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HOW TO DO LEAD MANAGEMENT THAT IMPROVES CONVERSION
The sales and marketing business is often a mystery to the people who own business. Everyone understands that they need to market their business to create sales. But, the whole idea of selling can make our blood run cold. In a lot of cases, we invest our money in an advertising campaign. Sometimes, we throw money at a promotion strategy developed by a paid consultant who we usually meet at a networking event or so. We keep hoping that more and more new customers will come flooding through the doors.
In actuality, it seems that the customers never flood in as we hope. So, what we do at that time? We here blame the campaign as failure throwing our hands in the air. After that, we give up and return to what we are comfortable doing.
Why improving conversion needs lead management?
We like to concentrate on the operations of our business, managing staff, and making our storefront look appealing. But, we don't give attention to the sales and marketing process. But, every time a miracle seems to happen and something works. We stumble upon a market strategy now and then that can generate an inquiry, two, ten thousand, or many more. But, it works, trust me. At this stage, your well-designed strategy needs to kick in. Once you have captured your sales lead, no doubt, the situation is going to be critical that you maximize your chance to convert your prospects to your paying customers. Here, in this article, we will discuss some phases of lead management that will help you to achieve an improvement in sales conversion.
1# Target genuine audience
The first phase is imperative here that you make sure that any marketing you do or any campaign you run should be on proper target to your ideal customer type. In this way, your business and your selling proposition will warm up your sales leads which have come to you. So, there is no use going out and marketing to people who are never going to buy your product and service as well.
2# Qualify quality leads
Now, you have to work on selecting the leads that have come to you in terms of their sales-readiness. You also have to look at their potential value as a long time customer. Again, you would get many prospects that are going to be hard to turn them into sales leads. So, it is quite unlucky to turn into much value going ahead.
Especially where conversion rates are concerned, lead quality matters over quantity! Wasting time and effort indiscriminately on unqualified leads can deliver a death blow for your conversion strategy, even if you are doing everything else correctly.
So, you need to have a process through which you can qualify every lead comes through to make sure that how ready they are for the sales. We can also understand whether or not they are going to be valuable enough.
3# Prioritize the leads
Here, the third phase is all about to prioritize the leads for follow up based on whatever your qualification process is. So, you might decide to focus on those who are going to be simple and quick sales. Also, you might determine to concentrate your initial energies on those who are going to give you the biggest value going frontward. However, while doing it, make sure that you own a system that prioritizes those leads so that you can organize the follow-up process.
4# Nurture your leads
When you will get the prospects, build strong and meaningful relationships with them with those leads instead coming across as a salesman, and sell your stuff to them immediately. The sales game has completely moved on to where it was in a million years ago like you would accept that it would. We probably think now selling relates to all about getting people to realize that they had a need and pushing your product down their throat until they decide to sell. But, these days, selling is all about building relationships. If you think who you buy a product from, you won't purchase it unless you get to know them and trust in their words completely. Keep in mind that there is absolutely no room to cheat on them. You also have to have inner happiness when you would go to make the transaction physically. So, there is no difference with your customers too. In a nutshell, it's nothing but a longterm relationship with your leads. Now, this may take a long time to develop the bond before someone decides if order your product/service. It relies on what kind of business you are doing. In other industries, you may have a short period to build this bond and make that sale in particular things.
5# Review constantly
Here is the final stage. It is the evaluation and feedback system. So, constantly evaluate and measure the success of your sales system. Look for different ways to make improvements to the conversion rate to continue monitor. Continuing to monitor your conversion ratio, tweak your process, and measure the impact of that. Additionally, build a better system continually.
The success of your sales leads management can be measured by looking at your sales conversion rate and customer acquisition rate. Now, the equation of the conversion rate = Number of New Clients / Number of Leads and the equation of the customer acquisition rate = Total Marketing Cost / Number of New Clients. You should track these two Key Performance Indicators (KPIs) initially in your system. You should keep an eye on these two Key Performance Indicators (KPIs) initially in your system. Tracking these two KPIs and acting on the trends as you see them developing your sales conversion process will improve to the point where you are getting the real value for money from all of your marketing activities. Improving the conversion of leads into sales is a surefire way to enormously increase your business profit. Finally, I want to make you ensure that it's not difficult at all if you follow the above steps.