You might be generating a lot of leads for your business, but are you getting the most out of them? Read on to find out how you can effectively manage your sales leads to get the highest ROI from your marketing efforts.
What Is a Lead Management Process?
Lead management refers to the process of attracting leads, capturing them, and tracking the path that they take to conversion. The sales lead management process involves qualifying and organizing sales leads, uncovering their behavior, nurturing them, and finally, passing them off to sales for conversion.
Why Is Lead Management Important?
Lead management allows marketing and sales teams to identify the performance of the company’s lead generation campaigns and derive valuable information that can help reduce the cost of lead acquisition. The result? More sales are closed at a lower cost.
Proper lead management helps to uncover the ROI derived from any lead generation strategy that a company implements. The process ensures that your marketing budget generates results.
15 Strategies for Improving Lead Management Efforts
Here are 15 ways in which you can improve your lead management efforts:
Define Who a Lead Is for Your Business
Define your company’s prospects by painting the ideal buyer persona. This can be done by identifying demographic information about the lead, such as age, income range, race, area of residence, education level reached, languages are spoken, and so on.
Use an Effective Sales and Productivity Tool
Use different tools to make your sales team more productive. For example, you can implement call tracking software to immediately gather lead contact information and pass it to relevant available sales agents. Other tools, like autoresponders, can make email communication with leads more effectively.
Track the Source of Your Leads
Find out where your leads are originating from. Use a lead management system or CRM tools to identify the online channels that generate qualified leads and at what cost. Evaluate all online channels where you are gathering leads from to identify the highest-performing efforts that you should focus on.
Distribute Leads Quickly
Segment the leads generated and distribute them to the relevant department of your sales team. A lead management software solution will reveal your lead conversion path, which will help you understand the intent of prospective customers. With this information, you can send the leads to sales agents that are ready to handle any conversion obstacles that may be raised.
Build a Relationship and Nurture Leads
Leads that enter your pipeline should be segmented based on various criteria for nurturing and relationship-building. Set up an autoresponder to provide the leads with content that resonates well with them. Personalize your content to different segments of the leads so that they find value and trust your brand.
Attach Relevant Notes to Each Prospect
Gather information about each prospect and note unique attributes about them. These attributes can play an important role when it comes to conversion by giving your sales team useful personal information that can help them close a sale.
Measure All Lead Generation Strategies
Track all your lead generation efforts to find out whether they make sense for your time and budget. Measure the number and quality of leads generated through the different marketing strategies you have implemented. Poorly performing strategies should be paused while successful ones can be scaled up for even better results.
Treat Prospects Like Customers
Put the same effort to address the needs of your prospects like you do for paying customers. Use different tactics like carrying out surveys to find out the problems of your prospects have and how you can address them. Provide educational, entertaining content that your prospects will engage with.
Define and Refine KPIs
Determine metrics that matter most for your business and measure your activities against them. For example, measure explicit traffic and lead numbers, lead conversion percentage, sales generated, and more. Tracking KPIs will help you understand how your business is progressing in its quest to achieve overall sales goals.
Review Lead Generation Activities Often
Conduct an audit of your lead generation strategies after a defined period of time, e.g., after every campaign, monthly, quarterly, etc. You can identify areas where the lead gen efforts can be improved for an even higher ROI or you spot negative trends and pause poorly-performing campaigns.
Implement Lead Follow-Up Strategies
Come up with personalized lead follow-up strategies tailored to the different segments of your leads. Use the data you uncover and to implement programs that would address their needs, improve their average spend with your business, and increase their overall lifetime value. Experiment with various follow-up strategies such as personalized emails, subscriber coupons, and more to get leads to convert and increase their spending.
Carry Out Lead Experiments
Carry out different experiments to get your leads to take the action you want. Use different forms of content and marketing techniques to spark conversations, build brand awareness, and close more sales. Measure all experiments you implement to identify their impact on your overall bottom-line.
Use Inbound Call Tracking
Inbound call leads have a higher intent than leads that fill online forms. Use inbound call tracking software to determine which landing pages generate specific calls, and optimize and deploy the page across all campaigns for higher quality leads. Use call tracking software to identify the lead path to conversion and find ways to shorten it to reduce costs.
Get Sales and Marketing Teams on the Same Page
Hold regular meetings with the sales and marketing teams, so everyone is on the same page and working towards the same goals. Let the teams engage to understand their roles in the overall lead generation and closing campaigns to improve sales performance across the board.
Clean Your Lead Database
Regularly clean your lead database in your CRM or ESP to ensure you only have leads that actively engage with your brand. Use various strategies to try to build a relationship with non-responsive before cleaning them from the database.
Follow these tips to manage your sales leads and improve your bottom-line.