Discussions on how technology and digital transformation would affect businesses over the coming years have been constant. But the practical
Your business’ Marketing and Sales teams share the same common goal – to sell your product or service.
But, how do they help realize this goal? This is where lead tracking comes to your rescue!
More leads result in more revenue, right?
Quite frankly, no. It is but a simple fact that not all leads are created equal.
With lead tracking, there are no more issues relating to Marketing teams throwing their hands up after the handoff. Moreover, Sales can no longer blame Marketing for delivering low-quality leads.
Instead, they unite and work together to focus on producing the right type of leads.
In this article, we will explore lead tracking and its importance alongside how to track sales leads.
What is lead tracking?
To understand lead tracking, you must first have a general grasp of what a lead is. A lead is someone who is in your target demographic that is looking for information about your product.
It is important that leads are not confused with prospects or customers.
A prospect is someone who’s in your target demographic but may not be aware of your product. Meanwhile, a customer is someone who has already purchased your services.
To help convert your prospects into leads, and leads into customers, systems like lead tracking have been introduced.
Lead tracking refers to the process of determining the source of your leads.
It also involves actively monitoring them in the sales and marketing funnel. Moreover, it examines how to pursue appropriate action to move the lead to the next stage, and close the sale.
Find out: What is lead leakage and how to control it?
Why is lead tracking so important?
Lead tracking provides marketers with necessary data. This helps them track how leads contacted them, how to personalize their efforts, increase ROI, etc.
Similarly, it provides sales with personalized pain point information per lead so they can close the deal.
In brief, lead tracking acts as a toolset that sales reps and marketers use to do their jobs effectively.
The Importance of Lead Tracking in Sales and Marketing
Lead tracking enables Sales and Marketing teams to work together seamlessly to find qualified potential leads. Additionally, it helps close more sales and allows you to create a better user experience for your audience.
In fact, effective lead tracking can allow marketing departments to determine large amounts of important information.
Furthermore, it can even be used to find out which campaigns are bringing in the most qualified leads.
This information can then be passed to your sales department and help close the leads alongside completing the conversion.
By implementing proper lead tracking, your sales team will have all the data they need. This data can then be used to personalize their approach for each prospect, making a sale more likely.
How to Effectively Track Sales Leads
Here are 7 steps on how you can track sales leads effectively:
Step 1 – Determine and define the sources of your leads
In this phase, your Sales team monitors where leads are coming from so they can maximize the marketing budget. They figure out which marketing channels are performing best for the business and which aren’t.
Moreover, you can even shorten your sales cycle by focusing on those leads that are ready to make a purchase.
You then need to choose a lead tracking tool to measure how many customers are coming from a source. They also help find how many of them are converted into your customers.
Step 2 – Select and evaluate your chosen lead tracking option
When picking a lead tracking tool, several factors are to be kept in mind. From budget, amount of time your team can devote to manual entry to the learning curve of the software.
Furthermore, you should also try to anticipate how fast you can expect lead generation activities to pick up.
Here are some common lead tracking options to choose from:
Lead Tracking CRMs
Email Campaign Tools
Tracking leads gives businesses the information they need to figure out how to improve ROI by improving campaigns and personalising efforts. With NeoDove, you have access to powerful lead management features, through which you can browse the lead history, track the status of leads at any given time, and access campaign reports, among other things.
Step 3 – Set up your final system and test it out
Post choosing software for lead tracking and organization, you must create a CRM strategy and test it out.
Sales teams typically conduct CRM onboarding sessions. These help the team understand how they can use the platform to organize and track leads.
Once your CRM strategy is finalized, you should test your lead tracking system before buying it. Utilize free trials to explore the tool’s interface and features to see if it’s a good fit for your business.
Step 4 – Roll out your lead tracking system within your organization
Once you’ve finished testing out your new lead tracking system, you can roll it out to your team.
Encourage your sales team to own the system by showing them how it makes their work easier. You can even conduct training sessions on how to use its features best.
Step 5 – Input and assign leads amongst your teams
You can easily enter data into your new system either by importing them from another tool or manually.
After data entry, you can assign the leads to appropriate sales team members to nurture and close deals.
If you are using a lead tracking system or CRM, you can build targeted email campaigns. These are based on lead characteristics.
Step 6 – Nurture your current leads and track activities
Lead nurturing focuses on building relationships with your prospects in every sales funnel stage. Lead nurturing aims to turn leads into customers alongside building brand loyalty.
CRMs offer a range of features like email tracking, call recording and website engagement to track lead nurturing.
Step 7 – Prioritize amongst your leads
In this step, you separate quality leads from those that are less likely to buy. As a result, your team can concentrate efforts on those that are likely to purchase first.
This is done through lead scoring. Lead scoring acts as a point-based system for ranking prospects on various factors like characteristics, behaviour, etc.
What are track lead responsibilities?
Track Leads have the responsibility to run projects on a day-to-day basis on behalf of the Project Board.
Their primary responsibility is to ensure that a project produces the required products. And to ensure that this occurs within the specified costs, time periods, quality, risk and benefits.
Other responsibilities include
Preparing the following baseline management reports and agree on them with the Project Board:
- Project Brief
- Benefits Review Plan
- Work Packages
- Highlight Reports
- Daily Log
- Issue Reports
- End Project Reports
- Lead and Motivate the management team
- Liaise with any external suppliers/account managers
- And more
They are also responsible for the project producing a result that’s capable of achieving benefits defined in the business case.
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Remember that no matter the size of your business, an effective lead management system is always essential. They are the key to managing long sales cycles and keeping up with your competitors.
Moreover, there are multiple tools that can be used to track sales leads. Lead tracking systems or CRMs in particular can provide you with a lot of useful insights.
If you want your business to become more efficient and profitable, consider investing in a robust lead tracking system. Keeping track of your sales leads is sure to help your business grow.