Group did very instructive researches. According to the first one, if companies succeed in lead nurturing, they generate 50% more leads at a 33% lower cost. The second research shows that properly nurtured leads make purchases that are 47% more expensive as compared with leads lacking thorough cultivation.
Deploy precisely targeted content
According to a recent research, your chances to generate a lead are 67% higher in case your company blogs. So, start a company blog, if you don’t have any. Develop well-worded, customized messages to speak to your direct users. Target different content types at your segmented audience, deliver pre-tailored content according to their burning needs, and you’ll get a significant increase in brand visibility. Social media strategy should be integrated into the overall process of lead generation, in order to reach broader audiences beyond your primary one.
Employ lead management technology
Automation solutions can enhance your lead management and eventually help your business prosper. Tech stack can streamline your activities in the sales funnel, help you make smarter decisions as for correct investments, as well as evaluate your marketing activities.
It is proved by Aberdeen: its study revealed that 71% of top-ranked companies use lead management technology to their advantage. In our fast-paced, fast-changing world, automation tools facilitate your ability to change your management strategy and tactics on a dime. Being flexible and adaptive to rapid changes offers competitive advantage to those sales reps who fully embraced sales tech stack.
Rate your efforts
At the end of the day/sale, calculate your performance rate throughout the sales cycle. It will help you evaluate the cost and time required to nurture the leads, as well as cost-profit correlation. If you get unsatisfactory results, don’t get disheartened. You can deliver additional trainings for your staff and offer educational programs on advanced automation means of enhancing their performance.
It doesn’t matter whether your company’s activities in the sales funnel are powered by Salesforce CRM or any other system (or even no system at all). There are time-honored traditional practices to make your sales funnel remain alive and kicking throughout high and low seasons. At the same time, if you address the issue responsibly and implement sales automation software, it will repay a thousandfold.