With the internet becoming a prime vehicle for marketing and traditional media such print, TV and radio lagging behind, “time to reach the prospect and gain his attention” has become the critical determinant of the sales success. Lead Management or Lead Tracking software is playing dominant role in reaching, engaging and converting sales leads.
Entrepreneurs and online marketing professionals have embraced the use of lead management software in a big way. Even small and tiny businesses are now looking to change from manual or spreadsheet based tracking methods to online lead tracking and management solutions.
As more and more software tools are proliferating in the marketplace to aid the marketers, the lead management terminology is subject to much discussion.
What is in a Name?
Though every industry or business segment has its own whims and fancies in naming the business processes, the information technology solutions industry, which is known for most acronyms and fancy names, is trying to bring the business counterparts.
For example, though Lead Management and Lead Tracking phrases are used in a similar manner to mean the same thing by most businesses, software companies are trying to figure out the differentiation and uniqueness.
Some say that the lead management is an all inclusive phrase to reference the marketing processes starting from Lead Generation ending in Lead Conversion (or lead disposition). They also say that the lead management looks things from a management perspective while the lead tracking looks at the same from operational perspective.
However, others say that lead tracking means the same as that of lead management. Especially from the system perspective, the software helps to basically to track the leads right generation stage to disposition stage.
Hence, it does not matter what you call it. Think what it can do to your business. Yes, the lead tracking (or lead management) software helps you do the following:
- Capture leads (or prospect information) from one or more web sites
- Aggregate leads from one or more lead vendors or third party systems
- Qualify, assess, rank or score the leads based on lead source, profile, etc.
- Distribute or assign leads based on pre-determined business rules to internal and external sales teams
- Send new lead alerts / notifications to the responsible sales entity / sales person
- Nurture leads using drip email marketing broadcasts and newsletter communications
- Track online behavior of the prospects
- Track and log every aspect of lead follow-up (This is the most manual intensive process.)
- Track sales stages and processes and conversion progress
- Alert field sales force based on the lead activities online (email opens, clicks, downloads, web visits, etc.)
- Send follow-up reminders to sales people
- Provide detailed, real time analysis reports and lead conversion metrics
- Help convert more leads to customers (for the same or less efforts)
As the devil is in the details, better look at the details and what a software tool can do for you, rather than wasting time on what it is called.