Many companies rely on their lead management software systems to increase the efficiency of their sales and marketing teams, and reduce the expenses associated with lead acquisition and handling. And, while this improved productivity and cost-efficiency is indeed a valuable benefit, the true advantage of a lead management software package is the significant increase in revenues it can provide.
Lead management software can contribute to income and profitability in a variety of ways, including:
An Increased “Flow” of New Leads
Many lead management software vendors have formed strategic partnerships with list providers such as aggregators, appending firms, and brokers. This offers users yet another channel through which they can reach potential prospects, ensuring that their databases are continuously refreshed with new or updated contacts to market to.
More Effective Lead Assignment
The way leads are routed can play a major role in whether or not they close. For example, if a particular sales rep has experience selling the particular product the prospect is interested in, or has frequently worked with clients in the same industry, they may be more likely to successfully win the deal. Lead management software helps companies more intelligently distribute their leads among their sales forces, allowing them to allocate new opportunities based on pre-defined criteria such as geography, product of interest, industry, and other characteristics.
Improved Lead Nurturing
Many deals are lost because, after a while, sales reps will give up and move on to bigger and better opportunities. Yet, those clients that take a while to make a purchasing decision are still important, and should not be ignored. With a lead management software package in place, companies can ensure that each and every lead is followed up on continuously throughout its lifecycle. Communication at regular intervals can be scheduled, including automatic emails. So, opportunities will never be lost due to lack of outreach.
Greater Insight into What Works – And What Doesn’t
Every time a deal is won or lost, there is a valuable lesson to be learned. And, when specific factors repeatedly contribute to success, or lack of, it can provide vital intelligence that can be used to maximize the effectiveness of campaigns, sales pitches, and other lead handling activities. Lead management software, and the reporting and analysis capabilities it provides, allows businesses to track key performance metrics. So, areas in need of improvement can be instantly identified and corrected, and the trends and patterns that impact whether a sale is won or lost can be uncovered, and used to develop and implement more effective lead handling processes in the future.
Improved Collaboration With Third-Party Sales Channels
Most companies today work with resellers and other third-party sales partners. Yet sharing leads with these alliances, then tracking their progress, can be a challenging endeavor. Lead management software allows organizations to more efficiently handle leads across complex sales models, sharing and monitoring opportunities in real time with third-party partners and other external stakeholders.