When it comes to great lead generation, you can’t just rely on on luck. It’s also inadvisable to let your team members wing it or devise their own lead management methodologies. Instead you need to focus on crafting a process that is effective, repeatable and scalable. After all, managing leads is one of the largest expenses faced by inside sales teams. According to analyst firm Yankee Group, it is estimated that between 40% and 80% of sales leads are dropped between marketing and sales – that is, they were lost, never qualified, and most likely fell out of the system. That’s a lot of lost opportunities!
In our recent white paper, Mastering the Lead Management Process for Inside Sales, we cover how to develop a consistent and powerful lead management process. Here are a few key points:
- Develop a formal, written lead management plan and ensure your sales reps follow it step by step. Your plan needs to define what a sales qualified lead is versus a marketing qualified lead, and there should be a formula for how to proceed with each.
- Ensure only sales qualified leads are distributed to your reps for follow up. Marketing qualified leads that aren’t yet ready for sales follow up should be placed in lead nurturing and email marketing campaigns for further nurturing and qualification.
- Select a queue-based lead management system that enforces your lead management workflows, provides email templates and scripts, and prevents human intervention for cherry picking leads.
- Define specific workflows for handling different types of leads:
- Web leads: inbound leads from your website
- Aged leads: previously worked leads
- Purchased leads: leads bought from a list vendor
- Event leads: leads from webinars, trade shows or other events
- Trigger leads: leads generated by virtue of the prospect taking a certain action
- Create lead nurturing workflows for your leads that are yet ready to buy.
- Track your teams process with robust reporting and KPI dashboards.
- Leverage inside sales software that allows you to:
- Monitor calls for training and quality assurance
- Record calls and marry them to the contact record
- Analyze patterns to create a strategy for improvement
The success of a good lead management plan relies on the development of repeatable processes, shared templates, and definitions. You can attempt to can manually implement these “must have” elements of your plan, but you are leaving the process open to human error and inefficiency. When you put queue-based sales CRM automations to work for your team, you will see an increase in sales productivity.
To learn more about lead management mastery for inside sales, read Mastering the Lead Management Process for Inside Sales. To start putting these steps into practice, start your VanillaSoft free trial today!