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How to effectively and efficiently manage your Leads?

Acquiring more leads is great.

It’s also great to have multiple performing marketing campaigns.

But, the ability to effectively and efficiently manage your leads could entirely change your business fortune for the better.

Let’s think about it for a moment.

Today, leads are getting costlier than ever irrespective of their channel of acquisition. Whether it’s organic or paid search or social campaigns, the marketer should be more skilled and willing to spend more exuberantly than ever before…

In turn, all these have turned your leads into a much more valuable commodity for running your business.

Essentially, all these mean one thing.

All businesses need to focus more on converting the acquired leads into paying customers.

In this situation, your sales team needs to have a more effective and efficient way of managing all inbound leads. This would create a more streamlined and effective way of improving your lead conversion process.

Is your Sales process effective?

Most businesses spend too much thinking about their marketing activities. They are truly concerned if there website has any spelling mistakes or any their meta-tags are at place.

But there is one even more important aspect of business.

i.e their sales process.

Let’s think about it for a moment.

Most sales people have regular monthly targets and incentives. In this method, the sales teams are overtly focused on closing new deals each month.  This happens even at the risk of burning through all their acquired leads.

Usually, most companies depend on multiple lead acquisition campaigns.

Even then most companies fail to generate enough opportunities.

In this situation, most sales teams need a better way of generate leads and turn them into lead conversions.

By having the leads handled through multiple stages, you can incrementally improve the lead conversions. But it’s hard to improve the overall lead conversions.

In this way, your sales operations could lead to low conversions and lesser engagement.

Multi-stages Sales Process

Let’s say that a lead comes into your sales pipeline. At this point, you need to process the lead to convert them into a paying user.

In most organizations, the sales don’t happen as a single streamlined process. It happens through end-to-end streamlined processes.

A sales team that’s ineffective at handling leads will manage them through the following steps.

  1. The lead gets registered on the website form or pop-up.
  2. The leads get handed over to the sales team with little to no contextual information.
  3. Immediately, the sales team tries to close the lead.
  4. After two or three times, the prospects get hard-sold to close the deal.

Whether successful or unsuccessful, the sales team moves onto the next lead looking for the one big opportunity.

Usually, this type of lead prospecting is becoming ineffective at closing deals. Within any pool of leads, there’s only a limited pool of prospects that are ready for an immediate purchase. In this situation, most leads could go to waste.

As we discussed, leads getting costlier by each passing day. This means that an ineffective lead prospecting process may make most businesses loose significant revenue.

In this way, the lead prospecting process could easily become too ineffective.

In fact, a more effective lead prospecting could be turned into a competitive advantage for growing a business.

Usually, this type of lead prospecting is becoming ineffective at closing deals. Within any pool of leads, there’s only a limited pool of prospects that are ready for an immediate purchase. In this situation, most leads could go to waste.

As we discussed, leads getting costlier by each passing day. This means that an ineffective lead prospecting process may make most businesses loose significant revenue.

In this way, the lead prospecting process could easily become too ineffective.

In fact, a more effective lead prospecting could be turned into a competitive advantage for growing a business.

In this situation, a sales lead tracking system could significantly improve the way of managing your business leads. By identifying and streamlining opportunities, your sales team will be able to focus their efforts in their most productive manner.

In this situation, your business needs more effective ways to attract and leverage the acquired leads in your business.

Steps to create a more effective leads management process

As we have seen, the significance of an effective lead management can’t be under stated. For this, you need to have the right way to manage your acquired leads.

In order to manage your leads effectively, you need to first figure-out the challenges or pain points of your lead interactions. This would help you significantly improve your lead interaction activity.

Creating a more effective way of managing sales leads

As per the traditional approach, all the inbound leads get passed through a sales funnel. These leads could have varying quality. Usually, most leads could get lost during the prospecting stage.

Make no mistake. A sales funnel can effectively qualify the right leads. But it could also lead to lost leads that might have been otherwise converted into paying customers.

Even if you have a sales funnel, your lead conversion rates could be adversely affected due to the following reasons.

  1. Identify quality leads

Any marketing campaign would generate leads of varying quality. Within any pool of leads, there’ll be only a limited number of leads that are ready to be responded immediately.

2.Improve quality of interactions

Today, most prospects have low threshold of attention. In this situation, you could easily loose leads based on the quality of prospect interactions. In other words, all your lead prospecting interactions should move them along the sales funnel.

3. Improve lead management velocity

As per studies, all inbound leads are required to be responded within the first five minutes of their acquisition. This requires you to collect and streamline all inbound interactions.

For this, you would need a high lead conversion ratio of your business operations.

      4. Getting the internal collaboration right

Almost all successful sales teams have figured-out an optimal way to work with each other. An optimally collaborative approach creates an effective way of interacting with each inbound lead. In turn, this will also help you increase sales conversions.

In this situation, you would need more proactive way of managing your opportunities. For this, businesses would need to efficiently and effectively focus on the right leads.

Creating a more effective way of managing sales leads

As per the traditional approach, all the inbound leads get passed through a sales funnel. These leads could have varying quality. Usually, most leads could get lost during the prospecting stage.

Make no mistake. A sales funnel can effectively qualify the right leads. But it could also lead to lost leads that might have been otherwise converted into paying customers.

By having a sales funnel, you might have these following causes for a progressively reducing conversion rates.

a. Identify quality leads

Any marketing campaign would generate leads of varying quality. Within any pool of leads, there’ll be only a limited number of leads that are ready to be responded immediately.

b. Improve quality of interactions

Today, most prospects have low threshold of attention. In this situation, you could easily loose leads based on the quality of prospect interactions. In other words, all your lead prospecting interactions should move them along the sales funnel.

c. Improve lead management velocity

As per studies, all inbound leads are required to be responded within the first five minutes of their acquisition. This requires you to collect and streamline all inbound interactions.

For this, you would need a high lead conversion ratio of your business operations.

d. Getting the internal collaboration right

Almost all successful sales teams have figured-out an optimal way to work with each other. An optimally collaborative approach creates an effective way of interacting with each inbound lead. In turn, this will also help you increase sales conversions.

In this situation, you would benefit through having a proactive way of managing your opportunities. This allows your businesses to efficiently and effectively focus on the right leads.

Conclusion:-

Most businesses are eager to respond and try to convert most of the leads that come their way. But this needn’t be necessarily the most effective way to convert leads into sales and paying customers.

By having a more effective and efficient way of handling leads, you can focus on the better opportunities among the lead pool. This would dramatically improve your overall lead conversion rates. Sign-up for a 14 day free trial

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