Lead Management is a formal process that defines how a business generates, qualifies, distributes and follows up on sales leads.
It creates a pipeline of opportunities for any sales team.
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Several years ago one of our clients told us they had spent a lot of money to attend the annual industry trade show; they paid extra for a prime location and had high expectations regarding their lead generation targets. They had good booth traffic and managers were please when it was all over.
They packed up their booth and sent it to storage.
The next year in preparation for that trade show, they unpacked the booth only to discover all their leads from last year had been left in the drawer of the booth … and nobody had missed them!
In Part I of "Do Your Sales Leads Work as Hard as You Do", we looked at databases and the importance of responding to sales leads in a timely manner. Part II covers the qualification, lead qualification and lead scoring.
Companies spend millions of dollars trying to identify qualified prospects for their products and services. What happens once a prospect “raises its hand” and indicates some level of interest in what the company has to say? Some sobering industry information may be illuminating.
A Harvard Business School study found that fully 80 percent of the sales leads generated from marketing programs are never followed up by the sales organization. In a similar study, Performark, Inc. found, “As much as 90 percent of a business-to-business direct marketing budget may be spent trying to attract leads, and yet a shocking number of those leads are ignored.
A Harvard Business School study found that fully 80 percent of the sales leads generated from marketing programs are never followed up by the sales organization. In a similar study, Performark, Inc. found, “As much as 90 percent of a business-to-business direct marketing budget may be spent trying to attract leads, and yet a shocking number of those leads are ignored.
Establishing a Lead Score
As a company’s lead scoring requirements become more complex, a best practice is to design a system that produces a numerical value identifying a lead as qualified and ready to distribute to sales.
Lead score ranges also determine whether to send a lead to the company’s field sales organization, inside sales or to a reseller/channel partner. It also determines whether to pursue the opportunity or to not pursue it.
Today sales leads are more valuable than they’ve ever been. Treated as “priceless” they deserve respect. Understanding and analyzing a lead just makes good business sense and the smart companies implement a lead scoring methodology that fits the dynamics of their sales and marketing organization.
Customer Relationship Management software, or CRM, optimizes performance in the areas of sales and marketing. This system allows a company to view its sales prospect activity, and presents an all-encompassing view of a company’s customer base.
Managing the Pipeline is critical to the two segments covered in our previous blogs: Part I and Part II: Increasing Sales Productivity using the best SFA and choosing the most appropriate Sales Methodology for your company.
If your sales methodology places an emphasis on certain tasks being performed or information being gathered, this should also become custom fields on the Sales Opportunity record.
Increasing sales productivity has been one of the highest priorities during the economic downturn as companies struggle to achieve their profit goals. Cutting expenses is only effective for so long; eventually, sales must increase for a company to consistently grow profits.
Sales organizations have historically been difficult to manage. While most companies understand the trade-off between a successful sales profile and an easy-to-manage employee, they have found managing successful sales people to be exasperating.
Sales organizations have historically been difficult to manage. While most companies understand the trade-off between a successful sales profile and an easy-to-manage employee, they have found managing successful sales people to be exasperating.
Some Sobering Statistics ...
- 70% of all Trade Show Leads are never followed up by sales reps
- 60% of Business-to-Business leads took over 60 days to follow up
- Advertising studies indicate that 20% of inquiries about your products or services end up purchasing from someone (either you or your competition) within six months and 45% end up purchasing within 12 months
Velos CRM-360 Assessment: A Web-based Diagnostic Survey that Isolates and Prioritizes Opportunities
Maximizing your organization’s revenue growth requires management to isolate business issues and identify the process improvements critical to your success, while identifying the specific technology solutions that will enable you to implement them.
The Velos Group offers an easy, affordable way for you to isolate and prioritize all of the customer relationship management weaknesses within your marketing, sales and customer service operations: The CRM-360 Assessment.
How do best-in-class Sales Lead Management techniques help your company become a Level Four company? The top Sales Priorities of leading companies utilize the following major tactics. Read below and learn how to become a Level Four company.
Companies spend millions of dollars trying to identify qualified prospects for their products and services. We have come to understand the benefits of targeted marketing using sophisticated database techniques. But what happens once a prospect “raises their hand” and indicates some level of interest in what the company has to say? Some sobering industry information may be illuminating.
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