Sales and marketing are now multi-channel and omni-channel. It is now relatively easier and cheaper for businesses to generate very targeted leads. However, the lack of an effective lead management process drags down the conversion rate and sales revenue. Let us look at some important figures:
As per a research by InsideSales.com, marketers and sales teams who follow up with web leads within 5 minutes are 9 times more likely to convert them.
46% of marketers with well-planned lead management strategies have sales teams who follow up on more than 75% of leads. (Source: iMPACT)
How can you effectively monitor leads?
Given below are some useful tips for lead management and monitoring:
- Introduce a system to track all leads and associated details: source of lead, category, expected value, next steps etc. There are various online software and tools available for lead tracking and monitoring. However, if you are just starting, a CRM at times can be overwhelming. I would recommend using a lead management spreadsheet for small teams and individuals.
- Refer to the lead tracker in all internal sales meetings and reviews. This encourages the team to use the lead management system and update the information regularly
- Set thresholds for lead ageing. For example, all new leads should be contacted within the first 30 minutes. Similarly, set timelines for each stage of the lead.
- Schedule a weekly review to present lead and sales insights to the team such as conversion rate, average deal value, lead velocity, source wise leads etc. Discussions with the team will help improvise the overall sales process
- Once in a month, analyse the top reasons for lost deals. Why do prospects reject your offer? Do not settle with the obvious rejection reasons such as “price is too high”. Most often than not, prospects would use conditioned and rehearsed responses to say NO to a sales proposal. Deep dive into each case to find out the exact reason or trigger for rejection
Every lead is a cost and every lost lead is a missed opportunity. You sure do not want to utilize your marketing budget for missed opportunities.
Bonus: FREE Lead Management Excel sheet. Click here to DOWNLOAD