Lead management system- an over view
Professional Lead Management is a vital feature of business administration because it ensures proper rolling of the business toward a positive point of growth and flourishment. However there is no shortcut process for setting a result oriented lead administrating system in a company; it needs proper care and regular attention to get the optimum benefit out of this administrating cum analytic chain of activities regarding sales leads.
Lead management system is comprised of multi-level activities like lead generation, Lead Tracking, lead filtering, analyzing the leads and filtering the same prioritizing their follow-up charts and then assigning the leads for the sales team for closure. Leads can be generated from different sources like internet, promotional activities, existing data base of the concerned companies, or the customer database of another company etc.
Lead management system takes care of existing database and takes active and supportive role for customer satisfaction etc. Customer satisfaction rather customer retention is also a great issue nowadays for steady business growth and with the help of sales history of a successfully closed leads some referral leads can be generated or some new products can be tried further. This is especially applicable for insurance leads. Once a lead is closed, the client can be called after some time for some referral leads as well as some new products can be demonstrated for the further investment consideration of the client.
Similarly, mortgage leads, debt settlement leads, and home loan or car loan leads can be recycled for new sale as well as for referral lead generating process. This process of nurturing an existing database is called lead tracking process and it is great business strategy for steady and secured growth.
Making a pipeline or sales prospect is another vital role of lead managing system and therefore it is implemented in marketing units for constant rolling. The pipeline is made based on the priority of the sale closing dates. For example the leads which are to be immediately closed are called hot leads, the leads are to be matured in recent future are called warm leads and those will turn prospective later is called cold leads. This is called probability analysis of lead managing activity.
Now the market scenario has been changed and buyers are not to be sold rather the want to do meaningful purchase. Online browsing is now considered as safe and hassle-free shopping venue. Thus, the leads generated via internet prove hot and prospective in terms of probability quotient.
The use of lead management software can track the probability analysis process better than manual analysis. By lead follow-up process when the leads in the pipeline progress toward closure, it proves the efficacy of lead managing system. Once it is detected that leads in the pipeline are getting lost due to some reason, it should be taken as a requirement for modification of the present lead management system. Once the loss of leads is detected, the failure reason needs to be analyzed in order to implement new lead managing system in the company.
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