Lead management is the process of working your leads from the marketing funnel to the sales pipeline. It’s a way to track, manage, and qualify leads, with the end goal of turning them into a sale.
This seems simple, right? Well, imagine having thousands of leads funneling in every day. How can you possibly nurture each and every one of them? You can’t, and that’s why lead management platforms such as Customer Relationship Management (CRM) software exists.
But before we discuss how this platform can be beneficial to your company, let’s discuss the basics of lead management.
There are four main components of the lead management process. They are:
Each of these four components helps with the process of converting a lead to a sale—A.K.A. lead management. And to understand the construction of this framework, let’s dive deeper into each.
From a high-level perspective, lead generation first gets its kick in the marketing department. It starts with inbound and outbound marketing campaigns. This can include anything from social media, blog posts, e-books, white papers, email campaigns, cold-calling, referrals, and more.
When a consumer responds to a marketing campaign or advertisement, they will most likely have to enter in their personal information. And this information such as their name, contact information, and geographic location will be recorded. Their information is essentially being “captured,” and they will go from being classified as a consumer, to a lead.
Once the lead’s information has been captured, the distribution process will begin. This is the process of sorting and categorizing the lead based on its potential to become a sale.
During the organizational process, leads are transferred from marketing, to the sales department, for further contact. And depending on how the initial contact goes, the leads will be followed up on, or nurtured, with the end goal of turning them into a sale.
So, while lead management will make your marketing and sales teams more efficient, it’s hard to complete this process without the help of a secondary organizational platform. This is where lead management platforms such as a CRM comes into play.
A good customer relationship management software, or CRM, will help streamline your lead management process.