Thankfully, the lead management process becomes seamless and simple by means of the right lead management software.
First, a quick explanation of the terminology.
A lead is someone who’s interested in what you’re offering. This is different from a prospect, who is simply someone who belongs to your target market.
Every customer starts out as a prospect, becomes a lead, and then finally becomes a customer (and hopefully a repeat customer).
Often, people will talk about inbound vs. outbound leads. An inbound lead is a lead that comes to you, while an outbound lead is a lead that you go out and get.
Therefore, lead management is the process of generating those leads, qualifying them, nurturing them, and converting them. It covers a lot of ground, but don’t worry––we’ll be diving deep into each aspect of lead management.
Why You Need Lead Management
While every business manages leads in some capacity, some businesses don’t have a solid lead management system in place.
If you’re one of those businesses, then you’re probably suffering. Companies without lead management systems tend to convert leads at much lower rates than companies with those systems.
In short, lead management helps a ton.
With good lead management, you can convert more leads, prevent lead loss, and nurture long-term relationships.
It doesn’t matter how big your business is or what industry you’re in––you absolutely need lead management. Without it, you’re potentially losing hundreds if not thousands of customers.
Now that we’ve looked at why lead management is so critical, let’s look at all of its parts one by one.
Lead Management: Lead Generation
Lead generation is the process of gaining leads, and it’s an integral aspect of lead management as a whole.
Basically, lead generation involves getting people interested in your product or service. It’s when prospects––people in your target market––become leads who have the potential to be customers.
Without lead generation, you won’t have any leads to manage, so it’s obviously a huge part of lead management.
Here’s an overview of the lead generation process from start to finish, courtesy of Hubspot: