Lead Management Resources

Obviously, you are buying internet leads right now or planning to buy leads in the near future. Otherwise you may not be on this lead management resources blog post. I keep hearing all the horror stories of buying leads and getting burnt. In fact, some of them who took a plunge by pumping lot of money into buying leads may have realized that running a business with leads generated on the internet is not an easy task. I hope that these stories are exceptions rather than wide spread events.

Just like any other business initiative, buying leads from external lead generation service providers also comes with its own inherent risks. However, the rewards are multi-fold, if you know what your are doing, have done the research, and following the rules.

Here are 10 secrets that everyone buying internet leads from lead providers or on the verge of getting into the game should know, understand and practice methodically.

1. Learn to generate some of your own leads: Well, unless you have been in the trenches, you would not have known the tricks of the trade. Whatever theoretical knowledge that you gain may not give you the depth of the understanding that you gain from actually doing lead generation. This is not to advise you to deviate from your core business practice and get into internet programming or avoid outsourcing. Once you understand the basic technology and issues in internet lead generation, you will become a pro in lead buying.
2. Evaluate the Lead Providers: Before handing over big chunks of money to lead providers, do evaluate a select list of providers. There are several resources both online and offline. Keep in mind that Big need not be Better always. In fact some small providers may be nimble, proactive and cheap!
3. Research on the Internet: Do your homework using the Internet. Compare the lead providers in your vertical. Whether you are in Debt settlement, Loan modification, Mortgage services, Insurance, Education or some other niche you can find many competing service providers.
4. Assess Lead Provider Website Resources: Most lead providers will have lots of information on their websites. Spend some time on these sites and understand the differences within various companies.
5. Study Lead Generation Methods: As mentioned in Step 1, if you know what it takes to generate leads, you can ask all the right questions. Review their lead generation sites, landing pages and registration forms. Understand the implications of collecting leads using various methods such as co-registration and incentivization.
6. Analyze the Landing Pages: Make sure that the content and instructions provided on the landing pages work for your business. Analyze the data collected as part of the lead capture and assess if it will work for your business scenario.
7. Focus on Quality of Leads: Unless the leads you buy convert in significant ratio, there is no meaning in buying boat loads of leads; your sales team will be frustrated and overwhelmed. Evaluate if you can buy pre-qualified leads and see if it will be cost effective. Understand the validations and verification procedures employed, if any, by the lead provider.
8. Decide: Exclusive or Shared leads? Exclusive leads will be pricey, but the conversion rates may be higher. Note that many lead providers such as mortgage, debt and insurance lead providers may not provide exclusive leads and may force you to choose Shared leads.
9. Recognize and utilize Good Lead Providers: You may have noticed some of the lead providers, even if they are new or small, will be better than others, easy to work with, flexible and provide great service. Recognize them and try to leverage their knowledge in lead generation industry and their experience with other customers.
10. Track and Manage Leads effectively: Do not start buying leads, unless a you have a internet sales lead tracking software system in place and understood what you can do with it. With lead management system, you can collect leads from lead providers directly, assign to your sales agents / reps, track the sales progress, and measure the performance in term of  lead conversion, agent productivity, and business results.

Lead Response Management is the process of responding to and managing the inquiries / sales leads in a timely, consistent fashion. While choosing and deploying a Sales Lead Collection, Tracking and Management software system will help you in the process, this alone will not result in lead conversion. The business lead management software is just a tool in the hands of a marketer which helps to capture leads from internet and other sources, route to sales reps, provide real time alerts and management the sales process. Lead Management includes lead response management phase.

Lead Tracking and Management Processes

In the era of Internet Lead Generation and sky high expectations from the consumers and prospects, it is essential to equip yourselves with resources and lead management processes for achieving a great sales conversion rate. Here is set of great resources on lead response management and allied areas, including research studies from MIT and Kellogg.

http://www.leadresponsemanagement.org/research

If you are converting the leads for your business, then effective lead response management is a critical phase of your marketing and sales process.

If you are an internet lead generation company and distribute the captured leads to the buyers, it is essential to deliver the prospect information to the end buyers in real time using a lead collection and distribution software system as the delay in response will result in lost customers.

If you are generating and sourcing leads, you should have heard about DocStoc, SlideShare, and Scribd and probably using one or more of these as your web 2.0 marketing tools. You documents, whitepapers, presentations, templates  and case studies can shared with the web visitors. I have been using these sites for quite some time and see great benefits. Now SlideShare has come up with their LeadShare solution for collection and capture of leads for reasonable cost ($1 per lead). If you have been wondering why you are not getting the information of people who downloaded your documents from SlideShare, now you know!

You may take a look at my SlideShare portal on LeadPro247 Lead Capture, Distribution, Tracking and Survey Management. I am yet to test out the LeadShare feature. Please let me know if you folks have tested the same.

If you are a B2B organization, reaching your sales reps immediately and connecting with the prospects with least delay will help increase the lead conversion rates significantly. If your rep is the first person to contact the prospect, the chances of winning the deal is much higher assuming that you have suitable product to service the lead.

Lead Delivery

It is a fact that B2B sales reps are spread all over the geography and delivering the leads captured via the landing pages almost instantaneously is a critical requirement. This is generally achieved by email alerts and SMS text messages.

However pushing the message with lead information may not lead to the immediate prospect contact, as the sales reps have to proactively read the lead alert messages and dial the potential prospect. With the plethora of devices in hand, juggling of schedules and driving around town, it may not be easy for them to react immediately.

Lead Delivery via Voice

The reason why several large CRM system implementations ended in mere hype and no visible sales increases is well known. All of us know why the sales reps hate CRM systems! Well, these system increases their work load instead of helping them sell more and close more deals. At the same time, they would be glad to listen to their lead administrators and back office secretaries for the simple reason that they speak with them and provide relevant information!

If we can take a leaf out of this practice, and help the sales reps with voice delivery of prospect information received from the internet / marketing center, they would be glad to listen to the message and motivated to take action.

Lead Capture, Distribution and Tracking systems such as LeadPro247 leverages this fact and helps deliver the lead profile information to the sales force using highly advanced text to speech technology.

Voice Delivery Process

In the first step, the lead profile details collected from the sign-up forms, registration sites, and landing pages are converted to voice instructions using sophisticated text conversion algorithms.

Then the system automatically dials the sales rep’s cell phone and reads out the lead information when the picks up the phone.

The system can use round robin or specific lead assignment rules to choose the sale representative to dial out.

If a round robin process is used to make the automatic calls, the rep can choose to accept the lead or push it back to the queue, so that the lead delivery system can dial out to the next rep.

Auto Dialing the Prospect

When the sales rep accepts the lead information, the auto dialer built into the system can also automatically dial the prospect and connect to the next available rep.

This process significantly reduces the efforts on the part of the sales reps and helps them reach more prospects and sell to more customers.

Cost Benefit

Since an internet generated lead can cost from a few dollars to tens of dollars, the incremental voice delivery cost (around $1) is more than offset by increased prospect reach and sales conversion ratio. The voice delivery mechanism, generally provided as a value added service can also be leveraged by B2C customers.

Following sales lead tracking best practices using Lead Tracking Software solutions such as LeadPro247 significantly increases the chance of converting the Lead into a Sale. It is a known fact that over 70% of the prospects are never followed up in time. While employing a lead management software helps to reduce this rate to some extent, using the lead tracking best practices results in high lead conversion rates and increased prospect satisfaction.

Lead Tracking Process

Lead Tracking is nothing but the methodical way of following up with the prospects and recording the lead follow-up activities in the lead management database.

If the sales personnel are not in a position to log the follow-up actions and the results, especially in the case of small businesses, a lead administrator or lead coordinator can update the same in the central database. This practice helps the sale representative in getting an unified view of the lead during the next call or on site visit. Once the sales personnel realize the benefits of of centralized lead tracking, they will start following the process for their own betterment.

Tracking Log

The sales lead tracking log will include the following components, among others:

• Lead Origination / Capture Info
• Lead Assignment Info
• Drip Emails sent to the prospect
• Lead Reassignment or Transfer to another sales rep, if any
• Demo Requests from prospects
• Onsite Visits
• Telephone calls made and received
• Call Back reminders
• Gist of Email communications
• Snail Mails sent
• Marketing Literature fulfillment, if any
• Samples delivered, if applicable
• Movement of Sales Tracking Stage

Visibility to all this tracking information will save considerable time for the sales personnel. The sales support staff (at the back office) can also alert the sales reps based on follow-up triggers.

While many marketers and businesses have started realizing the importance of contacting the prospect at the quickest possible time from the point of lead capture, further follow-up activities have not caught up as required. Deploying a suitable lead management system and adopting simple best practices for lead tracking is imperative in today’s internet centric marketing era.