What is Lead Management?
What do we mean by Lead Management and how does it work?
The terminology that is used in business to describe the methodologies, practices, and systems that help companies generate leads that could eventually become new clients or customers is known as “Lead Management.” It is operated using an array of advertising and marketing techniques. Its function and purpose is to facilitate connections between the outgoing advertising/marketing efforts and the consumer’s responses.
Lead Management processes can be developed to target either business-to-business (B2B) or direct-to-consumer marketing strategies. Additionally, Lead Management may serve as a precursor to Customer Relationship Management (a.k.a. CRM) and Sales Management. The connection between a business’ advertising and the responses to it facilitates how profitable the company will be in three different ways as follows:
- acquiring new clients or customers
- creating market brand awareness
- selling to current clients or customers
This particular application is oftentimes referred to as Customer Acquisition Management or CAM for short.
Lead Management general principles
Lead Management’s general principles create a rigid structure so companies using the application can manage numerous inquiries resulting from their advertising and marketing efforts. These are frequently referred to as leads or sales leads. The process constructs an architecture that organizes data which is then distributed across the sales force and the different stages of the sales process.
With the advent of information systems technologies and the World Wide Web, this process has quickly become what is known as technology-centric. This is also true based on the fact that many businesses are now practicing Lead Management techniques and have shifted what was a manual workload originally to automated systems. The personal interaction with these inquiries or responses is vital to company profitability and success.
An outline of the Lead Management process
Lead Management is comprised of 4 interrelated business practices, specifically advertising, brand development, marketing, and sales. If the Lead Management initiative is going to be successful, it will achieve three related goals. This includes generating new revenue streams for the business, improving the overall attitudes of the current and potential clients or customers as well as the general public for the purpose of future business developments, and increasing company visibility along with market share.
Most Lead Management processes have some type of outline which may include some or all of the following steps:
- Lead generation – business participates in a number of different advertising and marketing media to generate leads.
- Consumer inquiry – consumers respond to these advertising and marketing efforts therefore creating an inquiry or lead.
- Inquiry capture – personal information of the consumer is captured or put into a database.
- Inquiry filtering – the information is filtered in order to determine its validity.
- Lead grading – the filtered business leads are graded and then prioritized based on their potential to be converted into sales.
- Lead distribution – once that step is completed, these leads are distributed to the company’s marketing personnel and sales force.
- Sales call or contact – each lead is then personally contacted and prospected.
- Lead nurturing – contacted leads as well as those that have not been contacted are placed into automated and personal follow-up agendas.
- Sales results – the end result is a new client or customer (hopefully).
Why should you choose Aim CRM?
Our Lead Management process will enable you to capture not only more leads, but better leads. Additionally, the right leads will be placed in the hands of the right sales person. You’ll be able to improve your sales by warming up your leads. If you would like more information on how Aim CRM can help your company, please call us today at the toll-free phone number listed above.