Author: Johanna Rivard / Source: Marketing Insider Group Some businesses think that slow returns and stagnant revenue are due to not havi
Some businesses think that slow returns and stagnant revenue are due to not having enough leads. But in reality, poor lead management is often the true culprit.
According to a recent study, more than 80% of generated leads are lost, discarded, or ignored. Now, that’s a lot of potential revenue out the window simply because of poor lead management strategies.
For B2B companies, this magnitude of loss is even bigger. Just think – you’ve spent a considerable amount of time and resources generating and capturing leads, and yet your efforts all go to waste. Not all leads acquired are ready to purchase, meaning that these leads need to be nurtured to push them further down the sales funnel.
That’s exactly what lead management does. Lead management is the complete process by which prospects are tracked from generation to acquisition, to nurturing, to conversion.
Some prospects need more time and information before purchasing, which leads to delayed conversion and a longer sales cycle. But, by sticking to the fundamental principles of lead management, you can maximize ROI and make the most of the leads you generate.
Lead management helps businesses and organizations determine where their leads are coming from and which lead generation source is generating more conversions. This will help you track sources with a higher chance of conversion so you can focus your efforts and resources appropriately.
Businesses can also track a customer’s complete history of interactions and engagement. This allows you to analyze data and determine how a person was converted from prospect to lead, and eventually, to a customer. The result is a better understanding…
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