Alexa What Is A Lead Management System?

What Is A Lead Management System?

Sales | by Steve Conway

A powerful lead management system is critical for the success of your Sales teams. We get a lot of questions from small business owners on what is a lead management system. Many of them also ask about the need for a lead management system and how to select the best lead management system. In this article, we’ll answer these and many similar questions

An advanced lead management in CRM will provide you with the following benefits including:

  • Centralize all your lead data in one place
  • Analyze leads in real-time to prioritize higher potential leads
  • Timely follow-ups to ensure that leads are taken care of and don’t fall through the cracks
  • Collaborate with your sales teams
  • Automate tasks such as lead qualification, distribution, monitoring, follow-up reminders
  • Record of all engagement of your leads with your Sales reps, website, apps, and social media, etc.
  • Dashboard to give you 360-degree visibility on your leads

Need For A Lead Management System

Managing leads is a complex process. Many small businesses rely heavily on manual methods, spreadsheets, and assorted documents to store their customer data and manage their lead process. These methods are not only subject to human error but they also significantly lower your productivity, do not work with other digital technologies, and are impossible to scale beyond your first few customers. Traditional lead management methods like spreadsheets and standalone tools are good only if you have a small number of leads. As your lead count increases, you need a scalable lead management system to better manage your leads and convert leads into buyers of your products or services. A good lead management CRM software will replace spreadsheets and inefficient tools to streamline your lead management process.

But it is important to know that unsophisticated or poor lead management systems can also cause you troubles in the form of duplicate data, mismatched leads and information, and slow response time.

Advantages Of Lead Management Systems

When you employ a sophisticated lead management system, it can make a significant impact on your overall sales by:

  • Drive marketing RoI (Return on Investments), as more leads turn into marketing-qualified and then sales-qualified
  • Improves conversion rates through lead nurturing
  • Shortens your sales cycle, as your software prompts you to follow-up and engage prospects at the right time during their buying journey

Lead Management Systems can also be integrated with other 3rd party systems and applications used in your business like Accounting Software, Order Management Systems, Telephone Systems, and eCommerce, etc. The integration facilitates an automated data flow between systems. For example, an update in contact information on your lead management software will get reflected in your Accounting Software if both are integrated. This can help you connect various systems and apps to extend their capabilities and build a seamless connected environment.

What To Look For In A Lead Management System?

If you choose to buy lead management software, you should ensure that it offers sophisticated features to help you execute your lead management strategy. This is because lead management is key to your business. It is also central to effective customer lifecycle management. The lead management platform you choose should perform several functions such as:

  • Help you capture all important information of the lead
  • Prevent leakage of leads
  • Manage leads from the top of the sales funnel to the bottom of the funnel
  • Automate assignment of leads to the salesperson based on defined rules
  • Prompt salespersons on follow up tasks
  • Raise alerts when your salespersons miss a task
  • Provide reports and dashboards for monitoring
  • Support integration with your other systems and apps

Looking For A Powerful Lead Management System That Converts Leads Better And Faster?

We have written an eBook to help small business owners like you manage your leads effectively and convert more of them into paying customers.

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