Done right, effective lead management creates more educated buyers, helps you better understand their needs, and ultimately means more revenue for your business. When integrated with a solution like Dynamics CRM, consider the following results for having an effective lead management process in place:
1) Rapid Response to New Leads: Buying for the most part is an emotional response to a need or a want. The more a “Lead” just sits around, the more that lead just might “cool off” and reverse their decision/action. Or worse, the better the chances are for a competitor to come along and close the deal for you. With that said, response time is everything when working with a new lead. A properly designed lead management process not only helps in uniformity in approach and contacting leads, it also ensures that a rapid response is possible as well.
2) Consistent Outreach to Old Leads: Reaching out to old or disqualified leads can turn a “loser” into a “winner” at any given time. Through the use of “recouping” lost leads, a sales organization can increase its close rate drastically. For example, if you are winning say 3 out of 10 opportunities, then the close rate is 30 percent. Now, if it were possible to go back and turn 2 of the 7 lost opportunities into winners, what does that do for the close rate? The answer speaks for itself. By adapting a uniform process in capturing, managing, nurturing and marketing to leads, this result is all possible.
3) 360 Degree View of Your Business: Through a combination of functionality available to users of a CRM solution like Microsoft Dynamics CRM, a 360 degree view of sales activities is easy to achieve. From understanding the day to day operations of the sales team (Activity Tracking), to what geographical areas are “hot” to your products or services (Marketing List/Charts/Reporting). Through the use of marketing lists, workflows, activity tracking, and reports, actionable Business Intelligence will be produced, and this is the overall goal. This is possible through the use of Dynamics CRM and a tight lead management process.
4) Elimination of Redundant Efforts: With actionable Business Intelligence in hand, a management can make informed decisions every time, instead of SOME of the time. Having real-time information directly impacts a business by making sure that your staff is taking the right actions, at the right time. It helps eliminate redundancy and allows your staff to stay focused on the task at hand, increasing the productivity of your entire team.
5) Improved Experiences: CRM is about doing more with existing data and IT assets and having the proper degree of information to make informed decisions. Managing leads effectively and creating enhanced experiences for prospects and customers will enable you to differentiate your company in positive ways while at the same time, driving efficiencies and more sales to your bottom line.
By Jason Kelly, Dynamics CRM Specialist at Affiliated.