By lead management, you can simply understand that it means working directly with the clients, also known as “leads.” In today’s business world, this process is used on a large scale. It is generally used by the outsourcing firm to contact directly with clients and to turn them into members of their business family. The people are offered various attractive and price-dynamic offers that they may find feasible and made custom just for them.
What is Lead Management Process?
It is about moving leads through the sales funnel so that as many leads as possible are converted into deals. You collect audience contacts, estimate how likely they are to make a purchase, and then warm them up.
It is sometimes confused with lead generation. But they are absolutely wrong; the generation process is the first stage, where you get user contacts along with a product request. In lead management, you don’t stop at receiving applications. You work with the clients you receive to convert them into customers.
It also helps you build portraits of your target audience and create personalized content for the interests and needs of the potential customer. Statistics show that 77% of potential consumers expect personalized offers.
Lead Management Process Stages
The lead tracking process consists of 4 stages:
- Lead-capturing (or Lead-generation) – forming a database of potential customers using marketing tools (advertising, PR, etc.);
- Lead-Registration – confirmation that the customer or buyer is real and further entering his data into the system or database (usually, it is a full name, phone number, and delivery address);
- Lead Development or Lead nurturing) – motivating and convincing a potential customer to purchase goods or place an order (the whole process from the first contact to the order placement);
- Lead conversion – the final stage of the transaction, when the potential buyer becomes a real one and the company fulfills its obligations to him (i.e., sends the goods or provides the service);
Often, the above 4 phases are called Lead-time, and professional salespeople use the term “gap” to refer to the time period from contact with a potential client to the moment when the company provides him with a service or product. In any business area, it is very important to know how much time passes from the 1st to the 4th stage of the management cycle in order not to fall into the so-called “money gap.”
Marketing to Lead the Process
Marketing to Lead is a coordinated effort to generate inbound traffic from people interested in your product or service.
Marketing departments are often more interested in marketing qualified leads, or MQLs, if the prospect has demonstrated a basic level of interest in your company or product. Here are some examples:
- Filling out a website form with a phone number and email address (with GetProspect cold emailing tool)
- Signing up for a newsletter
- Interaction on social media
- Calling your company for more information
- Engaging a chatbot on your website
- Filling out a contact form at the event
- Downloading an e-book
- Registering for a webinar
- Clicking on an online advertisement for your product
All of these activities are considered MQL because the prospect is voluntarily engaging with the company in some way in response to the marketing activity.
Sales Lead Management Process
The complete sales lead management process consists of 5 major stages. As discussed above, these stages are followed step-by-step to gradually attract a person towards the product.
Let us know more about these stages:
Lead Generation and Capture
Lead generation and capture is the most basic step in any process. In the generation phase, you:
- Connect with potential customers via email, phone, social media channels, or face-to-face interactions.
- Capture their attention and gather primary data about them to prioritize interest.
Enriching information about potential consumers
This step lets you gain some necessary information about the client. Following are the steps to teach you how it is done:
- Adding publicly available information such as company name, job title, and social media profile to the lead’s profile.
- Tracking their actions on your website to check their purchase history and pages visited to understand customer intent.
Evaluating Your Leads to Qualify
In this step, a lead assessment or lead evaluation helps you to:
- Understand their interest in an offer
- Identify quality leads
- Reduce wasted time and energy on repetition
- The higher the score, the greater the chance of a successful conversion. You can use demographic factors, website engagement, purchase history, and behavioral activity to assign a score to a lead.
Smart Lead Prioritization
Lead scores and other analytics will tell you which person to prioritize and which territories will generate the most sales. Your sales reps need to reach out to potential customers as soon as possible to increase conversion rates. Organizing your sales team and encouraging prioritization will help you achieve your goals. Assign them to sales reps based on pre-established terms and criteria.
Passing leads to sales and measuring the effectiveness
Once you’ve gathered leads and made sure they’re compliant, pass them on to your sales team. Use sales analytics to measure performance.
Sectors That Use Lead Management Process
Until now, we all have understood how crucial it is for a business to have leads of potential clients. Leads help them grow and flourish so that they can develop their model and structure.
Let us know about some sectors in which this process is practiced on a large scale.
Insurance is nowadays one of the most important assets that a person can have for their future. Insurance companies provide assurance to their clients that they will support them in monetary terms in case of any emergency. These companies introduce new policies and plans for the public that they may find attractive.
These companies reach out to the public via leads provided to them and share their interesting plans and offers. This process has been proven really successful for the industry, which is why leads are practiced extensively in this industry.
With a growing population, the Education sector is one of those sectors which will never go off. We all can see various new institutions and schools. These schools and Institutions reach out to more and more students to have a bigger base and to enjoy bigger growth.
Many online classes are also available for the students where they don’t even have to step out of the house and can attend the classes by sitting back at their homes. Organizations promote their courses and plan to those clients via the Lead process to reach out to more and more potential customers.
The legal industry extensively uses this process to reach out to more clients. They have to console the public about their services so that they can help them on a legal platform.
They gain the trust and maintain the goodwill of their brand by reaching out to them. Since everyone has different problems in their life and everyone’s difficulties are not the same, Legal industries have custom plans and ideas for each and every client.
Who does not want to have a beautiful and luxurious dream house for themselves? Companies that provide services like home makeovers use leads to reach out to people who are looking for someone who can turn their ordinary homes into cute, lavish, or beautiful ones.
So, these were some of the major industries that use leads to reach out to their customers. They can be contacted via any means, whether it be E-mail, phone call, messaging, or through any social media. But the main focus here is to provide them with their most satisfactory service and turn them into a member of their big business family.