Why Lead Management?

The cost of generating a single sales opportunity continues to increase, and companies now find they need to make the most of every marketing dollar. A good lead management process helps companies find more potential clients, contact them more effectively, and ultimately close more sales.

At InsideSales.com, we’ve developed a host of lead management tools that have been proven to help companies dramatically increase their productivity and bottom-line sales, and we think you could benefit from using them in your own process. But even if you’re still “just looking,” or in the beginning phases of developing your new lead management process, there are a few things you should be aware of while you create your “plan of attack.”

Five Things to Keep in Mind as You Develop Your Lead Management Process

    • More than ever, speed matters. Don’t wait even 30 minutes to follow-up on new leads when they come in.
      One of the biggest mistakes companies make (even some of the largest in the world) is that they spend huge amounts of time and money on sophisticated Web sites, media campaigns, and Google AdWords—but then don’t follow-up on the leads they generate for a day or more after they get captured. This is an almost catastrophic mistake; the effectiveness of your marketing efforts will increase 15-20x by following up on new leads within 10 minutes or less. Having the right software (like the InsideSales.com Lead Response Management Suite) can make or break this from happening.
    • Don’t give up too soon.
      Sales research shows that the average sales rep makes 1.7 contact attempts before they discard a new lead—yet the same research shows that most of the time it takes anywhere from 6 to 8 attempts to even reach a decision-maker one time. This means that sales reps and companies are literally throwing away half of their total lead generation budget or more, simply because they don’t track and organize their efforts to make enough contact attempts to actually reach a prospect.

 

  • Have a plan in place to nurture and stay in touch with leads who aren’t ready to buy right now.
    Another mistake companies make is they toss leads who could be good candidates to buy, but simply aren’t in the market right now. A good lead management process should have a strategy in place to “stay in touch” with these kinds of leads over a period of months or years.
  • Use a system that gives you as much usable data as possible, and use it so you know why you win, and why you lose.
    A football team would be crushed by its opponent if they didn’t study game film—yet that’s exactly what businesses do when they fail to use a data tracking system that helps them manage results. Changes and incremental improvements are much easier to make with reliable information on how, when, and why changes need to be made.
  • The best software and lead management process in the world can’t help you if you’re not targeting the right market with the right message to begin with.
    Before you start budgeting for new software or employees to help you with lead management, make sure that your market strategy is sound. Investing time and money into a market where you really have no chance of success is doubly damaging, because it takes resources away from other places where you could be having success.