Lead Management 101: A Comprehensive Guide to Success
Do you ever wonder how big businesses manage to earn so much revenue by making so many sales? This is because they smartly apply a process called lead management. This helps them to better convert leads into sales by nurturing them at every step of the marketing and sales funnel.
If you wish to understand this concept better, then read this post till the end.
What Is Lead Management?
If you wish to know the lead management meaning, then you are on the right webpage.
Lead management is the process of generating leads in order to interact with them and convert them into buyers. Here, businesses spend a considerable amount of time and money on lead management since this allows them to get more customers and make more sales, resulting in more revenues and profits.
This is an essential process for a firm since it helps them understand their customers better. With this, they can understand the needs of the customers, allowing them to present their products as the best solution – a convincing selling process.
The Lead Management Process
The lead management system is typically carried out in a series of steps for retraining leads and converting them into sales. You can learn all the steps of this process as explained below:
1. Lead Generation
The first step of lead management is lead generation, also known as lead acquisition. This is done with the help of various marketing efforts. If you don’t have potential customers, nothing can be done.
2. Customer Inquiry
When potential customers see your advertisements and decide to inquire about your products and services, the lead management team gets into action. This is where the lead management process truly kicks off for an instant loan app.
3. Identity Capture
Now that you have gotten a lead (or many), the next step that you must carry out is lead identification. Using available tools like Google Analytics, you can figure out who the lead is and what their preferences are.
4. Inquiry Filtering
Now that you know that a lead has been generated and identified, it’s time to verify it for accuracy. This step is necessary to weed out bots clicking on online ads.
5. Lead Grading
Once the lead has been fully identified and explored, it’s time to grade the lead. This grading is done by understanding the value of the lead – the likelihood of the lead becoming a customer. The more likely a lead will make a purchase, the better grade the lead will get.
6. Lead Distribution
Now that leads have been graded, it’s time to distribute the list to members of the marketing and sales team. Here, the highest-graded leads are distributed first so that the teams can start converting them into customers.
7. Sales Contact
Now that you know who the priority leads are, it’s time to get the sales team working. Here, the sales team needs to brainstorm ideas to communicate with the lead in the best way possible so that they can convert them into customers and make sales.
8. Lead Nurturing
In this step, the sales team needs to kickoff their sales contact process and communicate with the lead. Here, businesses use automated responses and personal responses to convince the lead into making a purchase.
9. Sales Result
Once the sales team has convinced the lead to buy a product or order a service, it leads to a sale – the result of the lead management process.
Lead Management Best Practices
To ensure that your lead management practices are optimized in the best way possible, here’s what you can do:
1. Lead Metric Tracking
Tracking your leads is one of the best lead management practices since it allows you to understand what customers want. Here, tracking refers to not only their background but also tracking their actions in the marketing and sales funnel.
Some of the most important metrics regarding your leads that you should track are:
- Email Metrics: This metric refers to the number of emails sent per lead and their open and click-through rates. You should also track the email subscriber and unsubscribe rates as well.
- Pipeline Report: This report lets you track how many leads there are in each stage of the pipeline handled by your lead management team.
- Calling Report: This is an important report since it lets you track the various metrics like call volume, successful connect rate, and successful call conversations.
- Sales Closure: This metric calculates the number of deals your lead management team is committing to the organizational pipeline.
- Activity vs Revenue Report: This report measures the performance of team members. It shows how many leads each team member is nurturing vs the generated revenue by them through sales and conversations.
- Lead Source Metrics: This metric tracks the sources of all leads. Therefore, this metric will allow you to understand which marketing efforts are generating the most leads.
2. Going Omni-Channel
It’s best to spread out your lead generation and lead management means over various processes. While most startups rely on cold calling as the only process, you should incorporate various other processes like:
- Email Marketing
- Pay-Per-Click (PPC) Advertising
- Content Marketing
- Blogging
- Social Media Marketing
- Webinars
- Offline Events
Best Lead Management Tools
Two of the best lead management software that businesses all over the world use are:
1. LeadSquared
LeadSquared is an amazing lead management solution that many businesses use. This app integrates lead management with CRM software in one package.
Some of the best features of this CRM lead management tool are:
- Automated Sales: This tool automatically records all data regarding lead identification, lead distribution, and movement through the sales funnel.
- Built-In Dialer: This app has a built-in dialer that allows you to contact leads with the click of a button.
- Real-Time Reports: This tool can present you with 130+ lead reports so that you can measure the effectiveness of your lead management strategies.
- API Integration: You can integrate this app with other apps like WhatsApp, Marketplaces, etc.
2. Freshworks
FreshWorks is a CRM tool that integrates various lead management processes. Every step in your process will get recorded here, serving as your lead database.
Some of its best features are:
- AI-Powered Lead Grading: This tool uses AI software to automatically grade leads based on Google Analytics data.
- Automatic Profile Enrichment: Businesses have been using this tool to automatically get all data regarding leads so that they can be understood and graded better.
Conclusion: Better Lead Management = Better Conversions!
Lead management is essential for businesses of all sizes. This is because acquiring and managing your leads and successfully turning them into customers is one of the most basic steps to gaining new customers. If you master this management technique, then you will soon see your business earning new customers and earning more revenue!
If you have any doubts, reach out to me in the comment section below!
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According to Indeed.com, “Project deliverables are specific measurable end results that you’re aiming to produce at specific points during your project. Your biggest project deliverable is typically the final product, service or report you’re trying to create, but large projects often include smaller project deliverables throughout the process.” While milestones and goals are general in nature, deliverables are specific, well-defined, and quantifiable. Deliverables are essential since they help to determine how to balance the project’s bigger picture with the small things of the project. For example, let the project be the creation of software. Then the deliverable is the implementation of the computer program. The job of the program is to improve the computational efficiency of the company’s work processes. Deliverables can also be a training program, both in-person and online. It can also be the design samples for the products in the development of the process. In various other cases, there are instruction manuals available with deliverables as well. Read More: The Best Risk Mitigation Techniques For Your Business Project Deliverables - Why Are They Important? According to Upwork.com, “It’s vital to have clear, agreed-on deliverables before beginning a project. Otherwise, a project might not meet all the client’s or stakeholder' needs, and your team could end up wasting a lot of time and money. It’s up to you as the project manager to document—in detail—each deliverable required in the project scope and the processes that your project team will follow.” It is really important for the project manager to clearly define the project deliverables. With the help of these deliverables, the project manager can help segregate the stages of the project. The project manager helps to keep the project on track with the time and budget. To do this, the manager develops the right types and amount of deliverables so as to complete the process. When it comes to tracking the deliverables of the project, you can do that with the help of a variety of tools. There are many software available online. You will need to ensure that the software you are using is industry-specific. With the help of these software systems, you can have a record of the various project milestones, costs, delivery dates, and approvals of the project. What Are The Major Types Of Project Deliverables? The following are the major types of project deliverables that you must be aware of: 1. Tangible And Intangible Deliverables The first types include tangible and intangible deliverables. A Tangible deliverable example can be a situation where your company builds a new office to create space for more workers. This is because all the workers did not fit in the old office. An example of an intangible deliverable can be a situation where the company is creating a training program for employees to learn the workings of a new software. 2. Internal And External Deliverables Internal deliverables are the ones that the company requires to complete a project or provide the result of the project. These deliverables are internal to the company and are not exposed to the customers. An example is when a company creates a new factory to produce more goods to meet the needs and demands of the market. On the other hand, external deliverables are made for customers. An example of these kinds of deliverables includes the products that are coming out of the new factory to meet new demands in the market. What Are The Project Requirements For Deliverables? According to Investopedia.com, “When a project is initiated, there will be a contract drafted that will list expectations, timelines, and the types of deliverables to be provided. 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This document helps outline all the factors of the project, which multiple parties must agree upon to set the expectations. Read More: What Is Risk Management? – Find Out How To Manage Risks in Business Final Thoughts What are deliverables in project management? - You can understand from this article that the deliverables of a project are basically the result of the project that is quantifiable. The project team is supposed to provide deliverables at various steps of the project. It is the final deadline or the milestone of the project which the team offers as a result. Having deliverables for your project will help your project stay on course, and as a project manager, you will be able to allocate time and resources better. Do you have anything to add regarding project deliverables? Share your thoughts and views on deliverables with us in the comments section below. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? 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Revolut Makes Your Financial Management Journey Easy
Revolut is a Neobank and a well-known Fintech company. It offers banking as well as retail services to global Fintech companies to all customers and businesses in London. This company was established in 2015 by Nikolay Storonsky and his partner, Vlad Yatsenko. The best part is it offers products that include baking services and currency exchanges. Most of the time, the European Central Bank granted the company a full banking license. Moreover, this company's banking services are available in more than 30 countries around the world. In November 2020, the break-even of this company was valued at £4.2 billion. If you want to seek financial services, then you must know the mentioned facts within a specific time. Ensure that you know the right process. It is one of the leading Fintech companies to look for in upcoming years. Brief History About Revolut Revolut was formed on 1st July 2015 by Nikolay Storonsky from Russia and Vlad Yatsanko from Ukraine. Revolut is a financial technology company that offers a range of financial services, including banking, currency exchange, and payment services. The company's primary offering is a mobile app that allows users to hold, exchange, and transfer money in multiple currencies. It also offers a range of other services, including cryptocurrency trading, stock trading, and insurance. Revolut quickly gained popularity due to its low fees and user-friendly interface. By 2018, it had attracted over 2 million users. It has since expanded its services to include business accounts, savings accounts, and a range of other financial products. Revolut has faced some controversy over the years, including criticism of its compliance practices and handling of customer data. However, it remains one of the most popular fintech companies in Europe, with millions of users worldwide. What Are The Core Services Revolut Offers? Revolut offers several core services to its clients and users. Although we are unaware of it while meeting your aims with complete ease. Some of the core factors that you should know from your end are as follows:- 1. Multi-Currency Accounts Revolut allows users to hold and manage money in multiple currencies. Thus enabling them to make international transactions and transfers without incurring high fees. You need to make things work in the correct order when you want to use the multi-currency accounts for your business. The application of multicurrency accounts can help your business to grow at a faster pace. However, the future of money is huge due to this brand. 2. Currency Exchange Users can exchange currencies at the interbank exchange rate, which is typically much lower than rates offered by traditional banks. Currency exchange transactions will become easier for you if you seek assistance from Revolut. Once you follow the right solution, things can become easier for you in the long run. 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You must know the facts well if you want to reach your goals with complete ease. Some of the key factors that you must know are mentioned above. Without proper planning, things can turn worse for you in the long run. Currently, they are hiring new team members due to the lack of skills in their organization. What Are The Visions & Missions Of Revolut? Revolut's vision is to build a financial super app that offers a range of innovative and affordable financial services to people around the world. The company aims to revolutionize the way people manage their money by providing a one-stop solution for all their financial needs. Although the challenges are huge, the investors are still confident of their success. The mission of Revolut is to democratize finance and make it more inclusive and accessible to everyone. The company is committed to providing fair and transparent financial services that empower users to take control of their finances and achieve their financial goals. In pursuit of its vision and mission, Revolut focuses on innovation, simplicity, and customer satisfaction. The company continuously strives to develop new and improved financial products and services that meet the evolving needs of its users while ensuring that its offerings are easy to use and understand. Overall, Revolut's vision is to become the world's leading financial platform, offering a wide range of services that help people manage their money more effectively and achieve financial freedom. Controversies Of Revolut Along with the innovations and fintech superiority. Revolut has some controversies as well that already pulled back the company several times in the past. You need to be well aware of the situations in perfect order while making your investment plans here. 1. Compliance & Regulatory Issues Revolut has faced scrutiny from regulators in various countries over its compliance practices. 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10 Signs Your Boss Doesn’t Like You
Life is no average cringy sitcom. Yes, your boss does not like you. But, it does not mean they have to make it obvious. But there are signs your boss doesn't like you. However, They keep it hidden behind their calm and well-maintained appearance. A secret hatred is the same as a secret love– it is not visible in plain sight. You just have to find the clues and piece them together to find out. Yes, the signs are pretty subtle, and only you can see them from your personal point of view. You are the victim, and only you can see that sometimes. However, if you have even a little bit of doubt that your boss does not like you, then this article may help confirm it. I have listed ten signs your boss does not like you. Let's read them. Ignoring You Softly You texted him right after your daily check-ins. But there's no reply, and it's 5 in the afternoon. I will say it's nothing to worry about. But are you sure that he's not doing that on purpose when it's the 11th time this month? He has time to talk to Zoey about the next event organization. But, he cannot take a moment to review your project report. He does not answer your "Good mornings," not even a single "you are welcome" after you thank him. On top of it all, he left the conference room just as soon as you entered. Do you see where I am going with this? Too Much Attention! Micromanagement! There are some crazy signs your boss doesn't like you. They can totally ignore you or give you the attention not even your girlfriend/boyfriend gives you ( not in a lifetime). They see you when you get up; they monitor when you arrive at work and when you leave. Whatever you do on the office floor gets noticed. Remember that time you got grounded over a smoke break? Like seriously? Are you sure that he's not micromanaging you? How many times did you have to get that new project approved? If they had to approve it in every step, then what is the point of you doing it? If your boss is micromanaging you at work, then it may be a sign that his feelings for you are hard. Overlooked For Tasks And Assignments A new financial year starts. Your boss is happy with the overall performance of the office. He's praising Zoey, thanking Ariana; he even gave a sweet pat on Lucas' back. But you were in that room too. Everyone got a project handed to them. But you were overlooked. And it does not feel right to be overlooked during task assignments. They See You Differently, Not In A Good Way Not many people are dead set on making the corporate culture an unpolitical one. Do you see those sudden resignations? You came to the office, and Alex was not at his desk. You thought he was sick. But suddenly Bob says that Alex got fired. The leadership team of many corporate offices bluntly excludes people from the in-crowd. Your team lead does all the sweet talking to Lissa. But, he's got a tongue of ice when it comes to you. Poor treatment at work is one of many signs your boss doesn't like you. WTF! You Are Not Called To The Meeting! The marketing team is holding a meeting, and Lissa should have called you in since you are on the product management team. The conference room is buzzing with laughter. You even saw the boss, and Lissa smirked at you. They planned and completed a meeting without you. This is bad for the business and even worse for you. Available To Others, But Not You You: Sir, I have an urgent matter to discuss. Do you have some time? Boss (Talking to Jimmy): I heard you are doing great work. We'll talk about your promotion ASAP. (ignores you) You: Sir, this is urgent. Can I have a moment with you? Boss: wait outside; I'm a little busy; I'll call you in a minute. The cabin door shuts down. You can hear Jimmy and the boss laugh together. It has been getting louder for the last two hours. Your Boss Publicly Criticizes You As if micromanaging or leaving you out of the important discussion was not enough. He had to go call out a simple mistake you made during your probation period. Then he went to the length of criticizing you in front of your whole team. Three Years In The Organization And No Promotion! Your performance is like Ronaldo bagging constant hat tricks against Juventus. There is literally no black mark in your track record. But, when it comes to the promotion, he always brushes off your name. No, it is not your performance. It is quite personal. It is one of many signs your boss doesn't like you. Lack Of Appreciation How come Rhonda gets thanks for readying the report on time, and you get nothing when you meet the deadline before the deadline? A lack of appreciation should not always be excused with forgetfulness. How can a person forget the presence of another, especially when they put their best efforts into fulfilling their responsibilities? Boss Swipes Your Ideas Off The Table This is not the first time your ideas have been swiped off the table. It is the fourth time in a row. No, your ideas were not stupid. They were backed by research and hard work you stayed awake for nights to complete. But, he ignores them, saying your ideas are stupid. Yes, it is clear that your boss does not like you. What To Do If Your Boss Doesn't Like You? Life is all about fun and games, right? You go to the office, chat with your colleagues, get your work done, and leave by 6. You do not care who likes you and who does not, but it isn't that effective when the concerned person is your BOSS! This is where things get serious. You may avoid every single human hating you, but the moment the needle lands on your boss, life gets really tough for you. Professional dislike is something quite serious and must not be taken lightly. 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It is quite possible that you may have created a situation and may have been blind to it, but a third perspective may help you get a clear picture of your role within the working relationship. Therefore, do that first. Have A Talk With Your Boss You may argue that this is the most obvious solution. But there is no problem about it, is there? Sometimes, we tend to make things up in our minds that are not even happening. We assume things, and accordingly make up our minds and act accordingly. This is not just unfair to us but to the people around us as well. Talking with your boss is a fair chance to become bold and take control of the situation so that you can be at peace at your workplace. Move On There is only a limit till which you can try to fix things. Sometimes, there is nothing you can do at all. If talking directly with your boss does not help, just try to move on. Accept the fact that not everyone is going to like you, and stop pushing yourself unnecessarily to fix what is beyond repair. The Final Boss! Some bosses are like the final boss you have to battle in a Nintendo Switch game. They are hard to get through and hard to make peace with. But it would help if you stood up to him and were vocal about your feelings. Also, always keep the highlights of your performances documented. If the boss has a boss, I would suggest you talk to them. But, remember, they are also human, just as you are. There is no better solution than helping someone see their prejudices and perceive things with a wider vision. I think you will find a solution. Read More: 10 Signs Your Boss Is Impressed By You Signs Your Boss Likes You But Is Hiding It What To Do When Your Boss Makes You Feel Incompetent
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Project Management: What Is It? – Major Types, Examples, And More
Every business team has to achieve a goal or bring a solution to a problem within a given deadline. The goal of project management is to help business teams like these to achieve their goals. This is mostly done with the help of a project manager who is responsible for managing the team to meet the goal. The manager plans and organizes the resources to move the team toward the completion of the project. In this article, you will learn some of the essential details about project management. In addition to that, we will also discuss the major types of project management. Furthermore, we will share with you the steps of project management. Finally, you will learn project management with the help of a simple explanation. Hence, to learn more about this business term, read on through to the end of the article. What Is Project Management? According to the Forbes Advisor, “Project management uses processes, skills, tools, and knowledge to complete a planned project and achieve its goals. 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The target of applying project management functions is to achieve a higher efficiency in the team, with the use of best practices, so that there is a higher rate of success for the project. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? The Major Types Of Project Management According to Investopedia, “Every project usually has a budget and a time frame. Project management uses a type of triage process to keep everything moving smoothly, on time, and on budget. That means when the planned time frame is coming to an end, the project manager may keep all the team members working on the project to finish on schedule.” What type of project management option to choose depends upon the project manager. The manager chooses the style based on experience, theories, early examples, and recommendations of experts. The decision is taken on the current situation of the project. Here are some of the major types of project management models you must know of: 1. Waterfall Model In this technique, the manager ensures that one task is completed before the start of the next task. Here, the team of employees completes the job that is first in line. They cannot proceed to the next job until the whole team completes their individual jobs in hand. 2. Agile Model This is the opposite of the waterfall model, where the completion of the tasks is independent of the successor and the previous tasks. Hence, the team is able to work at their own pace and incorporate the right changes as per the need. They basically go with the chain of events. 3. Lean Project Management In this project management process, the job of the team is to bring more out of the project while ensuring that the cost is reduced. Apart from that, the manager also ensures that there is a minimal amount of waste and that the end product is satisfactory for the customer. What Are The Steps Of Project Management? As per the views of an article on Wall Street Mojo, “An important factor beneath managing all project management tools is the role of a project manager. A project manager functions like the centralized hub in a hub and spokes model, who leads the project execution with day-to-day tasks and long-term vision.” Hope you have already understood the importance and role of the project manager. Now, it is time to learn the major steps of project management (in order): Step 1: Initiation Here, the manager assigns specific tasks to the members or asks each member to volunteer based on skills and capabilities. Step 2: Planning Here, the team makes a schedule together for the project completion. They also chalk out the communication and other strategies in this phase. Here, the manager, along with the team, sets standards for the project as per the budget. Step 3: Execution The main work starts here. The team works as per the plan and follows the steps. The members might work independently or together on each task of the project. They follow the procedure agreed upon in the last two steps. Step 4: Monitoring The project manager monitors each member and the tasks carried out by each of them. This is to ensure that the project is on track and is moving as per the schedule. In most cases, the process happens side-by-side with the execution phase. Step 5: Closing This phase includes the completion of the project. The manager ensures that the project is completed as per the standards agreed upon. Furthermore, the assessment of the contributions to the project is done after this phase. Read More: What Is a Franchise, And How Does It Work? – Examples, Benefits & More Wrapping Up When you are about to start a project, it is important to plan for the project and keep everything in place, which can ensure that the project is on track. The project manager’s job is to oversee the project to ensure the project is moving at the right pace towards success. However, it is up to the project manager to choose the project management style as per needs. Hence, project managers need to have a good idea of the steps and the different types of project management options. Do you have any more points to add regarding the best practices of project management? Share your views and ideas with us in the comments section below. Read Also: Intrapreneurship – Definition, Importance, Duties, And Responsibilities What Is An Angel Investor, And How Does Angel Investing Work? What Is A Venture Capitalist, And What Are Their Functions?
Sep 02, 2023