What is lead management?
Lead management is typically defined as a set of systems and practices designed to generate new potential business clients, typically generated through a variety of corporate marketing campaigns, sales outreach, or networking programs. The goal of an effective lead management initiative is to generate new business revenue, increase the brand’s visibility, and improve the general attitudes of any potential clients and the public on how they view the brand. While this sounds simple, it’s very common for companies to have no practices in place to properly manage their leads, causing sales to spend an excess amount of time finding a qualified lead.
How does lead management automation help me?
One of the first things to look for in defining a lead is how a lead progresses from a customer’s initial interest, through the pipeline, and ultimately to become a revenue producing customer. Once a lead is obtained it is crucial to quickly align that lead with where they are in the sales funnel, oftentimes done by assigning a status or a score to a lead.
The most common way companies first score a lead is to determine if they are qualified or unqualified. Unqualified leads may be a lead that was obtained through a general marketing initiative, however they do not present a good opportunity to generate revenue. This may be because they are too small of a sale, not the correct target demographic, or various other factors. A qualified lead is a lead which has passed the “surface level” test and shows potential as a future customer to generate revenue.
Once a lead is defined as a qualified lead it is crucial to engage in the lead as soon as possible to obtain further information about what their pains are, and what solutions you can provide. The customer already has your company fresh on their mind, and they may be researching competitors as well. Engaging with leads and nurturing them as soon as they are received gives you a head start to progress that lead through your sales funnel.
In order to assist in progressing your leads through your sales funnel, this is where lead management software comes in handy. Lead management software will help you direct your qualified leads to the correct departments or sales person in order to engage with the lead directly.
What if your leads aren’t ready to go to sales yet?
The leads you capture are valuable to your company as you worked hard for them. Now that the leads are in your CRM, you can dedicate that same attentiveness to your leads as they move through your sales funnel with the assistance of Lead Management Automation. Keeping a lead active in your lead management automation system helps you nurture the lead while guiding them to the final sale. Perhaps the customer needs to do more research on your product or service, or, they have shown interest in your product but need to get final approval from higher management in their organization. At PowerChord, we keep your leads active and send reminders to your dealers if a lead has not been updated recently. When a PowerChord Lead Nudge email is sent to your dealers it prompts them to update the lead status if progress has been made, or encourages them to reach out to the lead again to get an update and see where they are in the sales process.
With lead automation the handoff of leads is seamlessly integrated into the platform. Notification emails, lead nudges, and a detailed notes and history section lets you know everything that is going on with a lead in your sales funnel.
PowerChord’s lead automation software collects leads from multiple sources and compiles them all in one convenient place. Whether a lead is collected directly on your website by a potential customer submitting their information, or from a salesperson out canvassing the floor at a trade show, all of your leads will be shown in one place. Gone are the days of having to manually input lead information and assign them out to your dealers, as PowerChord does that for you. With two way integration with your CRM, PowerChord shares all lead data so members of your organization at any level can view, track, and provide feedback on potential leads.
With the addition of analytics modules in your lead management automation you can easily see where your leads are coming from. This feature can help show how current marketing campaigns are performing, or any seasonal changes in when your customers are most likely to be looking for your product.
When a lead is submitted on your PowerChord site the appropriate dealers are notified instantly. An email is sent directly to the salesperson, dealer, and whom ever else higher up in your organization’s chain of command that you wish to receive it. Additionally, there is the option to receive a text message SMS notification directly to your phone notifying you of the lead. Included in the notification is the lead’s contact information, and any other custom information you may have requested when they submitted their lead. These instant lead notifications keep you informed and allow you to instantaneously contact the lead to turn them in to a customer.
Introducing lead management automation to your lead generation efforts makes the sales process faster and more efficient by eliminating low-value and repetitive tasks from your sales team’s workday so they can spend more time turning leads in to buyers. Not only will lead management automation speed up your sales funnel, but you will also get better results and ROI in the long run.
If you enjoyed reading this article, you may also enjoy reading:
15 Customer Relationship Management Best Practices to Keep Business Thriving
How to Gauge the Health of Your Business
Infographic: 17 Lead Automation Best Practices
Lead Management Automation: How to Drive Growth and Save Time