Posted in Marketing and Strategy Terms, Total Reads: 505
Definition: Lead Management
Lead Management is a set of practices, systems, and methodologies designed to create new potential business clients, normally operated via variety of marketing programs or campaigns. These strategies are developed for direct-to-consumer as well as business-to-business leads. It is generally a precursor to customer relationship management and sales management. This is a critical connecting link which facilitates the creating a market brand, acquisition of new customers and selling to existing customers. All of these stated factors increase business profitability.
The principles of lead management provide a structure for managing business inquiries, often called as leads. The structure provides a platform for organization of data considering the distributed nature of sales force and also the various stages of sales process. Information system management has provided a lot of Customer Relationship Management software which takes care of Lead Management using Internet and computer. In-spite of the computerization, personal interaction with the lead inquiries is still important to success. Although lead management includes marketing, advertising, brand development and sales—the aim is to increase visibility, create new business revenue, and improve the perception of prospective customers and the masses at large for business development in future.
A Lead Management process generally follows the following steps:
• Lead generation - Engagement in a wide range of advertising media
• Inquiry Capture – Responses are captured which create a Customer inquiry, the lead
Or respondent's information is recorded
• Inquiry filtering - Recorded information is then tested for validity
• Lead grading - The filtered leads are prioritized and ranked as per their potential
• Lead distribution – The leads are allocated to marketing or sales personnel
• Sales contact - Contacting the leads for prospective business transaction
• Lead nurturing – All the contacted and not contacted leads are followed up