Streamlining the lead management cycle for procurement

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Hello, I’m Justin Fraction for TechnologyAdvice. What is Lead Management? Lead Management involves identifying potential customers, known as leads, and guiding them through the stages of the sales funnel until they make a purchase. And in this video, we’ll delve more into the concept of lead management, the software that facilitates it, and how it can help your business grow. There are two types of leads and each represents a different level of interest and engagement with your business: MQLS and SQLS. Marketing Qualified Leads or MQLs are individuals who have engaged with your marketing efforts but are not ready to receive a sales call. Sales Qualified Leads or SQLs are leads that have been vetted by both the marketing and sales team and are ready for the next step in the sales process. The sales process itself is divided into 5 steps: 1. Lead Generation: This involves attracting potential customers or leads to your business with marketing. 2. Lead Capture: After leads have been generated the next step is to capture their information for further engagement. 3. Lead Qualification: After capturing leads, a determination is made as to how likely they are to become customers. 4. Lead Nurturing: This involves building relationships with potential customers through consistent and relevant communication. … and finally … 5. Lead Conversion: This step converts qualified leads into customers. Marketers can get an assist with lead management by using various kinds of lead management software. Customer Relationship Management (CRM) Software manages a company’s interaction with current and potential customers. It uses data analysis to improve business relationships and focus on customer retention and driving sales growth. Zoho is a great example of a package that falls under. Marketing Automation Platforms automate repetitive marketing tasks such as emails, social media, and other website actions. A platform like HubSpot offers a full stack of software for marketing, sales, and customer service providing tools for social media marketing, content management, web analytics, landing pages, and search engine optimization. Drip Email Apps allow you to send automated emails to leads based on certain triggers or schedules. Flodesk, for example, allows you to create and automate beautiful emails that drive engagement. Email Marketing Software helps businesses design and send promotional emails to a list of leads and customers. MailChimp is a great example of this software category. SMS Apps like Text Magic, allow businesses to send promotional messages directly to their customer’s mobile phones. Meeting Schedulers help automate the process of scheduling meetings with leads and customers. Calendly is one of our favorites. Finally, VoIP Software allows businesses to make calls over the Internet, making it easier and more cost-effective to communicate with leads and customers worldwide. One of our favorites is Dialpad. Before we leave you we wouldn’t be TechnologyAdvice without giving you a rundown of some best practices for lead management. Clearly Define Your Goals Map Your Process Organize Your Leads Score Your Leads… or rather rank them on their likelihood to convert. Assign Your Leads… to specific team members Finally… Use the Right Tools… like the software we just discussed. Lead Management is a critical component of a successful business strategy. It plays a pivotal role in converting prospects into customers. Effective lead management can significantly impact a business's sales and revenue and by understanding a lead’s needs and preferences, businesses can upset or cross-sell relevant products or services, thereby increasing the average transaction value. For more information on lead management or almost anything else you can think of you’d need to know in business, check out our website, “TechnologyAdvice . com.” Otherwise, stick around here and check out a playlist we made just for you, like the video if you like it, or subscribe for more videos during the week. We’ll see you next time.