What is Lead Management and How to Get Started in 2023
An efficient lead management process is imperative for any business organization’s success. Leads refer to all prospects interested in your product or services. These leads can be future customers, often long-lasting with the right nurturing. When you begin with a handful of leads, the sales team can manage the leads properly. But as you scale, the process becomes cumbersome with lead cracking and leakage. This is when you need Lead Management Solutions.
What is Lead Management?
Traditionally, lead management is defined as a process of constant engagement of leads. However, the evolution of technologies led to a new approach with the integration of marketing and sales. The lead management process now refers to capturing leads from marketing sources and nurturing the leads for sales-ready, based on the activities and behavior.
Business would unroll their leads on the spreadsheet and segregate them into interested and not-interested ones. However, it is a tough task in a real-time scenario to perform when the lead numbers are high. When the lead volume increases with modern or digital marketing techniques, the spreadsheets cannot cope with the bifurcation of organic and PPC leads into interested, not interested, follow-ups, somewhat interested, invalid, etc., resulting in lead leakage.
A lead management tool can capture leads from multiple marketing sources and channels like email, SMS, inquiry calls, websites, and organic searches. It helps you to qualify leads, prioritizing them with lead scores. Distribute leads based on time, location, marketing source, and user availability. And finally, nurture the lead, nudging them to convert into prospects.
Let us examine in detail how the office24by7’s lead management tool can help in programming the lead management process.
Lead Management Benefits
- Focus on high-priority and sales-ready leads
- Being equipped with the necessary context in the form of lead information, your sales team can have quality conversations.
- Integrated click-on-go buttons (SMS, email, and voice) help you reach your leads via multiple channels, increasing conversation frequency
- Automatically distribute the right leads to the right team at the right time.
- Simply drag and drop and get deep, actionable insights and analytics via custom dashboards to judge leads efficiency and sales rep’s performance.
- Effective use of lead management software can also result in automation of sales.
Automated Lead Capturing
Leads generated from various sources, including online and offline, can be automatically fed into the CRM. A CRM also ensures integration with various lead generation tools. Leads can also be added to the CRM manually. The application ensures that every lead is fed into the system, preventing lead leakage and identifies the marketing source of the lead, analyzing its efficiency.
Opportunity form allows you to create well-defined forms as needed by brand requirements. Office24by7 CRM ensures automated lead capturing with the capability to merge these forms with online and offline marketing sources, without any code. You can create multiple forms, privileging them to multiple teams with just a click.
Office24by7 CRM is equipped with click-on-go action buttons for SMS, email, and agent CTI and even predefined APIs for enabling integrations of any third-party vendors for easy contact of leads. The application serves as a standalone platform for lead management and communication.
Quickly responding to the digital leads and engaging them is key to sales closures. You can predefine the lead distribution rules based on time, location, marketing source, and agent availability and assign leads to sales reps or teams, ensuring the right lead goes to the right sales reps at the right time for conversion. Also, estimate the escalation matrix by defining the TAT period and notify the reporting managers via SMS, voice call, email, and push notifications automatically of every lead.
Integrated Lead Probing
The customer score will help you understand the intention and keenness of the sales completion process. An automated score is based on customer visits explaining their journey towards your company. Details like the source of the lead, customer score, lead score, and crisp lead information automatically enriches the lead’s profile box.
This ensures your sales team analyzes the customer’s importance and personalizes their efforts. The customer score automation works on predefined attributes like reached via marketing source, links clicked, resource downloads, etc., which helps your sales team back up with the necessary script to engage.
Automated Lead Scoring
Just like how the customer score helps you to predict their level of interest, the lead score helps to identify quality leads and prioritize them for nurturing. Lead score is a methodology that will help you to analyze their fit in your business buying cycle. Generally, the lead score can be an output of assigned points or ranks, etc. Based on this, a lead are prioritized as hot, warm, cold or high, medium, and low. Automated lead scoring will allow you to identify high-quality leads. Ultimately, your sales team will end up probing the prospective lead rather than investing their time searching for the right prospect.
Office24by7 CRM allows you to customize lead scores based on using responses to their behavior or interactions like opening your email, responding to the email, receiving your phone call, valid mobile number, showing interest with a follow-up call, etc. It is not only about adding. You can even subtract the lead points like SMS not delivered, email not opened, etc., and weed out the reach-out leads from your sales bucket. Updating the leads score based on the predefined scores will help your sales team to align a sales strategy.
Automatic Lead Distribution
It is a known fact the sooner you contact leads, the sooner they associate. When the leads are fewer, you can effectively assign leads based on your sales reps’ capability. But if the leads are more in number, sorting out the duplicate leads and assigning them to sales reps becomes daunting. This is where automatic lead distribution comes to aid. Ideally, Office24by7 CRM, the best CRM for lead management, will help you predefine lead distribution rules based on location, source, time, and agent availability, automatically distributing leads as defined.
Additionally, Office24by7 CRM allows geo-fence and territory-wise assigning of leads. Also, you can organize your leads distribution rules by assigning methods like round robin, linear, and even limit territory access for particular sales reps.
Automation of Sales
Effective lead management is pivotal in paving the way for sales automation. Businesses can streamline their sales processes by systematically organizing and nurturing leads and creating a fertile ground for automation. Deploying efficient sales automation software can categorize and prioritize leads based on their purchase readiness. Sales teams can identify which leads are hot prospects ready for immediate engagement and which might need further nurturing. With this insight, sales automation tools initiate targeted conversion actions.
An effective lead management system tracks and monitors lead interactions throughout the sales pipeline. This data-driven approach provides valuable insights into customer behavior, preferences, and pain points. For instance, automated processes like assigning tasks to sales reps or scheduling demo appointments can be initiated when a lead reaches a certain engagement level or exhibits buying signals. An effective sales automation software optimizes the conversion process and enhances customer satisfaction through timely and relevant interactions.
Eventually, one or the other lead would be a paying customer, but all might not be the same. You should get the best CRM for lead management to help with a nurturing process to understand their sales readiness and stimulate their buying behavior. With Office24by7 CRM, on-the-go click-to-action buttons help you to engage your leads, send nurture campaigns, update promotional offers, and push them forward to closing a deal.
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