What is the Lead Management System? – Need for Effective Lead Management

What is Lead Management?

In layman words, the lead management process is a way of managing leads equally and constantly. However, that's the old school way of approaching the term. The present-day lead management features are more vast and impactful, then just managing leads. On the contrary, this management influences sales and marketing services directly. So, we can say that Lead Management –

"Is the integrated system of capturing leads, following their behavior and using engaging and qualifying methods to lure them to a sale".

This might look plain on the paper that leads can be captured, tracked and converted easily, but in reality, it is a tough process. The process of automated lead generation has been introduced to smoothen down the difficulties involved in lead management. TrackOlap is one of the leading tech hubs who are working in the area of automating lead management system for the ease of businesses.

Benefits of Lead Management

If you are not using lead management software in your growing business, then you are missing out following benefits

Connect with leads. Sales representatives can connect with leads in a better way and provide engaging conversations on the ground of the researched context. Through the software sales team get all the essentials information about leads to convert them into sales.
Improved response time. In this competitive environment, if you want to survive, then you need to reach your leads quickly. With proper lead management software, you can reach your leads very quickly using different modes and can even physically reach lead by sending the nearest sales representative.
Better productivity. With a system, you can prioritize leads and assign the right lead to the right sales rep. This way sales leakage can be minimized and thereby productivity will increase multiple levels.
Set accountability. The lead management process sets the accountability of a sales rep and an automatic report is generated to analyze the response time and success rate of every sales rep.

Need for Automated Lead Management System

Today, business organizations utilize multiple sources to generate leads for their business like cold emailing, social media, websites, calls and others. Juggle in between all these methods becomes too intense with the increase in business operations and numerous times businesses won't able to identify hot leads. Thus, when your business is struggling to manage hot leads before they turn cold, then you need to automate your lead management system.

Why? Readout a few reasons to get TrackOlap lead management demo today -

Helps in Lead Capturing and Managing

In the prevailing tight economic conditions, business owners are using various lead generation methods like emails, social media, paid ads, live events, fundraisers and a lot more. But, managing all these relevant leads through your regular CRM software and generating the right context to chase leads - isn't possible especially when the operational area is too large.

So, as reinforcement a good lead management software assists you every day. All the leads generated through different mediums will be processed through one dashboard before it can leak via small cracks. Additionally, it will capture the lead source so that you can know which marketing campaign has worked for you. On the top, you can create custom forms as per your business requirements and embed it into your employee's app so that you can get the information directly from a lead. It will help you in creating a context to make a quality conversation with the leads.

Helps in Lead Tracking

Once you have received relevant leads from multiple sources, then the next major thing is to follow them all before they turn cold. But, before approaching the lead sales rep need a context to approach a lead such as - from where the lead has been generated, what are the requirements of a lead, and lot more. And, all this information can be easily shared by the marketing team with the sales team through a single portal lead management software. These valuable insights around lead's behavior allow sales reps to understand their interests and personalize sales efforts.

Helps in Reaching the Lead

After having full information about the behavior and interest of the lead, the next phase of the lead management demo is to reach the lead on time. Using the portal, businesses can send information related to the location and availability of the lead to the nearby present sales representative. Before starting the meeting with lead, the sales rep can punch in meeting details and share the real-time status of meeting with management. Once the meeting is over, the sales rep can send feedback along with the meeting success rate in a geotag form. So, it will make the process of chasing leads faster.

Helps in Maintaining Lead Status

From outside lead following and turning it into a sale, might seems like an easy job. But, when you closely observe, then there are multiple layers involved in the process. Mainly leads are distinguished on the spectrum of interest shown by leads in the products or services. So, leads can be broadly divided into three categories – hot, warm and cold. Hot leads are the best to chase immediately.

So, by categorizing leads, management can define priority to sales rep so that they can first handle hot deals, then warm and finally if they have any time left, then they can try cold leads. This data can be shared via lead management software smoothly and the status of leads can be updated by sales rep.

Helps in Evaluating Performance

For large business organizations, multiple sales representatives are working on different geographical locations so it gets difficult for companies to individually analyze the performance of their every rep. But, when leads are allotted to field sales employees through software, then accountability of work can be set and the performance of the employee can be evaluated on that basis.

For instance, if the company assign a lead to Employee A and Employee B together, but only Employee B follows the lead properly and turn it into a sale, then reward should be given to Employee B only. But, if management doesn't have real-time stats, then they will don't know which employee has followed the lead better. So, when real-time meeting data and other information are prepared by the software automatically and analyzed by experts, then the performance of an employee can be evaluated perfectly.

Helps in Reducing Cost

Sometimes sales representatives have to travel a long distance to follow leads and all these expenses are reimbursed by the company. Thus, one of the prominent benefits of the lead management system is that you can reduce your lead management cost easily. The fuel cost can be easily reduced if management sends the employee working nearby location of a lead to conduct a meeting. This way the company doesn't have to pay long-distance fuel charges or any other kind of charge to employees.

Additionally, with the designated lead management system, employees can be saved from the trouble of personally visiting the financial department and submitting expense claims. They can just upload expenses to the software and check the status of the claim once it's approved or rejected.

Helps in Aligning Sales Staff

The major part of the lead generation depends upon the sales representative – if the sales rep is competent and professional to deal with leads, then you can easily maintain a 100% lead chase record. But, how you can make sure the efficiency and performance of your each sales rep while they are on the field? Of course, through lead management software that tracks every moment of your sales rep and sends back with geotags. Moreover, with the easy punch in and punch out attendance system, it is super easy to record the attendance sheet of a sales rep.

Automated Lead Management - The Future

Its dream of every business organization to make their business future-ready with a strong client base and it is only possible if you are using the advanced lead management system in your business. A lead management process that can handle expansion, innovation and technology blast - is the perfect lead management solution. So, to sustain and survive, you need to develop a customized lead management structure soon.

When you are looking for a competent, proficient and dynamic automated lead management system for your business, then you consult TrackOlap experts immediately.