Lead Management Software has became essential for every business either big or small as they depend on leads. Leads are potential customers who have shown interest in your solution but who have not yet made a purchase. For businesses to grow, companies have to convert leads to loyal customers. To do that right, businesses need to manage sales leads in an organized manner.
For companies that depend upon lead generation, the benefits of Lead Management Software include the capability to categorize, analyze, and qualify leads before passing into a sales funnel. For sales people, it should track the relationship and interactions as a lead passes through the sales pipeline. And, once a lead becomes a customer, it also helps account management to nurture existing customer relationships over the entire customer lifecycle.
- Efficient Lead Tracking - Lead tracking from a Lead Management System helps to convert leads into money. This system enables you to closely track your leads. You can optimize the experience for those leads that are closer to conversion—making a better use of your time and money.
- Impactful Lead Nurturing - Nurturing leads that are likely to convert is a significant process that becomes much easier with a Lead Management System. Leads that are nurtured by email marketing or other methods are more likely to convert and may end up purchasing more than leads that are not nurtured.
- Real-Time Reporting - Real-time reporting is an invaluable resource that can let you make changes on the fly depending on lead generation analytics. Knowing how various publishers are performing will let you quickly double down on successful channels and scale down less effective components.
- Improves Team Coordination - The insights provided by Lead Management System can help sales and marketing department work harmoniously by learning from the same data sets. This system keeps everyone on the same page and helps to reduce mistakes or miscommunication.
- Follow-Up - Following up on leads is one of the most important steps for a sales representative. Easily set call-backs and tasks with reminders.
- Document Generation and Delivery - Assign, generate and deliver documents specific to the product or service being offered. Delivery options include Mail, Email, and Electronic Signature.
- Improves Productivity - Automations in the lead management process saves your sales team time and effort to do what they do best—sell.
- Improves response time - Sales reps can reach out to prospects via phone or email by looking at their buying intentions, increasing the chances of making a sale.
- Personalizes Customer Interactions - Using sales/leads tracking facility, it is possible for to gauge the customer preferences such as the web pages they visit and objects they prefer to view. This system allows to track the conversations they have with sales teams thereby enabling to personalize customer interactions.
Types of Buyers :
- Based on Company Size -
- Startups - These buyers have zero tolerance for complexity, no time for a steep learning curve. Startups have very clear expectations from business software. CRMs for startups support thier requirements. They’re easy to use, intuitive, and designed with features to help the business scale quickly.
- Small businesses - A small-scale enterprise is a business that employs a small number of workers and does not have a high volume of sales. Such enterprises are generally privately owned and operated sole proprietorships, corporations or partnerships.
- Enterprise - CRM software helps to reduce the time salespeople spend on mundane tasks (repetitive, boring, unproductive and yet necessary.) have more time to concentrate on their customers and unify their operations across multiple geographic locations.
- Based on Business Type -
- Business-to-Business (B2B) - From managing an account's contact information to staying up to date with business deals, payments, and reports, B2B companies do best with a sales CRM in place. It helps them create a common platform to keep their partners, vendors, and other stakeholders of their business in sync with each other.
- Business-to-Customer(B2C) - B2C companies have shorter customer life cycles, and they typically require a solution that is more direct and less time-consuming. A multi-channel CRM tool with features like pipeline management, sending out instant surveys, marketing automation, etc. helps B2Cs reach out to their customers more easily.
Potential Issues faced :
There are number of issues that should be avoided while selecting a software solution. Buyers in certain businesses must make sure that the appropriate modules are included in the system they purchase. Few other following issues that also may occur are :
- Outdated user interface
- Low Security
- Slow and inefficient handling of multiple operations
- Operating the software is complex
Market Trends followed :
- Software-as-a-Service(SaaS) - Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet. SaaS is one of three main categories of cloud computing, alongside infrastructure as a service (IaaS) and platform as a service (PaaS). SaaS is picking up speed as buyers realize the advantages of lower upfront costs and quicker implementation time.
- Social media integration - Social media is used by nearly one in four people worldwide and companies have realized that monitoring these channels is critical to engage and build relationships with prospective buyers. Many vendors have followed suit and now offer advanced mobile apps to help professionals manage leads via a smartphone or tablet, no matter where they are.