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.
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.
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
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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