Empower your banking business with lead to opportunity conversion for banking

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hi i'm brian hayes a consultant with rotiv we help small businesses automate their processes using salesforce in this video we're going to talk about leads and when you should convert a lead so the lead object in salesforce should ultimately be marked as unqualified or closed because you're not going to work with it or it should be converted and when you convert a lead it can turn into three different records a lead can turn into an account a contact and an opportunity if the time is right for that opportunity so click on the converted button here and hit select converted status and that's going to bring up that dialog box to let you create these three different records at once now generally you want to convert a lead when it's qualified so that means you've verified that it's good data it's not just junk that a robot filled a form form out with or you've spoken with the person or done some research on their company and realized this is actually a legitimate prospect for your business now different companies they all have different standards of what is qualified and when it comes to converting a lead you might not be creating an opportunity at that time and it could still be a qualified lead and worthy of becoming an account and a contact so to give you an example let's say we spoke to bertha here at farmer's co-op of florida and spoke to her on the phone and turns out she actually is a great prospect for us but the timing is not right they're just not willing to consider our technology or our solution right now because they're too busy or it's outside of the budget cycle so in that case well we know this is a qualified prospect but the timing's not right for an opportunity so i'm going to convert her into an account and a contact but i'm going to check the box to not create the opportunity just yet you know instead i'll set a task for myself follow up with her in six months you know maybe i'll put her on an email drip something like that but we're still going to go ahead and convert her into an account in a contact now other times let's say we spoke with bertha and she's ready for an opportunity right now she wants a demo wants to keep the process going well in that case obviously we're going to convert and we're going to create an opportunity at this point in time as well another reason you might want to convert a lead is if this account already exists in your database so if we have farmers co-op of florida already as an account and maybe we've worked with them before maybe not but bertha is new to us we should still convert her because we've got a relationship with that company we've already done qualification on the company and generally it would be helpful to know that this person is a member of that account um even before we speak with her if it looks like it's legitimate data i would just convert select converted status here and i would create that new contact for miss bertha boxer if the account already exists of course we don't want to create a new one in that case you'd choose existing find the appropriate account and put that contact underneath the account the reason for that is because we want to have all the data on one company in one place so if you're trying to understand who's communicating with people at the farmer's co-op of florida the best place to understand that is to look at an account and then you can see data and activity across all the related contacts if we leave her as a lead then we might miss out on that we might go look at the account and not realize that this lead is also an employee at that company in which case we might not realize that somebody else has been reaching out to her another salesperson or sdr is reaching out to other people at the company and it might be a bad experience for the customers so in conclusion you should convert a lead when that lead is qualified or when you already have the account for that lead in your system hope that helps thanks for watching