Traditional CRMs are excellent at optimizing opportunity management, but their lead management functionality is often lacking due to the ad hoc nature of lead management. This results in BRD teams tracking their prospecting activity outside of the system in a variety of different spreadsheets. The lack of visibility into where your leads are in the funnel is where CRM’s fall short. This inefficacy is causing an increasing number of organizations to look to lead management software as a solution for their teams.
Lead management tools allow you to merge sales processes and assignments, from lead to quote to conversion, while offering reporting and comprehensive performance analysis through all stages of the funnel.
To read an article that outlines different the differences between opportunity and lead management, click here.
If this sounds familiar, you can download the Feature Ranking Tool. This will help you identify what to look for out of your lead management process.
Why Incorporate Lead Management Software?
Lead management tools are designed to surface lead and sales information in minutes as opposed to the hours it would take to do the same task manually. Lead management tools allow you to analyze critical data such as lead time, conversion rates, and win-loss ratios in real-time. This facilitates real-time insights into your sales team’s performance for different products, locations, and customer segments, allowing for deeper insight and understanding of your sales lifecycle.
These lead management tools are being used to drive value through the lead management process. Key benefits of incorporating these tools include:
- Scoring – Lead management tools use machine learning to define criteria to identify the most promising leads. The criteria can consist of online behavior, job title, demographics, and other variables that reveal more about a lead’s purchasing preferences and behavior. When you understand this, you can distribute the right leads to the right sales reps at the right time.
- Nurturing – Another key benefit of a lead management tool is leveraged in the lead nurturing. These tools can automate the procedure of following up with leads and delivering relevant content. This functionality allows you to improve the relationship until the lead becomes ready to buy.
- Analytics – These tools can provide insight into the impact of sales and marketing campaigns through the creation and analysis of lead reports. This will help you understand, which leads have the highest conversion rates and monitor the success rates of campaigns.
Improving lead scoring, nurturing, and analysis can provide considerable benefits to your sales organization, and increase the likelihood of making your number. Companies who leverage lead management software see many benefits including:
- Improved lead prioritization – Lead scoring and nurturing features that are available in lead management tools help sales teams convert leads more efficiently. They also convert at a faster rate by focusing on the most promising leads.
- Increased rep efficiency – In an ideal world, reps are only focusing on good leads. By leveraging lead management tools, you can help identify, prioritize, and gain insights on the buying behavior of the most promising leads in your pipeline.
- Smarter marketing spend – You are investing in valuable resources to attract leads. Lead management software will give you visibility into which content has been most effective in attracting qualified leads. When you understand this, you can concentrate your time and marketing activities on those channels.
Is a Lead Management Tool Right for You?
Lead management tools enable organizations to nurture leads to a sales-ready position faster and more efficiently. Leveraging this native functionality can have huge impacts for both B2B and B2C sales organizations.
B2B – B2B selling often involves longer more complex sales cycles. For this reason, B2B organizations can leverage lead management tools to provide more robust lead scoring and nurturing capabilities. This helps teams expand their relationships with both prospects and leads throughout the sales cycle.
B2C – B2C selling organizations can leverage lead management software to prioritize and organize the huge amount of customer data. There is also the potential to use machine learning and analytics to prioritize activity and increase the efficiency of selling teams.
To better assess your teams’ current needs, download the SBI Feature Ranking Tool. The tool will help you determine your current needs, rank, and categorize specific needs based on the level of importance.
CRMs have become the core of modern sales organizations, but they leave much to be desired from a lead management perspective. By integrating lead management tools into an organization’s tech stack, they can improve pipeline velocity and gain insight on the effectiveness of marketing spend. This is incredibly important for improving the efficiency of your sales organization. To learn more about lead management and what market leaders are doing differently that sets them apart, download the How to Make Your Number in 2020 Workbook.