For any business to succeed, you’ll need highly qualified leads that are ready to convert. However, finding and managing leads is often a challenging endeavor, especially without any processes in place. Few things feel worse than having a lead slip through the cracks because your sales rep didn’t get back to them soon enough, and it becomes a bigger opportunity loss when the lead was inclined to engage with your business.
Fortunately, learning the fundamental principles of lead management will help you find more qualified leads and nurture them down the funnel until they buy your product or service. Using a lead management tool with these will help you create a better relationship with your leads and ensure they have a good experience with your company. Here are four lead management principles to keep in mind:
Treat Leads Like People
When you’re gung-ho on attracting as many customers as possible, it’s sometimes easy to lose sight of them as actual people. However, being a customer-centric company means understanding their needs and pain points, which means they’re more than a target, statistic, or sales figure. Customers want to feel like they are understood and not mere opportunities for profit. When you treat them as people whose problems you can solve, they’ll be more likely to connect with your business and engage with you.
People Fall Out of the Funnel; They Don’t Fall Into It
There is a common misconception that people fall into the funnel since it starts wide and narrows towards the end. However, the pipeline is more like a climb since it consists of many micro-conversions that help them further along their journey. That means your company must understand the thought sequences that reliably result in your desired conversion, whether it’s clicking on your website, filling out a form, or purchasing a product.
Offer More Value for the Cost
To achieve the highest chance of converting a lead, you’ll need to create a perceived value of the marketing goal that is higher than the perceived cost. For example, if you want website visitors to fill out a web form, you’ll have to offer them something in return that far exceeds the cost of giving up their information. The value could be receiving a special discount for their first order, a free download, or maybe even a free sample of your product. By ensuring you deploy a series of micro-decisions that they agree to, they’ll be more inclined to achieve the conversion goal you have set for them.
Define Your Ideal Customer Profile
Qualifying your leads involves ensuring that a potential customer is an excellent fit for your company. You must define your ideal customer and accommodate contacts or companies that fit this profile; otherwise, you’ll have more difficulty engaging potential customers and converting them.
To create your ideal customer profile, you’ll need primary data, such as company information, telling you the industry type, annual revenue, general contact information, and the number of employees. It will also help to find out the roles, titles, level of authority of your contact. Acquire their relationship history, such as the number of touchpoints, records of correspondence, and the current lead status, such as their position in the funnel, last actions, and next steps. However, if you want to refine this profile further, you’ll need advanced customer data such as email opens, webpage visits, average sales cycle, and many more.
These four lead management principles will help you bring more leads into your funnel and have them achieve your desired conversion goal. By incorporating these into your lead management strategy, you’ll enjoy more conversions and an ever-growing customer base.
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