Acquiring new customers is the lifeline of a lot of businesses but it can be expensive many times. One of the biggest advantages of lead management strategy and marketing automation is the ability to create a process that continuously manages leads at a bigger scale. The secret to making it work is to develop an effective process for automation.
We will not deny the fact that an acquisition of a new lead is expensive and by expensive we mean around 6 to 7 times more expensive as per research. Acquiring is costlier than retaining the customer which is why a smart lead management strategy can help reduce cost as well as decrease the time that is spent in the sales funnel.
To increase the number of leads and the rate of conversion, you should be able to manage your leads in a well-structured and systematic way. We will be sharing 7 valuable best practices, strategies and tactics that are accumulated by our experts to help you achieve your most ambitious goal in lead management.
7 Lead Management Strategy Best Practices
Create a Plan
The first step that you need to take, before launching any campaign, is to create a deliberate plan to decide how to qualify and route the leads, how to manage and archive your data, etc. It is a thumb rule of any given activity and it is the same for lead management as well.
Neglecting stakeholders who are involved in the process of lead management, even the minor ones are not recommended. Build mutual understanding and close cooperation between the sales and marketing team as an important prerequisite for your success in the future.
Qualify Leads (Sales qualified or Marketing qualified)
Know your leads and describe your buyer persona for determining their behavioral traits, interests, problems and the preferred channel for communication for your best leads. These traits will indicate when the prospects are ready to be moved to the sales team and when they should be dismissed.
If you want to stop wasting your efforts at the earliest stage, you need to evaluate the budget, needs, authority and the timescale. Don’t waste your financial or temporal resources on the leads that do not fit your criteria.
Utilize your lead scoring method
Your lead scoring method helps in tracking the behavior of prospects and the level of interest they have in your product or solution. On the basis of this, you can determine the maximum amount of time as well as effort that you need to spend on that particular lead. This subsequently influences your sales results directly.
Deploy Targeted Content
As per recent research, your chances of generating leads are 67% high in case your company has a blog. Therefore, if you don’t already have a blog, start one right away. Develop customized, well-structured and well-worded messages to communicate with your users. Target different types of content to your segmented customers, deliver pre-tailored messages as per their immediate needs and you will get a visible increase in your brand visibility. You should implement social media strategies in your overall B2B lead generation process for reaching out to broader audiences apart from your primary ones.
Use Lead Management Strategy
Using automation as your lead management strategy can improve your lead management and subsequently help your business grow. Technology can streamline your activities into the sales funnel and help you make better decisions as for right investments, as well as evaluating your marketing activities.
In a study, it has been revealed that 71% of the top ranking companies use lead management strategy to their benefit. In our ever-changing, fast-paced world, these automation tools improve your ability to change your tactics as well as strategies on a dime. If you are flexible and adaptive to rapid changes, you receive a competitive advantage for those sales rep who has fully embraced the sales tech stack.
Let process dictate technology
A lot of campaign management software and CRM are present in the market. Therefore, knowing what exactly you want to achieve helps you avoid settling for software that forces you to shrink your goals and limit your effectiveness.
Lead nurturing automation should be considered as a must-have in every organization. The leads that are qualified will buy the products from someone but nurturing those helps you stay on the top of their minds.
Understanding the history of the campaign and the contact associated with every lead is very crucial. Marketing systems and CRM should be able to combine the data for delivering comprehensive activity history. This gives a sturdy base to sales for worm conversations and helps them uncover the latest trends.
Calculate your performance throughout the sales cycle, most probably at the end of the day or sales. This will help you unravel the time and cost required to nurture the leads and co-relate cost-profit. After the evaluation, if you receive results that are unsatisfactory, don’t worry. You can deliver more training to your staff and provide them with educational programs on advanced automation for enhancing their performance.
Make sure that your system makes it easy for the staff to pass the leads to the sales and that the sales can see an important trigger event which qualified the lead at the first place.
It doesn’t matter if your companys activities in the sales funnel are powered by a leading system or even no system at all. There are traditional practices in the lead management strategy that is time-honoured for making your sales funnel remain kicking and alive throughout the low and high seasons of the business. At the same time, if you address the issues faced by your company responsible and implement sales automation software, it can repay you in a thousand folds.
Implementing a lead management strategy is east when you know you need a strategy in the first place and it must be a successful one at that. These strategies can help you achieve perfect leads that are perfect for your business and can improve your business ROI.
Vikas Bhatt is the Co-Founder of ONLY B2B, a premium B2B lead generation company that specializes in helping businesses achieve their growth objectives through targeted marketing & sales campaigns. With 10+ years of experience in the industry, Vikas has a deep understanding of the challenges faced by businesses today and has developed a unique approach to lead generation that has helped clients across a range of industries around the globe. As a thought leader in the B2B marketing community, ONLY B2B specializes in demand generation, content syndication, database services and more.