Lead Management: What is it, and Why Do You Need Lead Management in Your Business?

Lead management is a systematic approach whereby incoming leads are analyzed, qualified, and nurtured to ensure that they convert into new business opportunities.

Lead generation is one of the most used forms of marketing that have been around for a long time now. Lead generation comes in many different formats.

Marketers across many different businesses and industries are often implementing many of these formats to increase the number of customers their business receives.

You might think that as lead generation is so crucial for almost any business, the process would have gotten developed to the point where it could be done with your hands tied behind your back.

Unfortunately, though, gathering and sifting through authentic leads can still be extremely tricky at times.

But it doesn’t have to be!

This article will delve a little deeper into lead generation and management, some of the most common challenges you may need to overcome, and how we can help you generate more high-quality leads for your business.

Let’s jump right in!

What is Lead Management?

Typically speaking, leads can enter your lead management process from various channels, such as paid social, organic traffic, social media, etc.

The lead management system should work on converting these leads into deals.

It is vital to have a lead management system to ensure you get the best conversion from the prospects you can generate for your business.

It is all well and good to generate lots of leads for your business, but if you struggle to convert them, it is a waste of time, energy, and resources.

Instead, focus more time on converting those leads into customers.

Think about it this way; if one company converts one of every 50 leads they get, and another converts two of every five leads they get, the second company will be doing much better business and saving money on attracting non-converting leads.

Our marketing agency is one of the leaders in providing the best lead management solutions to experts and beginners alike.

With a wide range of lead management strategies for businesses of any size or type, you will convert many more leads with much less effort.

What are the Challenges of Lead Management?

Just relying on referrals

It’s extremely common for a business to ignore its lead generation system and focus more effort on referral schemes to generate sales.

Sure, word-of-mouth marketing and referrals are an essential part of any marketing strategy, but they often do not offer enough volume on their own.

Another issue with referrals as a marketing strategy is that it is not a strategy that always guarantees high-quality leads, and it may not be a cost-effective strategy.

Because of this, it is essential to instil a good lead generation campaign to support your business growth and revenue.

Adding a solid lead generation system will help increase sales in the future as more potential leads move through your sales funnel and convert into paying customers.

Creating an Appropriate Lead Generation Strategy

Once you have decided to create a lead generation strategy, the next issue to tackle is how to make your lead generation campaign a success.

To tackle this issue, you need to ensure you have plenty of relevant information on your current customers.

You can then use this information to identify potential customers, answer their most common questions, and use the most successful methods to convert them into customers.

Funding Your Lead Generation Strategy

Another challenge that often arises in lead management is identifying how much money you should be putting into your lead generation strategy, especially if you are new to the process.

It is important to note that spending large sums of money on a lead generation plan will not guarantee success.

Even a lead management plan that seems underproduced and straightforward can significantly impact your lead generation and conversion figures.

Instead of focusing on how much a lead management tool or software costs, focus on the systems that get provided with that tool or agency.

Creating Good Quality and Quantity of Leads

This issue is one of the most prominent when it comes to lead generation challenges.

You might find that specific leads are abandoning your lead generation system before finishing it.

In contrast, other more high-quality leads for your business may not even know you have a lead generation program in place as they are accidentally not getting targeted.

To prevent this from happening, it is essential to ensure your lead generation plan that offers personalization, engaging elements such as interactive content, and high-quality filters that help eradicate poor quality leads and ensure high-quality leads don’t get missed.

Tracking Success for Your Lead Generation Campaign

Another common challenge that businesses face regarding lead management is monitoring the success of a lead generation campaign.

Measuring the ROI of a lead generation program is essential.

It allows you to identify and understand potential weaknesses and what you could do better to establish a better conversion rate.

It can be challenging to establish the most appropriate way to monitor lead generation figures on your own, but our lead management strategy can help ease that burden!

Our strategies make it quick and easy for you to monitor performance, showing all of the visits, leads, and conversion data you need and allowing you to completely understand how your campaign is performing.

Nurturing Any Newly Generated Leads

Despite the belief of some marketing and sales employees, the lead generation process does not stop after you have acquired new leads.

Instead, the focus turns to nurturing these new leads and turning them into high-value customers.

To do this, you need to consistently engage with your customers.

This type of approach will ensure you are at the forefront of their minds when searching for solutions that you can assist with.

Nurturing your new customers will also allow you to improve your brand reputation as your customers will feel appreciated and heard by you.

What are the Benefits of Lead Management?

Efficient Lead Tracking

At the best of times, it can be hard to keep track of your business leads.

There are not many things in life that are as frustrating as missing out on high-quality leads as they get lost in the shuffle.

It is also extremely tricky to identify high-quality leads that are likely to convert and separate them from lower-quality leads.

That is where lead tracking comes into play.

By keeping a close tab on your company leads with lead management software, you can improve the experience for your high-quality leads, free up time and money that was getting wasted, and reinvest it in other areas of your business.

Impactful Lead Nurturing

It’s all well and good having lots of high-quality leads for your business, but if you don’t nurture leads and help them convert, they are pretty pointless.

Nurturing leads with a robust lead management solution makes them more likely to convert.

Leads that get nurtured through methods such as email marketing are highly potential to purchase compared to leads that have not gotten any nurturing.

Better Filter Your Leads

Trying to work out what leads are good and which ones are bad can be extremely time-consuming.

Trying to identify which lead may convert is much easier with a lead management platform.

It offers you a range of tools to improve your lead filtration, build a lead scoring algorithm, and create restrictions to only target the correct leads.

Be More Productive with Automation

A high-quality lead management system offers you the chance to automate more workflows, including workflows for less high-quality leads.

While less high-quality leads are obviously less likely to convert, that doesn’t mean that they don’t still offer you value.

With an automation system in place, you can set up a lead conversion program and then start working on another lead conversion program or advancements while your first program is running.

This automation allows you to continue developing your customer journeys without missing out on revenue while you work.

Sharper Insights

It is essential to keep a close eye on any high-quality leads that you manage to acquire, and a Lead Management Platform can help you with advanced lead tracking capabilities.

The right Lead Management software will offer you an in-depth insight into the customer journey and the decision-making process of a customer.

Not only does this data give you a better idea of how to convert leads into customers, but it will also offer you a wealth of knowledge you can use to instil an improved customer journey for potential future customers.

Real-Time Reporting

We’ve all had that moment where leads start flocking into your business at a rate much quicker than usual.

At first, it’s brilliant, and you are excited to see your brand grow.

But quickly, you realize you have no idea where these leads are coming from, and you are unable to replicate that lead generation in the future as a result.

For fast updates, real-time reporting is essential as it allows you to instil changes to your marketing strategy depending on what your lead generation analytics are showing.

Improve Team Coordination

A top-quality lead management strategy will offer you and your company a vast array of data for each campaign you run, which will provide you with invaluable insights.

This range of data will allow your marketing and sales teams to work together closely, studying the same data sets.

This collaborative approach will improve your lead generation tenfold as the sales and marketing strategies align.

Not only that, but it will also improve your lead conversion numbers by developing a highly-focused sales funnel.

Not only that, but this type of collaboration will ensure everyone is on the same page, which helps reduce the number of miscommunications and mistakes that occur.

Each of these benefits will help improve your business and steer it towards a better lead generation process, improved tracking, and, ultimately, better conversion.

A robust lead management platform will take your ROI to new levels and allow your business to thrive.

How can we Help You?

Here at Contentas Marketing, we pride ourselves on offering expert lead management support in many different ways.

We are highly skilled in setting up detailed, insightful, and fruitful lead management strategies that help businesses generate more leads, identify high-quality leads faster and nurture leads until they convert.

If you are keen on starting your next lead management strategy but you aren’t sure where to get started, drop us a message, and we will be happy to discuss how we can help take your brand to the next level with a bespoke offering that suits your business needs.

Summary and Key Takeaways

Now you have all the information you need to set up an innovative and productive lead management strategy. And if you are still unsure about how to get started, feel free to reach out, and we will help you along the way!

Here’s a quick recap of the many benefits of a lead management system:

Efficient Lead Tracking: By keeping a close tab on your company leads with lead management software, you can improve the experience for your high-quality leads, free up time and money that was getting wasted, and reinvest it in other areas of your business.

Impactful lead Nurturing: It’s all well and good having lots of high-quality leads for your business, but if you don’t nurture leads and help them convert, they are pretty pointless.

Better Filter Your Leads: Trying to work out what leads are good and which ones are bad can be an extremely time-consuming process.

Be More Productive with Automation: A high-quality lead management system offers you the chance to automate more workflows, including workflows for less high-quality leads.

Sharper Insights: It is essential to keep a close eye on any high-quality leads that you manage to acquire, and a Lead Management Platform can help you with advanced lead tracking capabilities.

Real-Time Reporting: For fast updates, real-time reporting is essential as it allows you to instil changes to your marketing strategy depending on what your lead generation analytics are showing.

Improve Team Coordination: A top-quality lead management process will offer you and your company a vast array of data for each campaign you run, which will provide you with invaluable insights.