What is Lead Management?

Leads are potential customers who have shown interest in a product or service but have not yet made a purchase
Lead Management is the process of identifying, informing and communicating contacts about a company’s products and services and converting them into potential customersUsing advanced sales tools and automation, potential customers receive information about what they are interested in. Thus making them to buy the product or service. Lead management Software collates all data that revolve around leads, consisting of any type of contact between a consumer and a company e.g. request for information, filling out contact form, deals, close etc

There are several stages in Lead Management process:

a. Data Collection
Companies generate leads through numerous sources such as website contact form, social media, advertising, call center and emails, events, conferences, etc
These prospects become leads when the company obtains their area of interest, contact details etc
The lead acquisition functionality allows for simple and efficient acquisition of lead data into the lead management system

b. Communication
Customer interest can be increased by doing individualized communication measures like providing them with product catalogue and benefits etc
This is a crucial aspect of lead management which consist of reaching out to leads
Lead nurturing and personal interaction with enquirers is vital to success

d. Lead analysis
It involves lead scoring or evaluation of contacts on basis of probability of them becoming a customer and showing them as a sales funnel
Leads are properly qualified and are checked to identify whether they are worth pursuing
Lead scoring allocates points based on deal closing related factors
Lead distribution is done and leads are passed on to the relevant sales people

c. Closing Leads
Decisive steps taken to conclude the sales process
It involves managing contacts, leads, accounts and transforming them to customers

d. Analytics and ROI Analysis
Analytics makes it possible to evaluate the cost per lead and ROI of Lead generation
Understanding analytics allows you to plan more efficiently for future marketing campaigns overall performance and cost benefits of their marketing and sales strategies.

Lead management Software provides a centralized database to manage lead information
Lead Management is an integral part of every company’s marketing strategy and it involves various steps in order to guide the lead through the customer journey.

The goal of FinCRM.com lead management software is lead conversion i.e the transformation of a lead into a client.