Lead Management Solution: And Why You Really Need It!
Setting up an effective lead generation strategy is no child’s play. But you & your team have managed to pull it off. Now there is a steady inflow of leads. But is that the end of the story? Recent reports suggest that around 71% of leads generated online are wasted – they either get lost, discarded or are ignored. Now that is a lot of lost revenue. Of course, you would want to prevent that. But how? The answer – implementation of an effective and efficient lead management solution.
You may ask, “Hmm, I already have a strong and capable team. Why do I really need a lead management solution?”
Let’s see.
- You have invested a considerable amount of time, money, and effort to generate a lead – a wasted lead is a waste of all the effort you put in.
- It’s unlikely for leads to convert on the first impression. Thus, nurturing such leads over a period is essential.
Key benefits of having such a solution include:
Lead Capture & Collection:
Most marketing teams do not limit lead generation to a single platform/medium/channel. Instead, it is mostly a multi-channel approach to lead generation. This goes a level up with bigger organizations which have multiple agencies to coordinate with across the globe. Now, with leads coming in from multiple sources, often at different times from different locations there are chances that some leads may get duplicated, ignored, or tagged improperly.
A lead management solution acts as a central repository collecting leads from various sources and partners in real-time enabling swift & quick actions.
Lead Distribution:
Major organizations work with different dealers/distributors/departments to address incoming queries. These queries need to be delegated to the right handling partner in order to ensure efficient handling of the lead and maximize the chance of a conversion.
A lead management solution enables marketing teams to allocate leads to a partner more suited in dealing with an inquiry, based on – location of such inquiry, its nature and type, etc. Thus, improving the prospects experience and conversion rates.
Lead Engagement:
Imagine going to a local car dealership on a Friday evening and making an inquiry with a sales rep, only to be told they’ll be glad to assist you next Thursday. Not a great feeling, is it? Your prospects wouldn’t like it either.
Chances are, by the time the dealership gets back to you, you perhaps would have forgotten about the inquiry or would have initiated communication with some other dealership, if not already closed the deal.
Similarly, delay in responding to a lead is akin to ceding space to competition allowing them to creep in and win over your prospect with a similar solution.
If a lead does not hear from you within a reasonable time, they probably would move on to other options.
With a lead management solution, you can better understand the nature of the inquiry and its source to ensure better handling. You can also automate your responses.
Lead tracking:
To ensure that an incoming lead’s concerns & queries are satisfactorily handled, it is imperative to keep a track of the lead’s movement throughout the journey and its interaction.
An organization can map a lead’s position in the sales funnel in real-time, with a lead management solution. It enables you to monitor the visual history of interactions across a lead’s journey, analyze key conversations and understand the cause of lost or dropped out leads.
Lead Nurturing:
Few leads convert into a paying customer after only initial few contacts. Most leads need to be nurtured over a period. As leads engage with you through sales funnel, they become more comfortable with you and your products/services. This makes the decision making easy for them.
A lead management solution equips you with tracking the history of interactions between your marketing team and the lead. You are better equipped with prospect information, their need, their feedback, and their urgency. Together this enables you to roll out a more targeted nurturing campaign and assist the lead further through the sales pipeline.
All the above and much more is possible by the implementation of an effective lead management solution.
Hit us up on info@jacobsonsdirect.com if you have any queries regarding lead management or lead management solution.
Looking for a lead management solution instead? Check out LMS+ by Jacobsons.