Management

Lead Management 101: A Comprehensive Guide to Success

Lead Management

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?

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 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

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

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

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

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

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

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

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

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

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

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

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

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:

Best Lead Management Tools

Best Lead Management Tools

Two of the best lead management software that businesses all over the world use are:

1. LeadSquared

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

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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Debamalya Mukherjee

Debamalya is a professional content writer from Kolkata, India. Constantly improving himself in this industry for more than three years, he has amassed immense knowledge regarding his niches of writing tech and gaming articles. He loves spending time with his cats, along with playing every new PC action game as soon as possible.

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What Are Deliverables In Project Management

What Are Deliverables In Project Management? – Let’s Find Out

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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. 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Revolut Makes Your Financial Management Journey Easy

Revolut Makes Your Financial Management Journey Easy

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signs your boss doesn't like you

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. The issues increase even more when the said person does not know how to differentiate between personal and professional dislike. There is a fine line between the two, and under no circumstances would anyone want their boss to hate them personally, let alone professionally. Here are some of the smart ways that you can apply if you feel that your boss doesn't like you as such: Become Introspective Before you do anything else, make sure you have elevated yourself enough. However, there are times when people struggle to act real with themselves. We try to convince ourselves to be what we are actually not. In that case, you can speak to a coworker that you have full faith in or even your mentor. It is important that you are talking to someone who is honest with you and will not sugarcoat things to make you happy. 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

Project Management

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. It differs from general management because of the limited scope of a project, concrete deadlines, and specific deliverables.” To complete a project, it is essential to balance the time of the team members involved as well as the limited financial resources provided by the organization. Although it can be a daunting task, the project manager is specially trained for such situations. The manager knows that projects can be accomplished by taking small steps at a time with the help of special tools and methods. However, depending on the situation, the types of project members, the project manager’s choice, and the need for the project, there can be different project management styles. It is up to the project managers to decide which project management style to use to complete a particular type of project. We have discussed some of the major styles of project management in the next section. 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?