Everyone is carrying on about lead management and how implementing an effective lead management system will help your business deal with all its sales opportunities; however, what exactly is “lead management”? Which processes does it deal with? What are the goals of a lead management system? We delve into the meaning of lead management (in a way that won’t have you nodding off in boredom) in order to help businesses like yours wrap their heads around the term, and why it is such a buzzword in the corporate and SME environment today.
And, what better way to learn about lead management than through the analogy of candy?
The “Leads” in Lead Management: Your Candy-Coated Buttons
Without leads, your business’ candy, we would not have lead management. Leads refer to all sales opportunities that a business collects in various ways. Any business enquiry should be seen as a sales opportunity and could therefore be interpreted as a lead. Here are some examples:
- Incoming phone queries
- Email queries
- Website forms
- Social media, and more.
With all these leads coming in from various platforms and sources, as your business grows, your leads will soon be looking like this:
With so many leads, how will you manage them all without allowing one or two to fall through the cracks?
The “Management” in Lead Management: Contain Your Candy
The goal of a lead management process is to manage volumes of “candy” effectively in order to convert more of these leads into sales and to minimise any leads, or candy, from getting lost in a growing sea of more and more candy. Business should therefore create an architecture of lead management which contains:
- The organisation of data – lead capturing
- How the leads are distributed – lead assignment
- The nurturing process – lead nurturing
These are known as the stages of the lead management process which will help to solve various problems, such as:
- Lead leakage
- Missed follow-ups
- Zero lead engagement
The Stages of Lead Management
Lead Capturing – Lead capturing is the process whereby the candy-coated buttons are systematically saved and stored onto your lead management system. This means that when a lead comes in, it should either be automatically or manually captured onto the central database, every time. By having a central database where your leads are captured and stored, you will have all your candy safely contained in one accessible place.
Lead capturing should be determined by each lead “type”. For example, with a lead management system like Leadtrekker, the leads entered via form submission on your website will automatically be captured. For incoming calls, you will need to train your staff on how to quickly and easily enter the lead’s information into the system.
Lead Distribution – Lead distribution refers to the process whereby your leads are passed on to the relevant sales people equipped to deal with each specific query.
In other words, in which direction your candy should go in order to get the professional and experienced attention it needs to convert into a sale. Using a lead management system, you can auto-assign leads based on pre-specified designation, such as: all leads that query about service A should be assigned to sales person B. If a lead is manually entered onto the system, you can select from the various options available and manually assign a lead to a user. This process holds the assigned salesperson accountable for this lead, ensuring a consistent and precise experience for each lead based on the person’s experience and increasing the salesperson’s responsibility and accountability towards the lead.
Lead Nurturing – most successful businesses believe that there is no such thing as a “dead” lead. All leads can potentially become a client in future, especially if you provide them with good experiences through content marketing strategies. For example, you could send them educational newsletters, freebies, VIP invites etc. This will award you with a brand advocate and a potential happy client.
So, if a salesperson fails to make a sale, the lead’s information will remain safely stored on the leads management system and go into a lead nurturing process. This process can consist of various engagement strategies and can be contacted again in future. No need to miss out on any sales opportunities with a proper lead management system in place.
Take Me to the Candy Shop: Leadtrekker
What is the ultimate lead management system you need in order to effectively capture, distribute and nurture your candy? Leadtrekker. The smart way to manage your candy. Sign up for a free trial today and find out for yourself why Leadtrekker is the ultimate candy jar, empowering you to effectively action on each and every sweet, precious lead.