Lead management is the process of tracking and managing leads through the sales funnel, from initial identification to the moment they become a paying customer and beyond.
Prospecting and generating new leads is essential for any sales organization. However, without the right lead management systems in place, those potential customers might never convert, dropping out of the funnel and opting instead for one of your competitors.
With proper lead management software in place, you can align your marketing and sales efforts to focus on highly qualified leads, thereby increasing your conversion rates and closing more deals.
In this guide, we’ll show you how to document and implement a lead management strategy in your business. Along the way, we’ll share insights from an exclusive panel of sales professionals across various sectors and explore the role technology plays in effective lead management.
Identify Potential Customers with Lead Generation
Effective lead management starts with identifying and generating leads using inbound and outbound methods. Inbound leads come from actions like completing web forms or engaging with social media content. Outbound leads are found through tools, where sales teams reach out via email, calls, and social media.
Existing customers are also valuable for new prospects. For example, offer new products to previous customers and ask for referrals.
Assign Leads to Your Sales Team
Once leads are qualified, assign them to your sales reps. Some managers manually assign leads based on team strengths, while others use a “first come, first served” approach. For larger teams, automated systems like round-robin or skill-based assignment are more efficient and reduce errors.
Nurture and Track Leads Through the Sales Funnel
Most leads aren’t ready to buy immediately. Nurture leads by engaging with them to understand their needs and providing tailored content. Use marketing automation to deliver the right content at the right time, based on their actions and criteria.
Convert Leads into Customers
The goal of lead management is conversion. Personal attention is crucial, as each lead is unique. Sales teams need to address individual objections and concerns. Using CRM integrated with video calling apps can maintain a personal touch, even remotely.
Recycle Non-Converting Leads
For leads that haven’t converted, maintain contact through a dedicated nurture track. Stay updated on changes within the lead’s company or your own offerings. Recycled leads often convert later as circumstances change, so keep detailed notes in your CRM to track all interactions and touchpoints.
Final thoughts
Lead management is integral to a successful sales process, enabling sales teams to define, identify and nurture leads until they’re ready to become customers.
While old-school methods can work up to a point, the right CRM software can supercharge your lead management by providing better organization, easily accessible information storage and lead tracking. Combining effective lead management tools with a personalized touch can help you fill your sales pipeline with high-quality leads and close more deals.