The value of lead management software

Lead management has jumped to the top of many companies’ priority lists as modern sales processes increasingly rely on digital tools, automation software, and multiple channels.  

Customer Relationship Management (CRM) systems have helped organizations adjust to these changes by creating closed-loop systems. However, the challenge to qualify, distribute, and track leads persists.  

Innovative business owners and company leaders have found a solution to this problem with lead management software that streamlines their sales process and attracts leads all the way through the sales pipeline. The best lead management tools allow teams to spend more time converting leads and less on managing them.  

What is lead management? 

Lead Management is the process of acquiring, tracking, and managing prospects in order to more efficiently convert them into customers. The process involves multiple  phases: 

  • Lead Capture: Visitors become leads through a variety of means that include offering their contact information or filling out a web form.
  • Lead Scoring: Leads are rated based on their interest level and needs.
  • Lead Filtering: Leads get sorted into various categories including unqualified or qualified leads.
  • Lead Distribution: Qualified lead data is delivered to the appropriate sales rep who then initiates contact.
  • Lead Nurturing: Sales staff follow up with their leads through an email marketing campaign, phone calls or other means.

Managing 10 leads has challenges. Managing 1,000 has even more. As the number of leads grows, so too does the need for lead management software so that teams can efficiently and effectively close sales.

Difference between lead management software & CRM software:

CRMs bring a ton of value to companies, and on the surface, lead management software might not look much different. When you dig a little deeper, though, you can start to see some major differences between the two. 

A CRM platform focuses on existing customers. Users can provide customer support information, nurture relationships, and maximize lifetime values. There’s just one little shortcoming, though. You need to have those customers in order to foster those relationships. That’s where lead management software comes in. 

How does lead management software help with revenue?

Lead management software enables your company to grow revenue in multiple ways. First, by developing an optimized lead tracking strategy, companies can make sure their efforts only target the customers most interested in buying. This creates more effective marketing campaigns, an improved sales process, reduces wasted time and increases the number of high-quality leads for your team. 

Second, the best lead management solutions ensure that you get the right lead to the right rep every time, leading to higher conversion rates and a more successful team. 

Third, many lead management tools enable you to automate processes so that you take the burden of that lower quality lead away from the reps until the lead is further along the pipeline, freeing those reps up to focus only on the most promising prospects. 

Can lead management help with partner sales?  

Partner leads relate to the companies or individuals selling your product or service on your behalf. These may be distributors, affiliates, or others. Maintaining positive relationships with your partners is crucial for successful channel sales.  

Just like your reps, though, your partners can only sell if they have quality leads. Lead management software helps filter legitimate leads and your partners to succeed through appropriate routing, tracking, and nurturing; this will help grow your sales numbers while sustaining partner relationships you’ve worked hard to cultivate. 

Software: features to consider when selecting channel partners? 

The unique nature of working with partners to sell a product entails unique considerations when selecting lead management software. Companies should look for a solution that provides the following features:

  • No lead overlap
  • Lead tracking and automated lead distribution
  • Insightful analytics
  • Simplified partner processes and support
  • Easy integration with a variety of digital tools

The best lead management solution is one that gives you control over the entire lead management process so your best sales reps can do what they do best — convert leads.

Beverly Houston is a product manager at Lead Assign that specializes in partner lead management for Fortune 500 companies.

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