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Managing Leads for Small Businesses: Whys and Hows



Without a doubt, Leads Management is one of the fundamental processes a business should keep an eye on. For those who have yet to venture in Leads Management, it is simply the process of identifying your potential buyers (leads) and continually engaging with them through educational content, with the hopes of acquiring their attention, and eventually converting this to sales.


Whether you are a small business or large enterprise, Leads Management is able to provide a bridge between successful marketing and sales, wherein you’re able to grow revenue through your brand campaigns. And while most micro and small business owners are starting to learn about various marketing stints made available by social media platforms, more often than not, they fail to follow up on these potential leads.


With that said, how can a small business utilize their data and maximize it to drive revenue? Is it worth it for small businesses to spend time and effort learning about leads management? What exactly does it do?


Here are 5 reasons as to why you should practice Leads Management, and how you can do it as a small business owner:

1. Pinpointing Potential Buyers


If you’ve been in the marketing and sales industry for a long time, you’ve probably made the wrong decision of “targeting every market”. Or perhaps, you’ve heard a client mention that their target market is every person in the country. Many teams still make the mistake of not seeing where their target falls onto, or if their targeting actually works.


With Lead Management, businesses can see the demographics and characteristics of the market that are engaging with their advertisements, blogs, and/or call-to-actions. This is important because you’d want to continually target an audience that is interested in what you have to offer.


How you can do this


Let’s say you were initially planning to target an audience within the 20-35 years-old age range, but realized your engagements mostly come from those within the 40+ years-old age group. With this data at hand, you’ll have to reconstruct your marketing and sales strategies into one that targets your demographic better.


Of course, manually tracking these can be exhausting, much more, it may come out as inaccurate. Fortunately, customer relationship management (CRM) solutions like SOLE CRM are now available and more affordable for small businesses. What these solutions do is that they record and manage the data of your prospect buyers, and with SOLE CRM, you can actually do these in your mobile phone.


2. Precise conversion of potential buyer to loyal consumer


In line with what was mentioned on our earlier point, in managing your leads, you can give your customers a more personalized customer experience. When you know who is interested in your products and/or service, you will have a better understanding on how you can retain those engagements. If you see that most people who are clicking on your blogs are from the sales industry, maybe you’d want to try curating blog posts that are geared towards their interests.


How you can do this


It’s important to value these data, even the lesser quality leads, as they also come with value. As you are starting to get used to this process, it’s normal to struggle in knowing the characteristics of your leads. But, as you continually grow your business, it will be important for you and your employees to have a concrete definition of your prospects, as most disconnect happens as soon as these leads aren’t acted upon. Sometimes, the lead might not be ready to talk to a salesperson yet, or maybe they were offered the wrong product. It’s essential for a team to know the “signal” as to when they can take action.


Some CRM solutions come with productivity tools and are established on-cloud, which ultimately makes it easier for employees to catch up on their leads, within just a few tap on their mobile phones. These solutions also help synchronize the data, so that your sales team won’t have to manually input them, essentially saving a lot of time and effort.


3. Accurate Decision-making


Lead Management helps you see and manage high-quality leads. These are potential buyers that have a high possibility of engaging, and eventually, consuming your product and/or service. With them in mind, you will have a better understanding on how you can track and use the data from their journey as your customer, to acquire similar leads.


With that said, this would give you and your sales team a chance to create a roadmap that depicts what you can improve and retain, that would essentially lead to a more efficient conversion for future prospects.


How you can do this


There’s no better way to track the progress of your prospects than by creating a pipeline, or for some businesses, it could be represented through a funnel. These represent the stages wherein your leads fall onto. Are your leads already qualified? Have they already contacted you? Or did your salesperson contact them? By collating and distributing your leads into stages or segments, you’ll have an organized process on how you can personalize their customer journey.


Some stages you should have on your pipeline are:


Prospecting


Many businesses prospect leads in different ways: Some may track leads through those that engage on their social media posts, or sometimes, those who download their e-book. Ultimately, Prospecting is observing who expresses interest in your products.


Qualifying


During this stage, you ask yourself, am I targeting the right people? This often comes in the latter part of the process, wherein most sales reps have contacted your prospects. In short, this stage is similar to Researching, wherein you sort the hot leads from the cold.

Some other questions you can ask yourself in determining this are:


· Can they afford our products?

· Do they need our products?

· Can they actually make a purchasing decision?


If you find yourself answering No to these questions, then they are most probably a cold lead.


Contacting


As straightforward as it sounds, this is the stage wherein your sales team contacts your qualified leads. This could be done through phone calls, emails, or through social media.


Building and maintaining relationships


It’s very important for businesses to continually connect with their leads, or else, it may connote a negative perspective on the customer. This is the stage wherein you build trust between you and your prospect, so that you can close the deal. This is also the stage wherein your buyer takes time to think about his or her decision, therefore most of the persuading falls here.


Closing


Finally, when you’re able to sell your product to your prospect, or now your customer, you can consider the deal closed. Alternatively, in other situations, when a customer suddenly ghosts you, it’s also in this stage where you contact them again, before marking the lead as cold.


To summarize everything mentioned, Lead Management is important because it’ll provide a better understanding of your market, which in turn could lead you to serve and cater to them better. It may be extensive, especially for a small team within a small business, but it is essential to creating more revenue and driving growth in your business.


Luckily, there are solutions like SOLE CRM, which are geared to take some of the work off of your hands. With a CRM application readily available for your sales team, they can collaborate and observe leads wherever, whenever, and with just a few taps. With customer relationship management solutions, not only are you helping your team sell more, but you’re also actively engaging in producing better content and products for your consumers.

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