Businesses place their trust in marketing professionals for whatever they see as the “sticking point” of their efforts to generate more sales. One of the most important realizations that a business can make is that lead generation investments are useful. However, this will have negligible impact on revenue without lead management. The two must go together in order to see impressive boosts in customer purchase rates.
Lead management best practices involve comprehensively constructing campaigns, contact emails, calls, and personalization to reach each and every lead. Conversely, it involves defining standard times and reasons for cutting off leads that, statistically, aren’t likely to go anywhere.
This management technique tells you that your leads are valuable. However, without lead management software, it is hard to know which leads contain the most value at any given moment. Lead management helps you keep all qualified leads on the hook for long enough to make a sale. On the plus side, your sales people spend less time with potential customers who are not ready to buy.
Without lead management software, it is hard to know which leads contain the most value at any given moment.
Many Leads, Fewer Customers
Generating leads is not a one-to-one ratio with customers gained. Businesses loose leads along the way due to a variety of forces, natural or otherwise. However, in most cases, they are lost due to lack of management and effort.
Rather than assuming that lost leads were never truly potential customers, an advanced Customer Relationship Management (CRM) will enable your sales team to track exactly why a given lead is not currently buying.
If this lead should emerge again, the CRM tracks it. This helps sales associates choose the best next step for contact with them. For leads that aren’t currently purchasing, lead management requires well-conceived drip campaigns. This keeps leads “warm” to the idea of your product while they are slowly moved toward a purchase.
Certainly, these are not the “low hanging fruit” of the sales world. However, the revenue generated from lead management best practices accounts for a large part of the profits from lead generation.
Revenue generated from lead management best practices accounts for a large part of the profits from lead generation.
Raise your Return on Investment
According to industry sources, attentive lead management doubles the ROI on marketing investments because it considers those who are interested but may only consider a purchase perhaps a year from now. Also, lead management alerts your sales team to reach out at the appropriate moment to remind the customer of their interest. Customers are more intrigued by companies that remember their needs. They are also more likely to be able to seriously pursue a purchase in the time frame they specified themselves.
When you invest in lead generation, your CRM should help you make the most of immediate response tools to capture in-market shoppers; help you reach out to the medium-term shoppers who will appreciate a personalized touch and a subsequent follow-up; and also any long-term prospects who are likely to purchase after a drip campaign messaging sequence. Lead management best practices put each of these items in reach, rather than abandoning all medium and long term prospects and resulting in wasted investments.
Need help making lead generation and lead management ROI grow by combining these strategies in your marketing plan? SalesNexus combines a wealth of experience in modern digitally-driven marketing with the industry understanding that will help them tailor your marketing strategy to the needs of your customers. The All-in-One CRM combines marketing automation, lead generation investments, and email marketing drip campaign abilities. Contact us today!