What is a lead?
A Lead is the identification of a person or entity with the interest and authority to purchase a product or service.
Every Lead and business opportunity has its own characteristics such as: monetary value, sales process, quality and motivating factors. Studies show that companies, which implement solid Lead Management Systems and processes, are more efficient and achieve higher sales.
The steps that constitute a good Lead Management System may include:
- Lead Qualification: determining if there is alignment between the need of the potential buyer the product or service offering.
- Lead Quantification: ascertaining the value and/or size of the potential sales or business opportunity.
- Lead Acquisition: helping potential buyers to understand that they have a product that can meet their needs.
- Lead Nurturing: educating buyers about current offers, establishing brand awareness and positioning solutions to customers’ problems.
- Lead Scoring: Tracking the progression of the Lead in the sales pipeline. With this methodology used for ranking / rating Leads companies are better able to determine if and when the Lead is ready to engage with the sales channels.
- Lead Routing: transferring the customer to the appropriate sales channel at the right time or if necessary to marketing again.
- Lead Conversion: monitoring critical processes and factors to better improve the closing of the opportunity, customer satisfaction and retention. Many leads, however, will not turn into business. Reasons will vary, but good management and qualification of these business opportunities will require support tools such as CRM systems.
Providing timely answers and feedback to your Leads is vitally important. Always build strategies to pursue the generation and management of new Leads based on a positive customer centric approach. Lower response times, contribute positively to Lead conversion rates and result in more satisfied customers.
CRM should be the first step towards a successful business strategy. With the advanced analysis of data, that CRM tools provides companies can have a complete insight of how to qualify and quantify the status of Leads in order, to identify areas of improvement and increase the conversion rate of the associated opportunities.
Contact Excalibur Information Solutions – let us discuss how we can assist with your business enablement, value creation and results improvement.
Jules S. Batson Msc, MCPM, PMP
Project Management Director & Solutions Consultant
Excalibur Information Solutions Inc.
Tel: (778) 433 4644
Email: jbatson@SolutionsConsultant.com
URL: www.SolutionsConsultant.com