If your volume of prospects and customers is low, an Excel file can do the trick, but what if you have more than just a few leads a week?
Whenever you feel like you have been spending hours on end working your way through lists of prospects with little to no results, it is probably a good time for a change. That’s when you need a software solution that will keep track of your prospects and give you quick access to all of their data.
Complex and expensive business management packages work for big companies. Still, if your business is relatively small or doesn’t involve many employees, you might want to consider opting for something in-between — a lead management system (LMS).
What Is Lead Management System?
A modern lead management system(LMS) — often referred to as prospect management or customer acquisition management — allows more effective handling of leads and all other information associated with them.
However, newer lead management solutions not only provide you with data you might need for marketing and sales, but they also help you better understand your lead traffic, as well as monitor the performance of your campaigns.
Implementing a lead management system into your campaign means that you will get the most out of your leads and can potentially maximize your sales. In addition, by integrating LMS into your marketing and sales practices, you can allocate precious time and resources to other business-critical tasks.
What Can Be Tracked With LMS?
A standard lead management system allows marketers to keep a close eye on all of their marketing channels while simultaneously gathering detailed information on the performance of ongoing campaigns. You can track:
- Search advertisements
- Social media ads
- Blog articles, guidelines, and long-form stories
- Email campaigns
- Interactions with leads
Depending on the system of your choice, you can implement more channels to track. Also, since most modern LMS solutions are highly customizable, custom integrations are possible to implement into your marketing campaigns.
LMS Benefits That Promote Sales
Odds are, businesses wouldn’t opt for LMS if they didn’t want improvements in their sales departments. Since we have covered the basics of standard lead management solutions, it is time to highlight the benefits of such a system for marketers and publishers and maximize sales.
Eliminating Unnecessary Expenses
Without a lead management system in place, you risk spending too much time and effort trying to maintain and manage your insurance leads on your own. Unfortunately, losing time means draining your budget and possibly losing out on converting a lead.
The primary purpose of any lead management software is to make your daily life simpler. In addition, LMS allows you to eliminate unnecessary or unreasonable costs associated with time-consuming tasks marketers and publishers usually face in their daily routines.
Real-Time Reporting
The more leads you get, the easier it becomes to lose track of your current deals. In the modern, fast-paced world where everything revolves around digital, anything can happen in an instant. If you are not sure how to tackle time-related issues, chances are you’re not utilizing your campaigns to their full potential.
Knowing how your buyers and lead suppliers perform is vital, just as much as it is to nurture existing prospects to turn them into actionable leads. It is necessary to have real-time data to improve conversions and sales, and LMS can be quite helpful in this scenario. The ability to see what you’re doing wrong at any given moment is enormous since it allows you to adjust any ongoing campaign within just a few seconds.
Lead Management
Tracking And Sales Analytics
Information and data on your leads are some of the most important aspects of sales. Keeping track of your new leads and engaging with them is just as important as it is to nurture your current clients. This is also applicable when it comes to increasing your sales.
A lead management suite makes it possible to trace and monitor traffic sources from email campaigns and advertisements to blog posts with your content. This is crucial since tracking allows attributing ROI to sales and measuring publishers giving them credit when credit is due.
Workflow Automation
Eventually, you want to have a seamless sales workflow, and an LMS can help you achieve it. No strategy based around leads would be successful if it wasn’t for proper execution. It is simple to integrate and maintain essential marketing tools such as alerts, event calendars, and pings about successful sales and other valuable features with lead management.
What’s excellent about lead management automated features is that they remove the need to track your performance manually. Instead, the reports about campaign performance are available to you at any place, which allows you to stay focused and on track as you work through the day.
Maximize The Potential Of Your Campaigns
Knowing where your leads come from is good, but that’s not everything you need to increase sales. Lead management makes it easier to engage with the right leads once you set up the filters according to the needs of your campaigns.
Lead Generation Monitoring
Automating your lead distribution will validate and allocate your leads in real-time with just a few clicks. Although it doesn’t directly affect your sales, saving time on manual labor certainly does.
Another great bonus of having an LMS in place is that it gives your sales managers a way to track the sales pipeline better. That involves access to a lead’s contact history and simplifying the whole process starting from lead generation and ending with a sale.
Advanced Lead Management System Features
Since the basic features are out of the way, let’s take a look at what more advanced LMS options can offer to help your sales department.
- Lead Uniqueness: More advanced LMS allows analyzing details about publishers and viewing the amounts of leads that could be duplicated. Knowing the value of every individual lead can give you an edge when it comes to sales.
- Detection Of Data Mismatch: Any inconsistency in data can lead to issues in the future. It won’t be a problem with modern lead management because you will see any data mismatch right away.
- Validation Of Emails: A more sophisticated lead management software can automatically separate all incoming emails into various categories or segments, judging by the contact data you have.
- Lead Parameters: Modern LMS makes it easy to compare lead parameters depending on their source (SEO, content marketing, social media advertising, PPC, etc.). With that information, it is easy to upsell the leads.
- Compliance And Fraud Score: By combining all the information on your prospects, it is possible to run individual leads through fraud detection to get a concise report on them.
Key Takeaways
Why should insurance businesses be interested in LMS and similar software?
We took a glance at the solutions that an LMS provides, and here are some of the key LMS advantages that can boost your sales and increase your revenue:
- Improved workflow efficiency
- Enhanced lead capturing
- Improved lead qualification
- Enriched lead pools and tracking prospects
- Fast lead distribution
- Nurturing existing leads
- Increased ROI with re-engaging targets
- Better engagement with leads
When it boils down to increasing sales, in ideal circumstances, you want a system that your sales team will use without altering the sales process too much. Indeed, selling is not about sorting information or juggling the unqualified leads. But, it is all about engaging the right prospects at the perfect moment, using the data you already have.
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Frequently Asked Questions
What is lead management?
Lead management encompasses tracking, distributing, converting, and analyzing leads as an advertiser and, to a lesser extent, as an affiliate. Businesses use lead management systems to automate lead processing, sales, and retention.
Why do businesses need a lead management system?
Automated lead management systems can improve business in every aspect, organizing your traffic flow and unlocking otherwise unavailable traffic insights. In other words, you can learn who your customers are, how their journey evolves, and what you can do better to convert more of them.
How do I get a lead management system?
Cloud-based lead management systems are available on a subscription basis. Depending on size and needs, the subscription price may vary from a few hundred to a few thousand dollars monthly and even more for enterprise-level businesses.
