Leads are crucial for any business. However, do you know how your leads are moving from one stage to another in your sales process? If you have no idea where your leads are, your lead management is not efficient. You need to use lead tracker tools for better lead tracking and to boost your sales game.
Why is lead tracking important?
In simple terms, lead tracking is all about tracking the activities of prospective customers, from their first interaction to deal closure. You can also identify whether a lead is an inbound lead or an outbound one. Inbounds leads are the ones that proactively contact your company through your website or any other means. An outbound lead is one that you reach out to as a company, such as through a social media or email marketing campaign.
Lead tracking also helps you determine where exactly a prospect is in the sales process. You can therefore make timely decisions that can convert a viable prospect into a paying customer.
Lead tracking can also provide invaluable data helping marketers understand how the sales funnel works and helping them make accurate pipeline projections. The insights can also help to create more effective marketing campaigns, generating more leads. You will also be able to identify which strategies work and which don’t so that you can quickly move your prospects down the sales funnel without a lot of friction. Your sales team will also have a much better idea about which lead they should pursue and when, and what could improve their chances of closing a sale.
Effective lead management lets you know all that you should know for taking the right action with your leads, including:
– Who your contact is
– When you last contacted them
– The time of your next action
– The size of the deal that you could potentially close
– The forecasted closing date
– Notes from other sales reps
Your lead tracking app may not have all the above, but it should have at least some of them. If it offers more information, that’s even better.
What is lead management?
Lead management refers to a set of practices for generating new leads and managing them till they make a purchase.
Lead management consists of six major stages:
Stage 1: Lead acquisition
Acquiring leads is the first step in any sales process because leads are the lifeblood of any business. Businesses acquire leads through a lot of ways, such as advertising, marketing campaigns, referrals, webinars, and so on. However, just capturing leads is not enough. You also need relevant information about your leads that you can use in the subsequent steps. Say, you are into B2B sales. In that case, you should also know the size of the company that your lead works in.
Your sales tracker should preferably capture information such as their location, job title, industry, and so on. A tool that can capture such information automatically will make your job a lot easier.
Stage 2: Lead qualification
Not all leads are ready to buy. In fact, two-thirds of all leads are not sales-ready. Some leads may be interested in your brand, but they are not really willing to buy anything. At least, not yet. 63% of leads that inquire about your business may not buy for the next three months. It is crucial for the sales team to focus on leads that have a higher chance of buying so that they do not waste valuable time. that inquire about your business may not buy for the next three months. It is crucial for the sales team to focus on leads that have a higher chance of buying so that they do not waste valuable time.
Your lead qualification process depends on your marketing and sales process. You may have the lead answer a few questions or do online research yourself. Unqualified leads are removed from your lead management program so that you do not waste your time on them. Qualified leads that are not ready to buy yet are nurtured to convert them into paying customers in the future.
Stage 3: Lead scoring
The leads that remain in your lead management process should only be qualified leads. However, prioritizing the sales-ready leads is also important, and that’s where lead scoring comes into play. Categorizing your leads into different groups, or giving them scores helps you identify which leads need to be actively pursued and which ones need nurturing. High-scoring leads are more likely to make a purchase and so your sales reps should call them first.
Scoring can be done on many factors, such as location, size of the company, job role, and so on. When sales reps are assigned leads, they know that they should go after high-scoring leads first, saving valuable time. Fast response time is a must if you want higher conversions. Leads are 9 times more likely to convert if your sales reps contact them within the first 5 minutes.
Stage 4: Lead nurturing
A lead may have downloaded an e-book from your website or checked out multiple web pages. However, that does not mean that they are ready for a sales call. They may need more information about what you sell and how it is the solution that they are looking for. That’s where lead nurturing comes into play.
Lead nurturing may involve sending marketing materials, text messages, or nurturing emails. The core idea is to build a relationship with the lead. You should be able to answer the questions they may have regarding your brand during this stage. It gives them a feel of your brand and allows you to determine if they are worth pursuing.
Stage 5: Lead assignment
For leads that are genuinely interested in your product or service, it is time to get them assigned to your sales team. Quickly assigning the leads allows your sales reps to get in touch with them faster, increasing the chances of conversion. You can assign leads using geographical location, size of the company, or just randomly. The sales reps can look at the scores to know which leads need to be prioritized and which do not. However, lead tracking does not end here. You will also need to record every interaction the leads have with your sales reps, as that can provide valuable insights.
Stage 6: Lead tracking
What happens when a sales rep is absent or exits your company? You should still have a full record of all the conversations that a lead has with your company. You would also need information on whether they are ready to convert or not. That’s why you need lead tracking. Lead tracking gives you a lot of useful information that can be used to refine your sales processes.
What is a sales lead tracker?
A sales lead tracker is a very useful tool that helps you track where your leads are in the sales pipeline. You can also use it to generate tasks and reminders to move your leads through the sales funnel. With a sales lead tracker, you can prioritize and pursue the most valuable leads.
If you have more than one lead in your pipeline, you need sales lead tracking. Keeping your sales process organized is crucial, and sales lead tracking can keep it under control.
Sales lead trackers you should try
If you are thinking of getting a sales lead tracker, you can try one of these:
- Kylas CRM
- Close CRM
- Freshworks CRM
If you want to make your sales process more efficient, you cannot undermine the importance of lead tracking. Unless your pipeline is moving, you will not be closing sales. Keeping a close eye on where your leads are in the pipeline can help your sales reps pursue the right leads to keep revenue flowing in. The right sales lead tracker can make this happen.