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If you know sales, you know conversion funnels. They are an integral part of the entire sales process. So, how do you visualize conversion funnels?I see them like an adventure children’s game🤩 Say a game where you must help people reach their destination. The challenge is that the roads become steeper as you advance in the journey. While you can successfully help a few reach their destinations, others get lost in the way. Unfortunately, a few others abandon the journey mid-way. Similarly, a conversion funnel is a buyer’s journey where the destination is sales. You guide your prospects through the funnel, pique their interest, win their trust, and encourage them to take the desired action. In today’s post, I’ll tell you about conversion funnels – what they are, and how to create, analyze, and optimize them. Let’s start the journey!
A conversion funnel, sometimes referred to as the sales funnel, describes the different stages of the buyer’s journey that prospects go through before they make the desired move (purchase decision). The sales reps in an organization guides prospects through the conversion funnel to convert them from potential buyers into customers. The funnel metaphor used here illustrates the gradual decrease in the number of potential buyers as they are guided along the conversion journey.
Most sales teams use the classic lead conversion funnel stages - top-middle-bottom funnel. This traditional model focuses on triggering an interest in leads, informing potential buyers, convincing them to buy, and establishing loyalty to retain them as long-term customers. Here’s a brief description of the traditional conversion funnel stages.
Top of the funnel (TOFU) - This is the first stage of the conversion funnel. Known as the awareness phase, potential buyers enter this phase when they interact with your brand through your website, ad, or social media. Middle of the funnel (MOFU) – The second one is the consideration phase. Potential buyers enter this phase by engaging with your brand to know more about it. For example, they may subscribe to your newsletter, sign up, and download eBooks, guides, or templates.Bottom of the funnel (BOFU) – The final one is the conversion phase. A lead reaches this phase before they make a purchase. Being in this phase means that you’ve given the prospect valuable information and guided them through relevant touchpoints. At this phase, help the potential buyers to convert by offering them free trials and pricing details or sending them discounted offers. Now that you know the traditional sales model, here’s a brief description of the AIDA model.
Awareness – The initiation happens when a lead discovers your brand. At this stage, your main actions include posting blogs, social media posts, and targeted ads to draw traffic to your website.Interest – Next, the lead starts taking an interest in your product/ service. Here, you pique the lead’s interest by showcasing your products. Show customer reviews, case studies, and success stories to convey how you have helped businesses. Desire – Your leads like you. However, they are confused about whether or not to choose you.At this phase, nudge your leads by making proposals or strategically placing ads that help you create an emotional and trustworthy connection. Then, keep providing them content to make them realize that your product is the best fit for them. Action – Finally, the golden chance of converting the lead arrives. Your work is to encourage the leads to take the desired action. Offer them free guides and eBooks, or make them sign up by offering free trials. Send them a limited and personalized promotion offer if you want them to purchase your product.
Most prospects aren’t ready to make a purchase straight away. In fact, a little birdie (read research! 😀) told me that 96% of all website visitors aren’t ready to make a purchase.So, creating an effective process to grab the prospects’ attention and guide them to make a purchase is essential. If you are intrigued about creating a sales, funnel that converts, get ready for some inspiration. Here are the five best conversion funnel examples. Take a look!
Yes, your favorite OTT platform where you’ve binge-watched Stranger Things (I have too😁) has one of the best conversion funnels. Netflix started with a 30-days free trial to capture the attention of new customers. And clearly, the brand was successful in attracting millions of subscribers globally.Currently, Netflix mentions on its website about ‘no free trials’ but ‘you can change your subscription plan’ thing. But the idea here is to give people the ability to test run before the payment kicks in. Here’s a breakdown of Netflix’s primary conversion funnel. The brand is well-known. However, it promotes itself on various platforms, like podcasts, and social media, to improve its reach. Once the prospect takes interest, these are the following touchpoints or conversion funnel stages.
The first step, the conversion funnel landing page, guides leads throughout – from providing contact info to making payment. Once the payment details are put, the service begins. The service runs on auto-renewal until the subscriber cancels it. In 2016, a study suggested that 62% of subscribers unintentionally pay for services as they forget to cancel the auto-renew feature. So, it may be that quite a few Netflix subscribers want to cancel their subscriptions, but they forget to change their auto-renew settings.
Zendesk’s luring formula involves video demonstrations that are pretty common in the service space. The brand explains what it does with the help of a video that has proven to be quite attractive and successful. Though software like Trello also offers video demos, Zendesk walks the extra mile by providing personalized video demos.If you visit their video demo page, you’ll find a prominent start your trial CTA. Then you’ll be greeted by a pop-up where you must fill in specific details like name, work email, contact, job title, etc. Once you fill these out, you will get a personalized list of demos based on what services you’re interested in. Here’s how the Zendesk conversion funnel works.
CoSchedule quickly catches a prospect’s attention as the company offers a free tool. The free tool by CoSchedule is an excellent start for companies as it shows what a team can do without spending a penny. Once a prospect uses the free tool, they can move to the paid ones. For example, CoSchedule’s headline analyzer is a free tool that is pretty cool for analyzing how good your headlines are.
This amazing web tool leads people to their primary work management page. Hence, it is the free tool that catches the attention of prospects and leads them to the main software. The conversion funnel of CoSchedule looks something like this👇
Groupon is a coupon database that helps consumers to save on their purchases with the use of coupons.
Groupon moves its prospects through the conversion funnel using rewards, offers like 20% off on signups, email marketing, referral, programs, and remarketing.Here’s a brief breakdown of Groupon’s lead conversion funnel.
Groupon’s conversion funnel is full of rewards, offers, and benefits that effectively attract customers. Also, prospects find deals that match their preferences. These tailored recommendations and offers retain Groupon customers.
Mixergy is an e-learning platform that offers courses and interviews with top entrepreneurs worldwide. The courses allow users to access premium content on entrepreneurial knowledge.
Mixergy’s website has a web form that allows users to access a few free video content. Thus, prospects get a chance to test-run the platform before they invest. Here’s how Mixergy’s conversion funnel works.
Before I tell you the difference between a conversion and a marketing funnel, here are their similarities.
Now, let’s see the differences between a conversion and a marketing funnel.
A conversion funnel is a journey or system that guides prospects from the marketing stage to sales or conversion. In contrast, a marketing funnel is a process of converting a lead into a customer.
A conversion funnel focuses primarily on making more sales. Whereas a marketing funnel mainly focuses on building brand image and recognition. However, a marketing funnel also has the broader goal of increasing sales.
A conversion funnel maintains the consumer’s interest and a marketing funnel creates consumer interest in a product or service.
There are nine steps to creating an effective conversion funnel. Let’s see what they are!
Building an effective conversion funnel is all about creating an effective buyer’s journey that increases conversions. And to increase conversions, you must identify;
Once you know your end goal, you can visualize and map your lead conversion funnel.
As I have mentioned above, consider the three stages of your conversion funnel – TOFU, MOFU, and BOFU. Then, set goals for each stage. For example, increase web traffic at the top of the funnel phase, boost engagement rate in the middle, and increase conversion in the bottom phase. Once you have clear goals for each stage, you can work towards meeting your target. Moreover, you can track your progress using tools like Google Analytics.
Your conversion funnel marketing needs a concrete plan for each stage. Moving prospects from one stage to the next will be tough without a proper marketing plan.Top – The top phase of the conversion funnel needs brand building and product awareness content. Create engaging content like videos, reels, social posts, and short blog posts. The main aim of the early-stage content is to introduce the brand and tell the brand story to the audience. After that, all you need to do is create buzz. Middle – You’ve got the attention you wanted. Now, it’s time to win the lead’s trust. Tell them why your product is the one they want. Put your focus on creating informative and valuable content. Give the prospects something that would help them trust you. For example, offer case studies, video demos, tutorials, customer stories, and downloads.Bottom – In the final stage, give your prospect a reason to buy your product or sign up for your service. Here, you can use conversion funnel marketing strategies like free trials, CTAs, actionable emails, free eBooks with CTAs to subscribe or purchase your product, etc.
From this stage onwards, your content strategy will be in action. At the awareness stage, create content to answer the following questions:
Undertake some competitor research too. Look at their ads, social media pages, landing pages, and blogs to get ideas. Here are a few tips on generating awareness and apt content in the first conversion funnel stage.
Generating interest and desire in prospects requires you to create compelling content. You need to show why people need your product/ service. At this stage, you must nudge your prospects with these content ideas:
You have reached the end of the conversion funnel, and now, you must encourage your lead to take the desired action. Here are a few ways to optimize this strategy.
Add CTAs wherever relevant. They clarify what action your prospect must take. Since you are trying to entice leads into action, displaying CTAs in resources can create urgency. Hence, you can place distinct CTAs on landing pages, emails, end of a guide post, YouTube videos, etc.
Reviews are the first thing that consumers check. Around 72% of customers do not purchase until they read reviews. So, display reviews to gain trust.You can display your reviews on landing pages, embed the Trustpilot widget on your website that takes customers to the reviews, link videos of testimonials, and share happy customer stories on social media channels. Besides, you can send actionable emails, offer demo videos, product samples, free trials, etc.
Your goal must not be limited to converting leads into customers. It must also include retaining customers too. So, how can you retain customers?
Encourage existing customers to make more purchases. Here are a few strategies you can try out.
This strategy involves looking at a customer’s recent purchases and showing them similar products. Or you can also show them complementary items they can buy with their product. For instance, a customer purchases a laptop from your website. You can recommend them cases and laptop bags to go with their purchase.
This marketing strategy involves offering customers something more expensive than they are interested in. For instance, a customer chooses your free plan. Then you can recommend the lowest-priced subscription plan to them, highlighting the many additional features they would get. However, be mindful of keeping the prices reasonable. Do not show an alternative way too expensive than what customers are looking for. You can also send personalized emails, recommendations, offers, discounts, voucher codes, etc.
A perfect conversion funnel does not exist. However, if you find your funnel not working well, there could be certain common errors like;
To find out what’s wrong, use tools like Google Analytics. You can also run A/B testing, conduct surveys to take customer feedback, and go through the negative comments or reviews. These can give you clear insights into what went wrong and what needs immediate attention to improve your conversion funnel.
No matter how nicely you plan and establish your conversion funnel, they are generally full of roadblocks and friction. Hence, analyzing your lead conversion funnel is significant. Analyzing your conversion funnel will help you identify how prospects behave at each touchpoint of their journey. Also, you can discover the roadblocks that make prospects leave a page before they convert. For instance, if you see a page with a high drop-off rate, you’ll know to prioritize the page improvement when working towards funnel optimization. To analyze your conversion funnel, you must track a few metrics.
At the end of the day, your conversion rate says it all. So track your conversion rate to know how well your lead conversion funnel works. To calculate the conversion rate, divide the number of sales by the total number of leads. This metric will convey how efficiently your sales team converts leads into customers. Conversion rate = Number of Sales / Total number of leads
Increasing revenue also requires controlling costs. In other words, cost per acquisition is the amount spent to acquire a new customer. Calculate cost per acquisition by dividing the total acquisition cost by the number of customers. You can also calculate lead acquisition costs by dividing the total acquisition cost by the number of generated customers. Customer acquisition cost = Total acquisition cost/ number of customersLead acquisition cost = Total acquisition cost/ number of leads generated
LTV indicates how effectively your business model performs over a period. It helps you track a customer’s investment in your product against the average customer acquisition cost. Also, knowing the LTV of a new customer can help you set your acquisition cost goals accurately. Calculate LTV by multiplying customer value with average customer lifespan. LTV = Customer value x Average customer lifespan
The drop-off rate is also known as the abandonment rate. This metric indicates the number of visitors who left the conversion funnel without completing the journey. Calculate the drop-ff rate by dividing the number of people abandoning the buyer’s journey by the total number of people who started it. For instance, 3000 people visit your website, but only 300 make a purchase. That makes the drop-off rate 90%.
The MQL metric measures the quality of leads the marketing teams generate and pass on to the sales teams. Calculate the MQL to customer conversion rate by dividing the number of customers by total MQL generated. For instance, our website generated 1000 MQLs. Out of these, 350 converted into customers. Therefore, your MQL to customer conversion rate would be 350/1000 = 35%
So, how to go about conversion funnel optimization?Think of funnel optimization as finding out what blocks customers face, what motivates them, and what works best to persuade them. Once you have this info, you can give customers the best possible experience.Effective conversion funnel optimization demands analyzing and improving each stage of the buyer’s journey. Here’s how you must go about optimizing your conversion funnel.
What are the issues at the top of the funnel? 🤔Look at how you bring in leads. Compare the channels like paid ads, social media, blogs, search engines, etc. Find out which channels attract leads the most. Ask them if you aren’t 100% sure about how customers discovered you. Conduct a survey or interviews to know how people find new brands. Analyze the responses and put dedicated efforts into the best channels. However, ensure that your efforts attract your target audience to the brand.
Yay! Potential buyers have made it to the middle of the funnel! 🎉🎊Now, you must ensure that they keep moving down the conversion funnel. If there are emerging issues at this stage, get to know how people learn about your company and how they engage with your website.
Get all of these questions answered and accordingly work towards improving. Let me give you a few ideas to improve. Review the following:
When you’re this 🤏 close to completing a sale, you do not want to lose out on customers. So, eliminate all friction from this stage (and every other stage!)You must encourage buyers to take the final step and convert at this stage. To optimize this conversion funnel stage, ensure that your;
Make it easy for customers to compare prices and features with product outlines. Also, you can send emails and create ads that work as reminders to buyers that they want to convert. Do not think that your job’s done after converting leads into customers!
Discover opportunities to re-engage customers. As customer retention is equally important, stay in constant touch.Invite customers to signup for new webinars, offer them loyalty schemes, gift them downloadable templates, send promotional offers, invite them to follow you on social media, give them social media shoutouts, etc.
While it isn’t easy to perfect your conversion funnel, understanding how it works can help you make it better. Understand your customers and your funnel to improve the flow. It can help you optimize your funnel, attract leads, convert them, and increase your bottom line. Get to know what makes sense for your specific conversion funnel. Then, stay in touch with customers. And use the right tech tools to enhance your funnel flow. RevenueHero can be your partner in improving your conversion funnel flow. The sales acceleration platform offers all you need to automatically qualify leads, route them to the right sales reps, and instantly prioritize and schedule lead meetings. Curious to know more? Get in touch!
Before we dive into the informative part, let us tell you why reading this post is a must!
Did you know that only 22% of businesses are actually satisfied with their conversion rates?
Well, every business aspires to boost its conversion rates regardless of its existing customer base. They aim at optimizing conversions to increase the overall business revenue.
But, how do you achieve optimum conversions?
The answer is sales enablement.
Your sales teams often need the right materials, tools, and other resources to convert leads. And it is through a sales enablement strategy that you can ensure providing them whatever they need to drive more conversions.
So, let’s get down to the nitty-gritty of sales enablement!
Sales enablement is the process of providing the sales teams with the resources they need to drive conversions or close more sales. The resources may include information (on a lead or industry updates), content, tools, and specific knowledge that can help the sales reps effectively convert a lead into a customer.
The goal of an organization’s sales enablement strategy is to successfully provide the salespeople with the resources they need to engage the lead throughout their journey.
Research suggests that a successful sales enablement strategy results in a 23% higher lead conversion rate and 32% higher team sales quota attainment.
Here are the reasons why sales enablement is important for your business.
Though buying behaviors have changed over the years, the fundamentals of a successful sale remain the same.
If your sales team emphasizes the basics like pre-call planning, setting an agenda, call execution, etc. the sales process will be much more effective.
Sales enablement teams and functions help the sales reps to hone these basic skills. As a result, sales reps can have more valuable lead conversations.
Sales enablement promotes consistent and comprehensive training sessions for the sales teams to ensure everyone is on the same page.
The training programs deliver all up-to-date industry information, latest trends, products, technologies, etc. to ensure maintaining a competitive edge.
As defined, the foundation of a sales enablement strategy is to provide the necessary resources to sales reps.
Done effectively, sales enablement can provide the right content at the right time to the sales reps.
Also, sales enablement tools can gather resources like;
− internal and external content,
− value messaging,
− market intelligence, etc., and deliver them to the sales team to keep the leads better engaged.
Though the main focus of sales enablement is to equip the sales team with resources, they are not the only ones enjoying its benefits.
Everyone in an organization who deals with buyers requires the right content and training, aligned with the sales strategy, to engage leads. For instance, the support teams, customer success teams, etc.
All of these sales and customer-related teams can share the sales and training content of sales enablement. They can rely on the information provided by sales enablement teams to enhance customer experience.
Both marketing and sales own sales enablement.
The marketing team provides the salespeople with the resources they need to sell a product/service effectively. These resources include;
These resources support your sales team to interact with the prospects efficiently. Your sales team shares these materials with the prospects to help them make a purchase decision.
Additionally, the sales team can communicate with the marketing team about the missing resources that they need to share with their leads. Thus, the marketing team can get the new resources to enable sales reps to close more deals effectively.
Overall, both sales and marketing impact the sales enablement strategy of the organization.
The first step to creating a sales enablement strategy is to develop a strong sales and marketing team. And to do so, you need a concrete learning and coaching plan.
The learning and coaching plan essentially involves training sessions for sales reps that can help them close more sales. They will understand the product, buyer personas, and target markets in detail.
Further, they can also acquire and hone their soft skills to remain competitive and ensure the best experience for prospects and customers alike.
To ensure a successful sales enablement strategy, you need the right, updated content. That’s because if your sales reps want to convert a lead, they must provide value at every step. Thus, you must equip your sales team with the best possible content.
The more you make up-to-date content like blogs, videos, demos, whitepapers, etc. available to sales reps, the more confident they will be in dealing with the prospects. Hence, you can expect better conversion rates.
While a sales enablement strategy can be implemented manually, the risk of errors will linger. So, without wasting any time, implement the best sales enablement tools and platforms.
Sales enablement technology will support your sales process and ensure that your sales reps efficiently close more sales, reducing the sales cycle.
Your sales enablement strategy must be aligned with your business goals and organizational vision. While you may have the best of resources if your strategy isn’t aligned with your goals nothing will make sense.
So, devise a proper sales enablement strategy, considering buyer personas and the attributes of your sales team. For instance, identifying the stage of the sales process where your reps struggle the most will help you provide them with the right content, training, and tools.
To develop data-driven strategies, reporting and analysis are a must. And to make the most out of the collected data, you must identify qualified leads and implement a standard sales enablement software.
With the help of a sales enablement solution, you will be able to interpret the sales information efficiently. You can also get insights like deals won, leads lost, sales reps’ actions, etc.
An important aspect of the sales enablement process is to put the right leader in charge of the strategy. The leader should be flexible and must communicate with everyone involved in the sales enablement strategy.
Further, the leader must be able to communicate with the other employees of the organization who can deliver additional information to the sales reps.
A sales enablement team must have defined roles and responsibilities to ensure seamless workflow. Certain team roles must be assigned before implementing the sales enablement strategy. For example,
The regular check-ins point toward constant communication between the marketing and sales teams. The sales team must continuously update the marketing team with lead and customer insights that would be beneficial.
Further, the marketing team must share updated content with the sales team that would help them address concerns and sell effectively.
A sales enablement strategy is incomplete without KPIs or metrics. Well-defined sales metrics help you to understand which areas need improvement. Also, you can identify where the sales team needs the most help.
A few sales metrics examples are –
Sales enablement has goals. It is a well-thought strategy and NOT a tool or templated solution that works for every business.
The one-size-fits-all formula does not apply to sales enablement. As a business grows, the objectives and goals of a sales enablement strategy will evolve. In short, it is an iterative process.
Coming to goals, the sales enablement function has three primary objectives:
All sales enablement activities are directed towards achieving these objectives. These activities target specific areas for improvement and create programs, platforms, and processes to boost the outcome.
A few areas that sales enablement activities improve are:
Though the terms ‘sales enablement’ and ‘sales operations’ are often used interchangeably, they are different. Here’s how.
Aligning the sales team and optimizing outcomes determines the success of the sales enablement strategy.
Here’s a blueprint for setting up the sales enablement process.
Sales enablement drives business growth. But to implement an effective process, it must begin with a plan. So, start with;
Building a business case that explains the purpose of sales enablement in the organization or why you need it. Clarify the roles and responsibilities, establish the value of the sales enablement strategy, and ensure leadership’s buy-in.
Next, create the charter detailing the strategy and execution plan. Include the following information in the charter:
Sales enablement focuses on shifting the organization’s focus on customers. It ensures refining and updating customer profiles and buyers’ journeys.
Thus, it helps sales reps to understand what customers are looking for, how to interact with prospects, and what is needed to convert the prospects into loyal customers.
So, to refocus on customers, you must;
For a seamless customer experience, start with building the ideal buyer’s profile. If you already have one, reset it if required.
Though most sales teams know their ideal buyers, update them with the current details. Sales enablement usually reviews and refreshes the ideal buyer profile twice every year.
Sales enablement aligns the sales process to the buyer’s journey to ensure a seamless customer experience. It ensures engagement and a positive experience for buyers, regardless of the stage they are in.
The main goal of sales enablement is to make the buyer’s journey hassle-free, no matter who they are interacting with or why.
Hence, sales enablement trains every sales rep and person in customer-facing roles to associate with buyers at every stage of their journey. This will result in winning customers’ trust and reducing the length of the sales cycle.
There are four main programs that you must develop to support the sales team.
The 2021 Sales Development Report by the Bridge Group mentioned that retaining sales is difficult. The average salesperson tenure is 1.8 years.
With such high salespeople turnover, sales teams always recruit new talents. Thus, sales enablement helps develop an ideal profile of sales reps that includes their skills and experience levels.
Onboarding sets the new salesperson to the organization, its culture, benefits, values, etc. In short, it makes them feel comfortable. But there is no standard onboarding program.
A good onboarding program includes training sessions aligned with the sales rep’s experience level. This ensures that the experienced salesperson becomes productive in no time. Also, the new inexperienced salespeople are given core training.
For instance, B2B sales enablement process will have training programs for freshers and experienced sales reps.
The experienced ones may simply go through the product demonstration while the new sales reps must undergo soft skills training, product demo, and core training to be ready to perform.
One of the main goals of sales enablement is to improve sales reps’ performances. Thus, the process involves training and reinforcement programs to;
Under this program, sales enablement supports the sales leadership roles and managers. It ensures coaching them to drive more revenue.
For instance, the front-line managers get training on how to coach more effectively, sales leadership gets an understanding of how to improve forecasting, and human resources can learn about attracting and retaining top talents.
Sales enablement tools and platforms are an integral part of the sales enablement strategy. They ensure data-driven approaches, better-informed decisions, and better-equipped sales reps.
With the right sales enablement software, you can automate administrative tasks so that sales reps can focus on sealing more deals.
Check out the top sales enablement tools of 2022 here.
The sales enablement process is iterative. That means, it keeps evolving.
Once you set up the process, you must ensure running a feedback loop between prospects, sales reps, marketing team, and sales enablement team. This will ensure a smooth communication flow.
As a result, sales reps will be able to share their insights about the leads. The marketing team can share updates and information with sales reps to help them sell more effectively.
Meanwhile, the sales enablement team can identify the areas for improvement. Additionally, customer success teams can be involved for extra information on existing customers.
To improve your sales enablement process, you must keep it under constant review. At regular intervals, check the KPIs and metrics. Find out how the strategy is performing. Measuring the progress will help you make necessary adjustments in the sales enablement process.
According to a study, 60% of sales organizations report longer sales cycles due to a lack of appropriate sales enablement tools.
So, implementing the right sales enablement software is a must for every organization. Using the right tech and tools will ensure that your team performs more efficiently. It will make the overall sales process more effective.
Sale enablement tools can help sales reps by providing them with the right content at the right time, automating tasks, lead management, etc. Additionally, they can be integrated with the CRM system to improve effectiveness and increase productivity.
Continuous training is an important aspect of sales enablement. To have a strong, high-performing team you must provide training opportunities throughout their tenure.
Apart from onboarding and regular training sessions, employ effective training tools, and teach the sales team to make the most out of these tools. Conduct quizzes, share crucial industry information, test their knowledge, and coach them on their soft skills.
Offer your sales reps the opportunity to progress. This way their productivity will increase and they will be motivated to perform as well.
A good sales enablement tool has reporting and analytics features. These analytics reports provide you the insights into sales performance.
Make it a ritual to evaluate these insights now and then. It is through insights that you will understand how your strategy is performing – what’s working for customers and what’s not.
Also, taking a data-driven approach to reduce the sales cycle and making informed decisions based on performance insights, will help you optimize the sales process.
Sales enablement can be successful only when the sales and the marketing team work together. Both teams must be closely aligned so that they can share the right information and the right content with each other.
Also, establishing a good communication system between both parties is a must. Together, they can access all content, drive better customer engagement, and ultimately boost conversion rates.
Your sales enablement strategy may not perform up to the mark if you do not have a proper content strategy.
High-performing businesses use sales enablement software to track how effective the content is. They evaluate and measure various metrics and analytics to identify the content that is performing well and the ones that are not.
Also, with a proper content strategy and set KPIs, you can track the content pieces driving engagement. Thus, you can ensure a high-performing sales enablement strategy.
Since there are plenty of choices out there, here’s a list of factors you can consider to choose the best sales enablement tool for your business.
A simple UI works best. It enables the sales reps to navigate easily. Moreover, other stakeholders can also use the tool if required. They would not need additional training if the tool is simple and user-friendly.
Though most sales enablement platforms provide CRM integrations, ensure to check for it. CRM integrations help you to directly deliver materials and content into the CRM. Thus, your sales reps can easily access them from the CRM system.
Sales enablement involves several departments – sales, marketing, product, human resources, etc. So, look for a solution that enables easy collaboration across departments.
Does the tool provide the facility for delivering training resources to the sales team? Find out whether or not the platform is equipped with tools to support training sales reps.
One of the most significant features of sales enablement software is reporting and analytics. Ensure that the tool has an advanced analytics system to generate insights from the sales performance.
Finding the right content at the right time is critical. So, figure out if the sales enablement software has the functionality for easy content access. It will save time for sales reps and make them more productive.
The sales enablement tool you get must have an easy-to-handle content creation tool. Check if you can create quality content fast without wasting any time. Ensure that the sales and the marketing function are working at the same pace.
Sales enablement has far-reaching impacts on business growth. With an ideal sales enablement strategy in place, you can transform your average-performing sales team into a high-performing team.
Here are a few top benefits of sales enablement.
Businesses with sales enablement achieve a 49% win rate on forecasted deals, compared to 42.5% for those without.
Sales enablement benefits your sales team. It helps the team to operate more effectively and efficiently.
Sales enablement tools integrate easily with CRM systems making every process strategically aligned with the sales department.
The sales team can access data and make changes whenever required. Resultantly, sales reps can focus more on selling than on data entry and updating.
Sales managers’ buy-in is crucial as they play a pivotal role in implementing sales enablement strategy.
The perfect sales enablement program backed by advanced tools and tech can empower sales managers to hire better and speed up the ramping process.
According to research, sales enablement can reduce new-hire ramping by 60%. Also, it decreases the time spent on admin by 30%.
Sales reps undergo a lot of training to ensure successful deals. In addition to new sales reps’ training, there’s ongoing training for the existing sales reps.
Furthermore, sales reps may not retain all of the training information no matter how good the training material is unless visited regularly.
With sales enablement, sales managers and leaders can design and implement training initiatives and make them easily accessible to the sales reps. These training materials can be pulled out from the system whenever required. As a result, you can see an increase in the sales training effectiveness.
Sales enablement helps the marketing and sales teams to collaborate and work towards driving revenue. It systematizes the sales process, making it more effective and efficient.
With the growing competition around, you cannot deny the importance of a sales enablement strategy in your organization. Statistics say that there has been a 343% increase in the adoption of sales enablement over the past 5 years.
So, what are you waiting for?
Devise your sales enablement strategy and partner up with a platform like RevenueHero. This platform can ensure hassle-free lead qualification, routing, and prioritization. Essentially, RevenueHero can ensure creating a positive impact on your bottom line ROI.
Ideally, your sales funnel would consist of a single step—from leads to clients! Your archetypical customer would approach you, already in love with your product and ready to hand out their cash. What a dream!However, in reality, you have to jump hoops between the lead and opportunity stage, and even then, those opportunities convert into paying customers only if properly managed.For many B2B companies, 73% of leads are not ready for sales—and the secret to undermining that statistic is known to only a few.Want to know how to nurture your leads to make them sales-ready? Then let me tell you—all you need to know is the differences between a lead and an opportunity and the right ways to head them both, all the way to the end stage i.e., trusting consumers.In this blog, I will discuss what leads and opportunities are, how they are different, the correct ways to manage them, and the different ways to convert leads into opportunities through your sales pipeline.
A lead, is simply someone who has shown the first signs of interest in what your company is trying to sell. They have learnt about your products or services from a variety of sources viz. Socials, affiliates, referrals or maybe a Google search—and filled out a contact form on your website or subscribed to receive your push notifications.
Let’s explain this with an example. Suppose you are a marketing agency for B2B SaaS brands. Now, a lead would be someone who books a discovery call from your website, to inquire about your LinkedIn organic growth services. It could also be someone who subscribes to your newsletter from your website.Two things that characterize a lead: first, they are interested in what you have to offer, but you don’t know whether they will buy, and second, you haven’t engaged them yet. Without your sales rep contacting them, you have no idea what it is your lead wants from you, whether you can fulfill their needs if their budget aligns with your quotations, and lastly, if they want to buy from you now or a little later in the future.
A lead is someone who has already engaged with your brand and its marketing verticals (congratulations, your ads worked!).They know what you do and probably, want to buy from you (if not now, then in the future). However, since these people are already connected to the value you provide, they are primed to provide you with suggestions and feedback to improve both your product and customer experience. The leads you nurture well can eventually turn into brand loyalists and your revenue on the retainer.
Now, let’s see what different types of leads there are and what are the best ways to nurture them throughout your sales pipeline:Note: You should always qualify and categorize your sales leads in business, so that you know how to market your products/services best.
A cold lead is someone who exactly fits your ideal consumer profile but hasn't expressed any interest in your product yet. You can compile your list of cold leads using a lead generation software or even, thorough market research. One of the hardest type of leads to convert into prospects, you must learn the art of communicating with cold leads, since they are your potential target customers.How to communicate with them?
A warm lead is a potential customer who is already familiar with your company's operations or even simply your name. These are the leads that just so happen to read your blogs, view your videos, or maybe became familiar with you through a previous interaction.How to approach them?
The type of lead has expressed interest in your business presently. They may have completed a demo offered by your business or even contacted you directly to request more information. These leads need to be addressed immediately since they can lose interest if you wait too long to answer. They may also contact your rivals immediately to see which strategy will work best for them.Hot leads are characterized by three features:
The way to convert hot leads to acting fast! You must still research their business to tailor your value proposition to their needs. Still, if your products/services serve their purpose, these leads can usually be closed after a couple of follow-ups and pushed into your sales pipeline towards being converted into paying customers.
These are the type of leads who found you via. Free gated content, such as an ebook or a case study. They may not have any specific interest in buying from you, but you have access to their contact details—which you can use to follow up with them to qualify their chances of purchasing your products/services.Here’s how you can reach out to your IQLs:
These kinds of leads are qualified for fast sales—they are interested in what you’re providing and want solutions to their problems as soon as possible.Here’s how you can assess the quality of MQLs:
It shouldn't be too difficult to convert these leads into customers because they are interested in learning more about your products. You can easily complete the qualification procedure by email or voice chat. You can arrange a demonstration or presentation if you think they are prepared.The only thing to remember is they also might be interested in what your competitors might have to offer, so you need to be persistent and follow up with them regularly.
A sales-ready lead can be qualified as someone who wishes to talk with a salesperson. They might still be debating whether to buy from you, but they are curious enough to bring it up.How you qualify sales-ready leads is up to you, though. A company may consider a lead sales-ready if they have attended a webinar, while others may only qualify them when they have expressed buying interest.Marketers effectively use the BANT strategy to qualify such leads:
Just because they are sales-ready doesn’t mean they want to buy from you currently—you need to nurture them with regular communication to convert them into paying customers.
A sales-qualified lead (SQL) is prepared to meet with your sales team. They are prepared to buy because they have shown great interest in your offers. They might still be contrasting your offering with your rivals, though. You should treat these leads as really hot and get in touch with them immediately. All you need to do is get in touch with these fully qualified prospects, confirm their identification, and then start guiding them through the sales process.There are multiple ways to generate sales-qualified leads (SQLs):
An opportunity is typically an individual with a good probability of becoming a customer. In other words, they have a pain point that your offering can help them solve. They have the funds and are prepared to make the transaction. It is now up to the salesperson to close the deal.A sales opportunity is more formally known as a qualified prospect. A company must establish precise standards to determine if a person qualifies as a sales opportunity. The sales pipeline is created by the criteria or standards established by the companies.Most B2B businesses lose a majority percentage of sales because sales representatives do not qualify opportunities before putting them through the entire purchasing process—which is why it is important to look into each sales opportunity individually, and qualify them. You can do that according to the BANT framework i.e. verify whether the lead approaching you has (a.) the budget to buy from you, (b.) the authority to make the purchasing decision, (c.) an urgent need for your product/service and, (d.) if they want to invest now or later. You can also use technology such as a CRM tool to automate the lead qualification process.
They are prepared to purchase, which is a clear win. They are significantly more likely to make a purchase than a lead or prospect—and you hardly have to work hard to close the deal.You already know there is a need at this point; all that is left is to guide them through the sales pipeline, into becoming loyal consumers.
Let’s talk definitions.A typical top of the funnel inbound "marketing-generated lead" is a request for a white paper or eBook. A "sales-generated lead" is an outbound asset, such as a caller who expressed interest in speaking with an SDR or scheduling a call.A “sales opportunity” is the penultimate stage in a sales funnel, who is usually a qualified prospect already familiar with the free marketing and sales materials you have available to attract customers—and is interested in your offers, in an authoritative position to make the purchase decisions and on a time crunch to find solutions to their company’s pain points.The BIG difference between leads and opportunities is that a lead is not a sure thing, meaning they may not possess one (or more) of these following attributes, that can turn them into a sales opportunity:
An opportunity, however, is a potential source of revenue for your organization, if managed right. The challenge to converting a sales opportunity into a paying customer, is to simply show them why you are the best at you do.Now, how do you qualify the quality of a lead? You can do that using the BANT framework as discussed above. Qualifying lead quality helps you focus your attention where it is needed, and saves you hours of verifying whether every lead you receive through your various marketing channels is worth chasing or otherwise.
Let’s face it. Keeping track of your leads is hard. When you are going into marketing your products/services fully prepared, you should be prepared to manage the leads coming out of every marketing channel.Be it networking at events, running organic/paid social media campaigns, hosting webinars where you sign up prospects through an online lead gen form, or getting recommended by affiliates and referrals—you should have a system to log in every lead you get for qualification by your sales reps.That’s where a CRM comes in.
A CRM or a customer management tool is a schema of processes your company should implement to manage all communications with current, former, and potential clients.A CRM tool benefits your business and especially, your sales team, by storing all necessary contact details of both inbound and outbound leads in the same space and updating the status of each lead, being engaged in real-time. It basically:
This all enables you to close more sales, improve lead connections, and accelerate your sales process.
Now, there's a very elementary difference in the managment of leads vs. opportunities using a CRM tool.
As for contact management, your CRM tool acts like a hard drive for storing information about your past, present and potential leads. It hosts all the information in one place—phone numbers, email addresses, past purchases, personal details, etc. It makes things fast and easy for you to locate and share that information with both your marketing as well as your sales teams.Lead and opportunity management is important for both your marketing and sales teams.Your marketing team needs to know about your leads and where they came from. It helps them create email campaigns that are successful and make marketing investments that have a high return on investment.Your sales team, meanwhile, needs to be aware of the opportunities to determine possible sales, cultivate connections and generate income. Opportunities in the pipeline are crucial to sales managers. They aid in potentially generating income and estimating your company’s future performance through the pipeline management data.
Pushing your lead through the sales pipeline and converting it into a paying opportunity is what your marketers and sales reps aspire to do. For this, they try to tick off the following boxes:
Besides these basic steps, here are some ways you can effectively convert qualified leads into paying opportunities:
To capture the right leads, understand the market that you’re operating in, and the behavior of your target audience. Use demographics (age, gender, education level, employment), geographic (location, address, region, country), and socio-economic (life-style, social class, personality, attitude) data of your target audience to show them relevant content and even incentivize them to convert into leads.
Select only those leads based on the business context that you believe would be actually beneficial to your company and are interested in purchasing your goods or services.Investigate these leads carefully, analyze their intentions and interactions with your platform, look into their most recent sales activity, and then get in touch with them. This is crucial, since if your sales team follows up on every lead for your company, they will not only waste a lot of time and effort.You can assess a lead's worth and significance using the lead scoring tool. Lead scoring is considered as a top revenue contributor by 68% of highly efficient marketers. The better it is, the bigger the lead score. Lead quality also entails selecting only those leads with the ideal profiles who can be converted into loyal customers over time.
Nurturing your leads is a regular exercise, lest they lose their iinterest and intent to buy from you.Be modest if you call them to get in touch with them. Make sure they are satisfied and address any of their questions and concerns. Inquire if they'd be interested in a demo call to better understand your product(s) or service(s), frequent updates on your brand's offers, or anything else related. Make it clear to them that you care about them and would stop at nothing to help them better their business and revenue.Delve deeply into the platforms that prospects utilise to interact with your brand. To reach out to them, try utilizing your complete gamut of marketing methods like emails, cold calling, social media, etc.
It is essential to follow-up with your targeted leads on a regular basis and in a timely manner. They must develop the impression that you are concerned about their wants and are ready to give them all the services they require.Don't give up after making that initial demo call or after sending your target audience one or two emails. Follow up with them frequently. Inform them about the services offered by your company and emphasise your unique selling propositions.
Having two divisions within your sales staff is always a good idea; one that handles all of your current customers, and the other to manage all of the new leads your company generates.Another way to help your sales team is by utilizing a decent CRM system to track your prospects' sales progress and other associated actions. Additionally, you can employ specialised personnel to keep an eye on and distribute leads to various sales managers. This will assist your sales staff in managing all incoming leads and managing their sales funnel throughout the whole purchase process.
82% of customers responded that their purchasing decision was impacted by reading positive customer reviews and product testimonials. So, make the most of your customer reviews.Make prospective clients read the reviews of your satisfied existing customers to earn their trust. Add them on pages like the home page, pricing page, blog page, and others where people are most likely to read them.You must correctly feed and nurture leads throughout their sales journey to turn them into trusted customers. You should determine your lead conversion ratio and keep track of every individual lead’s journey to identify any opportunities your brand may be missing to convert leads into clients.
Qualifying leads into sales opportunities and moving them through the sales pipeline to convert them into paying customers is the backbone of any business. As we discussed above, having an efficient system to verify the quality of leads, communicate with them and find the intent behind their buying decision—is a priority in today’s fast-paced digital selling setup.Consumers that approach you for your products/services are already well-informed, from studying your website content, following your brand on social media and reading your past customers’ reviews on Google. They have probably even evaluated you alongside your competitors and are primed to make a decision, even before they send you their first inquiry.What helps you with closing such deals then? First, directing these qualified leads through the fastest route to your sales reps, without wasting their time.Turn these leads into opportunities with RevenueHero.This sales acceleration platform handles lead qualification and routing, scheduling, and prioritizing leads based on high-value offers as well. Combined with a reliable lead scoring system and seamless integration into all the tools in your GTM stack, you can convert as many prospects leads into sales opportunities as you’d like, and never run out of a full sales pipeline.Wish to learn more? Check out the platform!
What’s the first thing that your leads want?They want you to win their attention!Earning your lead’s attention is the first step toward lead management. After that, going for a quick revamp of your lead management strategy to meet the leads’ evolving needs won’t be a bad idea.Thanks to lead management automation tools, businesses can be in their best form to garner attention from their leads.But before you get to the tools, you must ensure that you have the right lead management process.And if you’re new to following an organized and effective lead management process, keep calm and read on.In this post, I’ll walk you through the ABCs of the lead management process – what it is, its importance, stages, lead management best practices, metrics, and much more.So, let’s begin with a cup of coffee!
Lead management is acquiring and managing potential customers until they convert. It involves capturing leads, qualifying, and engaging them to a point where they make a purchase.
Lead management is quite complex but popular. It involves several steps and strategies to track prospects, engage, and nurture them to ensure conversion. Let’s get into the details of lead management stages down the line.
A proper lead management process can help you understand your customers better. Not only that, lead management can contribute significantly to your business growth. Check out a few statistics here.
So, the better lead nurturing and engagement, the higher the conversions and revenue.Besides more conversions, here are a few other important reasons why the lead management process is vital.
As mentioned already, the lead management process is all about;− capturing leads and tracking their behavior across all channels,− nurturing them with valuable content,− managing interactions, and− helping your sales team to push them faster down the sales funnel, thereby making a successful conversion.There are five main sales lead management stages included in the process. Let’s size up!
Where do you find your leads?Email marketing, social media channels, inbound calls, website forms, seminars, referrals, etc.A good lead management tool or software can capture leads automatically from all sources and feed them into your CRM system. It prevents the risk of leads falling through the cracks.Lead management combines your lead generation efforts with sales opportunities. As you run marketing and sales campaigns for lead generation, this lead management stage ensures collecting these leads from several sources and bringing them to a single platform.
Did you know 67% of lost sales are due to improper lead qualification?Qualifying leads is a vital stage of the lead management process. It ensures quality leads and increases the possibility of higher conversions.Sending all the captured leads directly to the sales team simply increases their workload resulting in a drop in productivity and waste of time. Thus, it is critical to qualify leads based on:
When qualifying leads, ensure that you record this information for future reference. Lead management platforms can help you store and access qualification data whenever necessary.
Lead distribution is assigning the right leads to the right sales reps. Let’s say, you have a team of sales reps with experience in different B2B products and geographies.How would you determine the best sales rep for a lead?Here, the lead distribution process comes in.For instance, you can;
Though you can assign leads manually, having good lead distribution software is an asset. Lead distribution solutions can ensure routing the leads based on your predetermined criteria.In fact, with an automated lead distribution system, you can expect a whopping 87% higher conversion rate. So, look for a platform like RevenueHero that works best for lead management and witness your sales soar higher.
Lead nurturing is a process in itself. It involves building a relationship with the leads through consistent interaction and engagement.This stage of the lead management process consists of strategies like running educational campaigns, promotional campaigns, sending informative and follow-up emails, and engaging the leads with valuable content like blogs, newsletters, e-books, etc.At each sales funnel stage, provide leads with appropriate content to help them make an informed purchase decision.
The final stage of the lead management process is conversion. The best thing about this stage is that if you ensure proper performance in the above four stages, the lead is bound to convert.At this stage, the lead makes the buying decision. So, if the lead's interest in your product is genuine, they have the budget, and the product addresses their needs in the best possible way, you can expect a successful closing.To seal as many deals as possible, track all the other stages of lead management minutely. Let the lead management process flow seamlessly without any friction. The better the user experience, the higher the conversions.
Your sales process is far from efficient without a properly defined lead management process. Here are the possible challenges you may face without a lead management process.
Manual lead hunting, qualification, typing and sending emails, and follow-ups can get exhausting. In fact, your sales team may miss out on quality lead interactions with the administrative work overload.With a lead management process, your sales team can focus more on closing more sales. At the same time, the repetitive tasks can be performed automatically with an effective lead management process.
An overview of the lead’s experience across different touchpoints can help you provide them with a better experience. That’s why a lead management process is essential. Moreover, a lead management process enables the tracking of a lead’s activities on your website. Therefore, you can score the leads based on their actions and prioritize the high potential ones.
Without a lead management process, your sales team cannot understand the prospect’s requirements. Hence, they cannot personalize customer experience or send custom emails on time to build long-lasting relationships with prospects.
The ultimate impact of not having a lead management process is declining conversions. Without a proper process, your sales and marketing teams may miss out on follow-ups, fail to prioritize leads, and personalize experiences, resulting in leads falling through the cracks.
Your lead management workflow can only get better with a solid lead management process. So, if your organization lacks one, follow these lead management steps to implement an effective method.
Who are your potential buyers?Where do they stand in the sales process?What are the buyer personas?Address these aspects at the initial stage of implementing a lead management process.Your marketing team must identify the buyer personas to focus their marketing efforts in one place. First, try and create a profile based on your existing customers. Here are a few starting points to carve out the buyer persona.
Besides, you must also dig deeper to find out the job position of the lead, their mindset, how they visited your website, etc.
The lead management process begins with the marketing team determining the first point of contact of the potential lead. To generate leads, you must know their source. This, creating and tracking content is vital.
Lead scoring is an essential part of the lead management process. It helps to determine the lead’s interest in your product.Demographics and behavioral details are potential factors in determining a lead’s score. Based on this information, you can check if the lead can qualify or not because;
To ensure a sound lead scoring system, spend time determining the factors critical to your business. Then you can develop a lead scoring system that best suits your business.
Use the collected lead data in this step. Know your leads’ interests and their likely position in the sales funnel.The leads who aren’t sales-ready yet can pass through a good lead nurturing campaign. Many of these leads can be in the awareness or research stage, finding the solutions to their pain points.Provide these leads with relevant content, and educate them with useful blogs, product demos, tutorials, promotional offers, etc.Here are a few practical tips for creating an ideal lead nurturing campaign.
Once you are sure that the lead is sales-ready, pass them off to the sales team. Take a look at the lead scores to identify the qualified leads. Here’s how you can pass off the lead strategically.
Track and measure your leads throughout the sales funnel. Even though they are passed off to the sales team, keep tracking and evaluating as needed.The primary motive is to keep the leads moving through the sales funnel without being lost or sent back to the nurturing stage.
Along with focusing on leads, evaluate your processes as well. Find out what works and what doesn’t so that you can wipe out the roadblocks and make the sales process seamless.7 Tips for Improved Lead Management
Lead management is a complex process. And for those who haven’t tried it yet, it may be challenging to plan, manage, and optimize the entire lead management process.To help you, I have created a list of six tips to improve your lead management system process flow.
Before anything else, craft your buyer personas. Create an avatar to list their most important characteristics or traits like;
Creating a buyer persona will help you provide more targeted information to the prospects. At every step of the lead management process, you must use this persona to ensure that the prospect feels like your interactions are personalized and just for them.
Even though you create a buyer persona, you must know that no two leads are identical. So, to optimize your sales lead management, personalize the lead capture process. Here are a few quick ways to implement personalization.
I have already mentioned lead scoring above. It is one of the most valuable and effective ways to improve your lead management process.Score the leads to rank them based on their sales readiness. Then, use our predetermined criteria for qualifying the leads as ready to talk to the sales team.Scoring helps with lead prioritization and also improves alignment between marketing and sales. It also streamlines the follow-ups with the right leads.
Create targeted content for unqualified and qualified leads with low lead scores. These leads aren’t a great fit currently, but they can be sales-ready with proper nurturing. So, focus on the content you offer them.Run email marketing campaigns on autopilot. Personalize these emails and provide the right content based on their stage of the buying journey.For instance, if the lead is still in the initial stages, send them content that introduces your product and tell them how it can address their needs.You can also invest in webinars. Invite qualified leads and unqualified groups in separate sessions and provide them with relevant content. Delivering valuable information can help you build relationships and win their trust.
Don’t make your sales team search for data when they need it the most. And prevent blunders like inaccurate lead information by cleaning your database.Maintain database hygiene and ensure that the information you have is accurate. Some good practices for cleaning data include:
Your lead management workflow can perform the best with tech integrations. Integrations play a massive part in optimizing your lead management process.So, invest in the right lead management automation software. It will help you capture, organize and update leads systematically.Also, lead management automation systems can eliminate the tedious and repetitive tasks often performed by sales reps. Thus, they can focus on lead interaction and conversions.
The process of passing qualified leads from marketing to sales is crucial. Here’s why-Website leads go cold within 90 minutes. Shocker!So, you must ensure that the lead routing process takes place faster than ever. Though a quick follow-up is fine, it isn’t enough. You must set up a detailed process for fast and efficient lead routing. There are two options here.
Here are six benefits you must know about if you’re still looking for reasons to implement a lead management system.
Keeping tabs on every lead is a daunting task. Also, it is hard to identify the leads that would convert. So, you need lead management software to make it easy for you to track leads.Lead management software ensures monitoring of every lead and their interactions with your website, thereby helping you optimize the experience for leads closer to converting.
When you have hundreds or thousands of incoming leads, it is impossible to filter the high potential leads manually. Here comes the role of a lead management system.Lead management systems usually have a lead scoring feature that automatically assigns scores to leads based on their actions. Thus, you can identify the leads with high scores as the most potent ones. Further, you can also get insights into lead engagement from the scores. As a result, you can optimize your communication towards the highest score lead first.
When your goal is to increase conversions, speed to lead is crucial. But responding to each lead manually may keep them waiting for long. So, automated responses to the lead’s queries work best here.One of the best advantages of implementing a lead management system is to respond to leads instantly with an automated email. Also, you can schedule lead nurturing emails and automate follow-ups.
A lead management system can assist your sales team in the best way, resulting in the team’s increased efficiency.A lead management system keeps the flow of leads organized and helps optimize sale staff by instantly assigning the incoming leads to the right sales rep. Results? A highly efficient sales team.With the different features and capabilities of a lead management system, your sales reps can actually focus on converting more leads into customers. Also, they can customize their lead interactions based on lead insights and analytics.
It is critical for your marketing and sales teams to be on the same page to create a smooth flow of the sales process.A lead management system ensures that the marketing and sales teams learn from the same datasets and work together harmoniously. Thus, both teams stay on the same page, and the risk of miscommunication reduces as well.
A lead management system makes improving your buyer’s journey easier. With a lead management system's reporting and analytics capabilities, you can track your leads effortlessly and understand their interests better. Also, you can know your audience’s demographics in detail. Thus, you can improve and personalize your buyer’s journey based on these insights.
Want your lead management process to work better for you? Then implement these best practices to achieve the best results!
Identify the lead sources that bring you the most productive sales leads. For instance, you may attract the best high-potential leads from your blogs and product videos as these contents are relevant to the target audience and deliver high value.You can leverage the relevant content to attract leads by protecting them behind a web form. That means to access the content; the prospect needs to fill out the form. Thus, you can record the lead information in your system.Even after attracting the leads, track them to find their type. Also, keep monitoring the leads after they purchase to understand their satisfaction and needs. These lead lessons will help you improve the process and make the sales cycle more efficient.
As leads travel through the different sales process stages, map out how they are documented. Before you expect your lead management automation software to give the best results, define how the leads will be followed-up.Chalk out an ideal sales process before you begin changing your map. A benchmark or vision will help you achieve the perfect sales process.
According to a survey by Gartner, organizations believe that poor data quality is responsible for average losses of $15 million per year.Moreover, about 60% of the surveyed organizations have no idea how much bad data costs their business.To avoid such overwhelming losses, make small changes like monthly reviews and deletion of duplicate entries to improve data quality. It will help you;
Anonymous visitors to your website can give you a lot of information. Although they may never fill out your form, you can track their IP address and location.The information about anonymous users can also help you determine whether or not you are getting the right people to your page or website.You can think of tweaking your message in social posts and ads if you have too many visitors and too few leads.
How to know if your lead management process is working or not? By tracking metrics!Here are the three most important metrics that indicate whether or not your lead management system is working.
CPC tells you the amount spent to acquire a customer. You can calculate CPC by dividing total ad cost divided by the number of conversions.Your objective is to reduce this metric as much as possible without affecting the best outcomes. Ask yourself these questions when calculating the ad costs:
Addressing these questions will help you determine the balance between tactics that generate higher leads but are expensive and tactics that generate lower leads but are affordable.Balance both tactics can help you generate leads without spending massive amounts.
Measure your conversion rates to evaluate the lead management process. But before doing so, set a benchmark conversion rate per industry standards.You can also set a conversion rate based on your past performances. For instance, if your previous year’s conversion rate was 5%, set a benchmark of 10% in the current year.To improve your conversion rates, there are a few things you can consider working on:
Is your lead response time within 5 minutes? Or 30 minutes? Or do you take 24+ hours to make contact with your lead?To capture leads, you need to be fast. The faster you respond to your leads, the more likely they will convert.When a lead makes initial contact, try interacting with them within 5 minutes of contacting you. It is the golden window you must aim to achieve.Research says 78% of customers buy from a company that responds to their inquiry first. So, grab that chance and don’t let your competitors take over.
Getting the best lead management software is essential to make your lead management process seamless and efficient.Here are a few features you must look for when purchasing a lead management tool.
Your lead management tool must be able to capture leads from various sources like websites, events, social channels, marketing campaigns, etc.If you have an existing list of leads, the best lead management tools help you import these and eliminate duplicate entries, thereby cleaning the data automatically.
The best lead management systems assign incoming leads to sales reps based on predetermined criteria.For instance, to assign leads based on geography, you can input the criteria in the software and get leads from a specific location given to reps from the same geographic area.
Tracking multiple leads manually is a big no-no. Lead management software can follow each lead seamlessly without your intervention. In addition, it helps sales reps to access previous records of interactions like meetings, phone calls, and emails and also reminds sales reps of follow-ups.
Your lead management tool must enable users to track significant metrics like conversion, close ratios, acquisition rates, sales cycle, etc.
It must also help users identify suitable lead sources, lead quality, and evaluate performance. Advanced tools can also help you discover trends and patterns in marketing processes.
Data security measures are a must in your lead management tool as lead data is highly confidential. You do not want it to land in the wrong hands or even internal teams. Hence, ensure that the tool has top data security protocols.
The best lead management tools integrate with your existing tools, like CRM systems, product development platforms, etc. Your lead management system must connect to your existing software through native or supported APIs or integrations.
While many lead management tools are out in the market, I have handpicked the three best ones (with great difficulty!). Here they are:
The lead management tool has one of the best features, a lead management software by Salesforce. It is best suited for enterprises that require advanced lead management features. The software nurtures leads, automates the sales process, and tracks the marketing ROI.Key features
Users can start with a 30-day free trial. But the price range of the software is relatively high. So, it seems to be a fit for enterprises or large-scale businesses.
A sales acceleration platform, RevenueHero offers users the necessary lead management software features. The tool allows marketing and sales teams to qualify leads, route them in real-time, and schedule instant meetings.Key features
For pricing details, contact the RevenueHero team.
Apptivo has several features, along with lead management. It can effectively track leads and manage them in a centralized database.Key features
Compared to Salesforce, the platform is affordable with a 30-day free trial and a free forever starter plan.I promise many lead management tools will be added to this list. Want a few more options? Check out here.
I hope there’s no doubt regarding the importance of a solid lead management process.To stay ahead of the competition, you must (ASAP) implement a sales lead management process if you haven’t already. Once you implement the process, you can make continuous iterations to achieve perfection.Manage your leads efficiently; nothing can stop you from witnessing a massive surge in conversions and bottom-line revenue.
While several enterprises have leveraged the benefits of a lead management system, many small businesses are still unaware of the significance of a lead management process.Now that I have provided you with all possible details of a lead management process, you must consider planning and implementing one soon enough.To help you out, there are platforms like RevenueHero. RevenueHero is a lead conversion software that can make your lead management process a breeze. The platform has a few promising features, like instant scheduling of meetings and real-time lead routing, along with lead qualification and prioritization.So, once you start working with RevenueHero, nothing can stop you from creating a solid lead management process.Click to learn more.