What is Lead Management?

Lead management is the process of capturing, converting, and closing leads. It's important for business owners to know where their leads are coming from.

The process of obtaining and maintaining leads (possible consumers) until they complete a purchase is known as lead management. This is a more extensive procedure than traditional advertising and is best suited for eCommerce shops that cultivate personalized connections with consumers. Lead management is not to be confused with lead nurturing, which is a subset of lead management that occurs at the conclusion of the process. The practice of tracking and managing prospective consumers is known as lead management. It is sometimes known as client acquisition management or contact management, and it often includes the following processes:

Lead generation:

A variety of marketing methods are used by businesses to generate customer interest and inquiry in their products or services. Blog postings, ads, white papers, social media, events, and public relations initiatives are common examples.

Customer inquiry and data collection:

Marketing consumers respond with curiosity, and their information is captured. This results in a sales lead.

Filtering, grading, distribution, and contact:

Leads are filtered based on the veracity of the request, prioritized based on the chance of becoming a client, and then sent to sales representatives to be contacted. Depending on the scale of your marketing program, identifying how to effectively categorize and filter individual leads might take a significant amount of time.

If the process concludes with a sale, the lead has progressed through the sales funnel and become a customer. However, the task does not stop there. As a company grows in size, lead management gets more complicated - handling 200 leads is very different from managing 2,000, 20,000, or even 200,000. When those leads become clients, firms must maintain those ties. In summary, following up is essential for sustaining high levels of client satisfaction and sales efficiency.

Why You Need Lead Management

The process of managing leads assists organizations in determining which strategies are generating the most leads, allowing you to improve your sales approach to be both successful and efficient. Furthermore, because lead management records a person's whole history of contacts and experiences with your firm, you can examine how a person progressed from a prospect to a lead to a client. Automated databases are becoming increasingly popular for successfully managing these sales funnels. The sales process should be completely integrated with lead management, which is why more and more CRM software is including these functions. When you automate the sales process, calls, demos, and meetings — and even income — don't fall through the gaps. A great sales organization is built on lead handling. Without effective leads, there is no need for a CRM or even a sales crew. This notion addresses the initial phase in the sales cycle, which is to generate qualified leads and, eventually, delighted customers.

Let's take a closer look at the many steps of the lead management process:

1. Automation of lead capture

2. Follow-up on leads

3. Lead distribution

4. Lead qualification

5. Lead nurturing

Reference:- Lead Generation