As a business owner, you understand the importance of following through on leads. When a new lead is received, it must be categorised, made accessible and tracked to get real insight on how your marketing campaigns are performing. We know that lead tracking is the process that helps in determining the source of a lead and keeping an active eye on where the leads are coming from and then pursuing those identified sources further to generate more sales. On the other hand, lead management can be defined as the process by which marketing team acquires, nurtures, evaluates and transfers leads to the sales team.
These definitions may seem simple, but it is unfortunate how many organizations are ignorant of these basic concepts. They don’t have any set standards for tracking those lead properly although research has proven that 25% of the leads in any given sales pipeline are legitimate prospects. Because of poor lead tracking and management, organisation fails to take action at right time and lose business.
Effective lead tracking and management helps a business increase their sales by not missing the opportunity. In this process, the marketing and the sales team work together in a seamless manner where one team identifies potential leads, and the other closes the sale.
Successful lead tracking can help the marketing team determine how leads found out about the brand and what campaigns helped in bringing those leads. The information that is gathered in this process can help in generating higher leads and complete more conversions in the future. Most importantly, this enables business owners like you monitor your leads better so that you can gauge the performance of your sales teams as well.
It is imperative to know how the information on leads is being captured and where it is stored. Most businesses will efficiently capture the leads from different campaigns and activities like Trade shows, web-forms, phone calls, or in-person engagement, but all the information is stored in a scattered manner.
There must be a centralised way of storing all the information so that different departments can simultaneously view and update the information. This allows lead information to be shared among different teams in real-time, resulting in a much efficient customer relationship management.
Lead management offers several marketing benefits. Lead management enables businesses to analyse which tactics are bringing in the best leads, enabling you to optimize your sales strategy, making it both efficient and effective. Also, lead management involves a person’s complete history of experiences and interactions with your company, so you can examine exactly how an individual was turned from a prospect to a lead and then to a customer.
Automated databases are becoming increasingly popular to manage sales funnels successfully. It is imperative that sales process must be integrated with lead management seamlessly, and that’s the reason why more and more CRM software is offering these features nowadays.
In short, lead management is the backbone of any successful sales operation. If there are no effective leads, there won’t be a need for a CRM or even a sales team in the first place. This concept is the first level in the sales cycle to create qualified opportunities, and eventually, satisfied customers.
Through marketing automation, your organization can streamline, measure and automate marketing workflows and tasks. It can deliver tactical and strategic approaches to enhance the results provided by the best practices of lead tracking.
For instance, marketing automation can assist with scoring customer and prospect activity through automation. This helps in determining sales readiness. When a score passes a predetermined threshold, you can consider them to be ready for a conversion with sales.
Marketing automation can also deliver benefits like developing customer promotion, capturing anonymous behavior, tracking based on IP, and connects to a known lead upon conversion, and developing a set of rules and criteria making the handoff to sales smooth and timely. With the emerging new marketing attribution tools, you can know where your money is going and how it is being put to work. Overall, marketing automation, combined with communication, and collaboration, can bring all your lead tracking efforts in alignment.
When there is a large number of leads coming, a company’s sales team usually starts taking prospects for granted. For example, you may be getting ten leads in a week, out of which you may be converting five into clients. After getting professional assistance, let’s assume that your leads go up to thirty leads a week. Now, what may happen is that your sales team would take it easy and wait for easy prospects to get converted into clients.
Business owners may not get to know this. So, to help business owners like you, we advise to track and manage lead using CRM for better monitoring. This way, you can investigate why the sales are not increasing if they are getting receiving large number of inquiries. If there are genuine concern like poor quality leads, sales team can score those leads based on prospect interest, it will help marketing team to correct the strategy to attract right clientele.
Lead tracking helps marketing team to find out what works and what does not, and from what is main source of leads. Lead tracking can help sales team in nurturing leads if they have records, sales team can get to know what is working for them to sell and what is not. This will be helpful for all team members to adapt specific approach and improve their sales pitch. There are many advantages of tracking leads, including that it shares a lot of insight. We offer Lead Tracking Consultancy for your business, regardless of which industry you belong to.
We have years of experience in providing business and marketing consultancy in different sectors all over the world. We can help you formalise your Lead Tracking Process by offering advice or consultancy service to help you efficiently manage leads inhouse. Get in touch to discuss your needs with us today!
It’s time your business reaches new heights of success. Get in touch with us today!
Contact us on +44 20 3003 4828.
Find out ways to increase your online traffic and improve your website rankings and enquiries, along with how we do things.
Read our insights to know the latest market trends, expert opinions and cutting-edge technology along with reports, tips and competitive intelligence.
Keep up-to-date with the latest developments in Digital Marketing, along with the latest news, views, sent directly to your Inbox.
To help striving businesses grow is our purpose. We would love to help you out with your latest ventures or any ongoing projects.
Contact us using this form and get a prompt response!