Why should we Track Sales Leads?
So what exactly are leads and why is it necessary to track sales leads?
A Lead is the name of a company or a person which might be on one of the company’s purchased lists or they might be on a list of people who attended your webinar.
For more details on leads, their importance and the various types of leads click here.
Lead Tracking is the process of following up with prospects who have expressed interest in a product or service. It’s also known as Lead Management.
- The process of tracking/managing leads helps businesses understand which tactics are bringing in the best leads.
- You can optimize your sales strategy to be both effective and efficient.
- Additionally, since lead management documents a person’s full history of interactions and experiences with your company, you can analyze exactly how a person was converted from a prospect to a lead, to a customer.
- Besides the marketing benefits, it can have a huge impact on the bottom line.
How to Track Sales Leads?
Now that we know the importance of tracking your leads, hence, here are few ways that you can use to maximize your sales leads.
1) Organize it Better
The one thing that has always been a priority, is to always keep our leads organized. I’m sure anyone on the revenue side of things, would agree with this.
When you use sales tracking software, the organization will no longer be easier said than done. By having all of your lead information readily accessible and categorized by the different pipeline stages, your team will be able to better utilize their time on closing deals and providing excellent customer service.
We’ve all been there though, from a post it notes to a dry erase board, having a proper, scalable, and organized software or system to track your leads is essential. One way to organize your leads is by life-cycle stage and by qualifications. You can also organize it by basic segmentation through demographic data, company sizes, industry, etc.
2) Be Mobile and Define your Expectations
The first thing that everyone wakes up to is their mobile phones to check messages, emails, etc. So, there’s no better way to make sure the status of each lead is always up to date than giving your reps 24/7 access to your CRM tool.
The sales reps can also update accounts real-time, while it’s top of mind, without having to wait until they return to the office. This constant access encourages consistent account updates, which increases the accuracy of your prospect database.
Also, make sure your sales team knows what you expect from them. Outline best practices on how to qualify leads, how to move them through the sales cycle, how to report on them, etc. Teach them in training, or by reading a tips sheet, or by working with them one-on-one. Tailoring your approach will ensure you reach every rep and they understand how to meet their goals.
3) Key of Database and Follow-up
Not everyone is a robot. Even a memory champ can’t remember everyone. So, if you don’t keep track of who your leads are and the interactions you’ve had with them, you will forget about them and lose that sales opportunity. Hence, it’s a necessity to have a database.
Also, we all know that Sales is a numbers game. The more people you reach out to, the more responses you’ll get. And the more leads you follow up with, the more deals you’ll close. thus, if the lead doesn’t get back to you, follow up with them.
Sales lead almost never turn into customers the first time you email them. Most don’t even respond. It can take 12-15 “follow-ups” (emails, conversations, calls, demos) to convert a lead into a customer. It’s likely they’re just busy. They’ll tell you if they aren’t interested in what you’re selling. So, basically, persistence is key in sales.
4) Increase the Efficiency
Any sales tracking software allows your team to be more efficient. At any point in time, management has the visibility to know which stage each lead is in, how long leads have been in the sales pipeline, and who is working on each lead.
With the entire team on the same page, collaboration becomes a whole lot easier, resulting in more closed sales. Having your team on the same page, inherently creates better alignment, especially through sales, marketing, and customer success.
This alignment generates closed-loop feedback and hopefully analytics so that you can see the whole picture of the revenue side. Each individual member of the sales team is also able to quickly share information and provide updates.
5) Automate data collection
We spoke about the database, followup, and efficiency; hence automation has to be the next key point.
No one likes entering data twice and definitely not your sales reps who attend hundreds of cold call and emails. So, this is where your lead tracking software comes handy. Your lead tracking system offers ways for sales reps to import contacts without typing it all out. These offerings may include syncing with your email contacts or gating forms that import information directly. This also saves a lot of your time; and this valuable time could be put to use for further cold calls and emails, increasing your revenue and efficiency.
Basically, tracking your leads will help add a level of insurance to more accurate reporting. You’ll be able to see what leads are actually driving revenue and which ones are not. Essentially, you’ll see what is working and what isn’t.
6) Confirm Buy-in and Move Leads Easily
Effective lead tracking requires data, especially good quality data. And in order to collect that data, you must have buy-in from all parties involved – top management, (who will encourage compliance), and your sales team, (who will enter the information).
Making sure everyone is a proponent of the strategy should always be the very first step. Also, you must learn to move your leads easily. It often requires multiple steps to move leads from place to place in the sales pipeline. And for your sales team, that’s ought to be discouraging.
Keeping it simple makes following your business’s best practices easy, which helps ensure that your reps follow through.
7) Creativity matters
What works for each business might be different, so don’t be afraid to test a strategy. You could keep the ones that work, and abandon the ones that don’t. Both ways it’s a win-win as you will learn from the failures.
You must include offering incentives for the most comprehensive data or tagging leads with labels unique to your business. By having a complete picture of each customer in one place, the sales team has immediate access to pertinent customer details. Being able to easily obtain this information allows you to formulate customized sales pitches that best match each customer’s unique needs.
Not only does this increase the likelihood of making a sale, but it provides better opportunities to create the strong customer relationships that are necessary for the success of your business.
Any company can get leads. But to turn them into actual revenue, you need to efficiently manage them, track them and develop relationships. That means separating real prospects from duds, organizing all the data and tracking your key leads on a regular basis.
Hence, hopefully, these key points help you through the process of tracking your sales leads in order to grow your company.