Businesses place their trust in marketing professionals for whatever they see as the “sticking point” of their efforts to generate more sales. For instance, lead generation investments assume that there will be a commensurate lead generation ROI that is directly attributed to that expense on marketing.
However, one of the most important realizations that a business can make is that lead generation investments are not useful, and will have a harder time impacting revenue, without lead management. The two must go together in order to see impressive boosts in customer purchase rates.
Lead management best practices involve comprehensively constructing campaigns, contact emails, calls, and personalization to reach each and every lead, as well as standardizes times and reasons for cutting off leads that, statistically, aren’t likely to go anywhere.
This management technique is essential for a variety of reasons, but one of the biggest ones is that your leads are valuable, but without follow-up and management software, it is hard to know which leads contain the most value at any given moment. Lead management is what helps you keep all qualified leads on the hook for long enough to make a sale, but also cuts down on the amount of time your sales people spend alienating potential customers who simply aren’t in the market to buy at this time.
Many Leads, Fewer Customers
The truth is that generating leads is not a one-to-one ratio with customers gained; in every industry, some leads are lost along the way to a variety of forces. However, one of the most important realizations that a company can make is that some leads are lost naturally, without any potential to change them, and others are lost due to lack of management and effort.
Rather than assuming that lost leads were never truly potential customers, an advanced Customer Relationship Management (CRM) system will enable your sales team to track exactly why a given lead is not currently buying. If this lead should emerge again, the CRM tracks and helps sales associates choose the best next step for contact with them. For leads that aren’t currently purchasing, lead management requires well-conceived drip campaigns that keep leads “warm” to the idea of your product while they are slowly moved toward purchase. Certainly, these are not the “low hanging fruit” of the sales world, but the revenue generated from lead management best practices accounts for a large part of the profits from lead generation.
Raise your Return on Investment
According to industry sources, attentive lead management doubles the ROI on marketing investments, because leads can be saved, as in the case where your lead has expressed interest in the company but cannot consider purchase until, perhaps, a year from now. Lead management creates alerts that allow your sales team to reach back out at the appropriate moment to remind the customer of their interest. Customers are more intrigued by a company that remembers their needs, and they are also more likely to be able to seriously pursue a purchase in the time frame they specified themselves.
When you invest in lead generation, your CRM should help you make the most of immediate response tools to capture in-market shoppers, help you reach out to the medium-term shoppers who will appreciate a personalized touch and a subsequent follow-up, and also any long-term prospects who are likely to purchase after a drip campaign messaging sequence. Lead management best practices put each of these items in reach, rather than abandoning all medium and long term prospects and resulting in wasted investments.
Need help making lead generation and lead management ROI grow by combining these strategies in your marketing plan? SalesNexus combines a wealth of experience in modern digitally-driven marketing with the industry understanding that will help them tailor your marketing strategy to the needs of your customers. The All-in-One CRM combines marketing automation, lead generation investments, and drip campaign abilities. Contact us today!