The benefits of lead management software are felt throughout any customer related role of a business. Lets walk through which features bring teams together to experience this benefit.
The impactful benefits of lead management software are arguably as important as strong sales collateral and lead generation tools. Why? Because the value of the leads come from closely managing the engagement, in anticipation of turning it into a sale.
According to Hubspot’s analysis, 65% of businesses find it challenging to generate traffic leads for their business. Leads are the lifeblood of any business, but let’s face it, generating leads is no easy task. With this in mind, putting effort into the management of leads you have generated is simply a no-brainer, and an essential part of successful business growth.
What is lead management?
Lead management encompasses a range of systems, processes and methods for tracking and handling leads to become customers.
Lead management is a consistent way to gather and analyse leads for eventual conversion into profitable sources of revenue. Through a strategically formulated lead management tool or combined systems, you can maximise the worth of each lead and fasten your sales cycle. This is just one of the many high-level lead management benefits that the right lead management tools can have on your business or team.
What is lead management software?
Lead management software benefits
Sharper insights and report analysis
One of the main secondary benefits of lead management, revolve around the insights you’ll be able to extrapolate from this process. Regularly monitoring your leads is essential and lead management software provides reporting and analytics capabilities to do just that. Being able to understand the customer journey and create multiple dimensions of each stage of the buying process to enhance your sales process will allow you to form key steps on how to continually better the customer journey for your leads.
You can’t pass one of the key benefits of lead management with mentioning lead qualification, it just wouldn’t be right.
During this step in lead management, you must assess and classify each lead to determine its value. Segmenting leads into tiers of priority allows you to focus on the most valuable ones quickly while discarding any that lack promise as soon as possible.
Qualifying leads is a great way to get an insight into the buyer’s interest in your product. Take tracking emails, for example; if you notice that no one is even opening your message despite multiple attempts at getting their attention – this could be an indication that they are not interested.
By analysing their behaviours, you have the opportunity to take advantage of one of the many benefits of lead management and determine if a potential buyer is worth your time and energy. If they meet your criteria, then it’s possible to progress that lead into the sales process, removing a lot of the manual tracking you would otherwise have to do.
When creating meaningful connections with potential customers, proper lead management is essential. To ensure the sales pipeline functions effectively and leads are attended to immediately, a well-defined process should be established. When there’s clarity in the way things work, connecting to leads will become more straightforward and their concerns can be quickly addressed.
Speed to lead is essential for lead management success as fifty percent of leads will work with the organisation that contacts them first. Another one of the many strong benefits of lead management is being able to facilitate a quick response time, this significantly accelerates the speed of the sale, and demonstrates a positive image while expressing your sincere commitment to aiding an organisation in advancing its success.
Prioritises your lead call
Having the ability to prioritise your leads based on historical data of which leads convert the best will reduce how long it takes to turn a lead into a customer and speed up most stages of the buying process. This is of major benefit to any team member with a sales-focused role because engaging with leads who are more likely to buy increases sales engagement on both sides. All this information is right there in your lead management system, which provides a smoother journey for sales and account management to achieve their targets.
Keeping track of each stage of your sales process is one of the many benefits of lead management systems, with each stage being broken down into a number of metrics that help with mitigating the risk of a lead not turning into a customer.
One of the key lead management software benefits is being able to forecast revenue in real-time as leads move through the sales process. And you can also forecast the conversion capability that’s customisable to your business. Letting the platform calculate this is much better than creating another formula in Excel that isn’t interconnected to any notification system, and it can let team members know in real-time.
Back in the day, forecasting was done manually on Excel spreadsheets – and in plenty of organisations it still is. Don’t get me wrong, there’s nothing wrong with this, but there are plenty of tools to make this process more efficient and accurate in real-time.
One of the most obvious lead management system benefits is having a feature to automatically score your leads based on their lead journey. This means that, by the time they’ve gone through that process, you can immediately identify the highest quality leads. Lead nurturing assigns a pre-defined score based on the engagement of the lead, and each score is usually weighted in relation to each touchpoint. This removes the manual strain, saving your business many tens of hours per month and optimizing your communication toward the highest quality leads first.
Lead nurturing is the action of developing leads from people who are interested in your offering to people who are ready to make a purchase. This process keeps leads engaged by delivering the most suitable content (like guides, e-books, or seminars), usually by email, to fit the profile of the lead. If carried out successfully, lead nurturing can turn leads into brand advocates even before they buy.
Personalises your customer interaction
This benefits of lead management software can provide a tailored approach dependent on where your leads have interacted with your online presence, enhancing the lead’s experience. Personalising the different points your leads interact within your business will establish a stronger brand connection in the lead’s perception as the information provided met the lead’s needs.
Automation and productivity
Think this all sounds great, but can’t help wondering how you’re going to keep up with all these different lead management software features? Don’t worry! After setting it up correctly, all the above can be completely automated and all you have to do is sit back and watch your leads travel through the customised journey you’ve set up.
At the end of the day, a successful business runs on clear communication to their target audience, and grows when enough of these people turn from leads into customers. The benefits of lead management software positively impact businesses at all stages of growth, setting you up for success by enabling you to keep a close eye on your leads at all times. This will give you the opportunity to provide the best experience possible, from sending your leads the most valuable content through the most relevant channels, with the potential of turning them into advocates even before they’ve made a purchase.