CRM Lead Management as A Cornerstone for Conversion and Revenue Growth
The final company income depends on the collaboration level among departments. However, when it comes to the question of lost clients, begins the process of mutual finger pointing. Sales department blames the marketing managers for the low lead quality, and marketing team criticizes the poor performance of sales reps. But, in fact, it is a collective defeat.
The incorporation of the CRM lead management allows avoiding the most frequent mistakes and misunderstanding. Due to multi-channel inbound marketing, grows the quality and quantity of leads, and sales managers can see the real-time changes in the prospects data and, therefore, react faster.
Underlying Aspects of Lead Management
The effective business begins with the strategy planning. As long as the lead gathering is the entering stage, you should regard to the industry type you work in and marketing segmentation. Then goes building of the definite and practical sets of methods for the lead evaluation, nurturing and further sending prospects to the sales reps.
Pipeline Structure: Value of Clear Process
In order to monitor and detect the successful and unprofitable activities, you should define each stage of your lead pipeline. It may consist of the 3 main phases
- Spotting Visitors. In other words, you need to set up your workflow for catching every visit to a website, as well as include leads that come via trade shows, webinars or ads into these metrics.
- Lead is the unqualified contact that was added to the database. These records may be imported from the third-party add-ons or entered manually.
- Scoring the Quality. The value and prioritization of leads could be done from the following angles
- marketing - customers that are more engaged and interested in your product or service - sales - clients that require your services and ready for further cooperation - automation qualified - prospects that gave a response to a campaign message but still need follow-up - activity lead - clients that come from a webinar, or registered for the update
Setting up the proper analytics enables you with the detailed report about the number of prospects that came or dropped at every stage.
Dealing with Different Types of Leads
The campaign ROI depends on the accuracy of lead classification. With CRM lead management, you may automate this process and set up specific rules and conditions. Roughly speaking, there are 3 distributions
General consists of the criteria and may be applied to certain people, as well as companies.
- hot - shows the immediate interest
- warm - interested, but requires up to 3 months to make a final decision
- cool - curious, but it takes you at least 4-5 months to convince this lead
- cold - interested, but your sales staff will do hard work to persuade this prospect (possibly, more than 6 months)
B2C Classification is based on the customer’s behavior in social media.
- A-lead visited your website and all profiles in different social media (Facebook, Twitter, LinkedIn, Google+, Youtube, etc.)
- B-lead checked out your website but didn’t request for more details
- C-lead searched your profile on one of the social networks (Facebook or Linkedin)
- D-lead became your follower on Twitter
B2B Typology uses the purchase history, budget and interests of the prospects.
- First-rate priority - leads interested in the short-term buying with the specific budget
- Medium priority - prospects with low or unidentified paying capacity and interest in product or service
- Low priority - buying influencer that may have a certain budget
After dividing your leads into more specific categories, you will be able to create a well-thought plan for further actions. You also can distribute your company resources for nurturing all your leads with a priority level that corresponds their budgets and interests.
CRM Lead Management: Nurture Your Prospects into Loyal Customers
The process of lead nurturing takes up a form a dialogue about prospects interests, needs and paying capabilities. You may develop different strategies for each lead category to increase the end-customer conversion rates. Within CRM, you may incorporate five methods of lead nurturing.
1. Interaction Schedule
The recent surveys show that the first follow-up message should be sent within 24 hours since lead registration or other engagement. So, after defining the time duration of your nurturing campaigns, you should choose the dates and intervals between emails and calls to your prospects. In case this campaign lasts a month, you can send messages up to 4 times.
2. High-Quality Content
If you deal with leads that are a little bit far from the ready-to-buy stage, you need to provide them with useful or educational materials - surveys, white papers or webinar invitations without an aggressive sales pitch. You should monitor leads behavior with these content and plan further steps.
3. Multi-Channel Approach
Email follow-ups is a good thing, but it is more effective to employ various social media channels to humanize this communication and increase the higher interests of your company. The cross-channel nurturing reduce the duration of the buying cycle.
4. Extended Segmentation
Another approach is a more detailed customization of your campaigns that may be based on the lead categories according to the demographic, goe-position, industry and communication means.
This division allows you to choose the most interesting and appropriate content for each prospect category.
5. Accurate Analytics
Metrics is a vital part that tracks and depicts the changes and their influence on the customer conversion, campaign ROI, and company revenue. Besides, you can set up certain rules that will measure the relevancy of follow-ups, phone calls and other interactions with leads.
It all boils down to the following conclusion, CRM lead management facilitate the process of prospect gathering, classifying and further nurturing. However, it requires a thorough strategy building and extended interaction between marketing and sales departments for guaranteed high results in customer loyalty and earned income.
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