Tips For Great Lead Management
Tips For Great Lead Management
When it comes to managing leads, you need to follow up with them promptly. Classify them, implement a lead scoring system, and communicate your feedback to sales. But how do you know whether they're really ready to buy? Here are some tips:
Follow up with leads promptly
One of the biggest mistakes made in lead management is not following up with leads promptly. The failure to do so negatively impacts the effectiveness of lead management. According to a study published in Harvard Business Review, companies that do not follow up with leads within five days risk losing the business to competitors. To avoid this, evaluate the buying cycle of each lead and enter that information into your sales lead management system. Follow up with leads promptly to create the right impression.
A follow up email should be no longer than six lines and a telephone call should not last more than 10 minutes. These emails must grab the prospect's attention and motivate them to take action. The emails and telephone calls should not continue forever, as they can become aggressive, pushy, and pointless. While some marketers suggest sending endless follow up emails until a lead responds, this is not recommended. Rather, it can backfire and cause the prospect to think twice about purchasing.
Despite the overwhelming amount of data available, the success of lead follow up often depends on the quality of the lead's first contact. It is important to follow up with leads promptly to close more deals. This is because seven to ten touchpoints are needed for conversion. A follow up email should always be timely, but not annoying. However, follow up with leads regularly is essential for great lead management. Take note that seven to ten touches are generally required before a lead converts into a paying customer.
In case you have already generated a list of potential clients, follow up with the leads promptly. Statistics have shown that 63% of companies take more than an hour to respond to a lead. When a company responds to a lead within five minutes, the likelihood of converting the prospect is two-and-a-half. So, if you want to generate more qualified leads, follow up with them promptly.
Classify your leads
It's vital to classify your leads for effective lead management. Not all leads are created equal, and not all leads are ready for sales calls. Cold prospects are those who aren't ready to make a purchase yet. They may not be ready to purchase, or they may not have the budget or authority to make a purchase. Even if a lead is eligible for sales call, it's best to not try to sell to them until they've shown interest in your product or service.
To align marketing and sales, lead classification is the foundation of any marketing or sales process. It's particularly important for B2B companies that go to market through various channels. These complicated sales processes require more coordination than internal direct sales teams, more participation from people outside of their direct control, and added motivation. As a result, producing better-quality leads is more effective than flooding distributors with a large number of low-quality leads.
While the vast majority of sales teams are interested in acquiring quality leads, few businesses are effective at this process. Effective lead management requires identifying the types of leads that are most likely to turn into customers and hone their sales strategy for coherence. However, despite the importance of lead management, few businesses succeed at it. So, how do you classify your leads for great lead management? Consider these tips:
Hot Leads: These are leads who have expressed an interest in your product or service. They've visited your website, engaged with your social media posts, or opened your email. They're interested in your business, and they're actively researching your solutions. A warm lead, on the other hand, will most likely be interested in your product or service in the near future. They're a good opportunity for your business to pursue.
Implement a lead scoring system
While implementing a lead scoring system may seem like a daunting task, the benefits to your business are numerous. By allowing your team to identify the most relevant business parameters, you can ensure that each lead represents the level of interest they have in your product or service. The success of your lead scoring system will depend on how well it considers these parameters. In addition to demographics and audience size, you can also consider other activities that are high-value leads based on the products or services you offer and their target audience's profile. Developing an understanding of buyer personas is a great start to creating an effective lead scoring system.
You can assign varying points to each lead depending on their value, conversion rate, and other factors. This will help you decide the range of points that each lead should have in order to be ranked for sales readiness. To create a lead scoring system, divide the factors into logical categories and individual rules. The point system should be periodically reviewed to maintain the proper balance between different factors. You should also take into account the technology available to help you manage the data and score your leads.
In addition to defining the types of leads you want to target, you should also talk to your customers. The experience of the buyer is often quite different from the one of the sales team, so you should account for all angles. Conduct customer interviews or ask other customers for feedback. If you can, ask customers from both the short and long buying cycles to get their perspective. The more customer interviews you have, the better your lead scoring system will be.
Once you have identified which types of leads are best for your business, you can implement a lead scoring system for great inbound lead management. The best lead scoring systems allow you to segment leads according to various criteria, preventing bad leads from reaching your sales team. Using a lead scoring system allows you to test different approaches, including more aggressive calls to action. Lead scoring is only as good as the rules behind it. Make sure you consider each lead's behavior and characteristics when creating your lead scoring system.
Communicate feedback to sales
Good lead management practices include communicating with sales to make every lead count. When leads are distributed to sales reps, they tend to pre-judge them. An effective sales manager knows how many leads to issue and how many to discard. Sales reps will prioritize leads that look promising and burn those that don't meet their expectations. To prevent this from happening, communicate your feedback to sales with as many detail as possible.
Sales managers often give each representative a list of attributes to assess a lead. Leads are rated from one to ten, based on a variety of factors such as demographics, company information, website engagement, and fit vs. interest. The best leads are prioritized and given top priority. Communicate feedback to sales so they can make appropriate adjustments. Once sales reps have completed the scoring process, the information is communicated to the marketing team.
Salespeople should receive regular updates about how leads are performing. They should be able to quickly see which leads need more work and which ones are not. They should also be able to identify any inefficiencies. Communication to sales is essential for great lead management. If a lead isn't closing, it's important to track it. By doing so, your team can implement adjustments that will make lead processing more effective.
When collaborating with sales, it's crucial for both departments to define a definition of a sales-qualified lead. This should include certain demographic and behavioral attributes, as well as high value form fills. Then, the sales team should take action on qualified leads. It is critical to note that the marketing team is a crucial component of the sales process. Make sure your marketing team understands the role that it plays in generating qualified leads.
When creating your lead management strategy, make sure to include a mechanism for iteration and feedback from sales. The feedback collected during the initial stages of the lead generation process should be used to refine your marketing strategy and create new content. If possible, hold quarterly or bi-weekly meetings to review the impact of the new approach and refine it. This will help you make the most of your time in the meeting and make it more effective.