Lead management is the system of sorting, setting priorities, and creating sales leads generated from various sources. Due to particular marketing strategies, implemented sales generating, and advertising practices, any company can create its own widened client base to allow business to grow further. Process systematization can optimize expenses and make the operation of enterprises more efficient. So, how does one reach a maximum level of business process optimization?
Leads are a strong source of development of both startups and successful established companies. Various organizations try to do their best to generate as many leads as possible; however, lead generating is only a starting point for increasing profit. Converting potential clients and contacts into sales is the most difficult task for business owners. When a company grows, the need for an automated system becomes crucial for managing communications with existing contacts or those who express their interest in a particular product or service. This is the stage when implementation of a leads management system (LMS) can boost income growth.
The algorithm of a lead management system in an average organization looks like this:
Implementation of various advertising techniques;
Contact is made by a potential client, to learn more about an offer;
Client contact information is saved;
Client’s possible interests are analyzed, and other company offerings are targeted to the specific individual;
A priority lead is set;
Lead is transferred an appropriate responsible department;
Lead is answered by a responsible representative;
Communication data is recorded to further processing and analysis;
Sale is completed.
How can leads management software development help process potential customer appeals faster, and convert them into sales?
Why leads management software is important
Taking into account the necessity of having a cost-effective sales staff, it becomes evident that the key to reducing expenses is the actual increase of department efficiency. This means that each salesperson has to be able to service more potential students and, furthermore, each sales development representative (SDR) has to communicate with those leads who may potentially make a purchase.
Where does the LMS get its data from:
Email marketing lists;
Various customer databases;
Social media platforms; and
Manually-entered data on event contact lists.
LMSs also organize behavior, firmographic and demographic data to better understand target audiences and what turns a particular lead into a potential buyer.
How companies use lead management
Companies develop a leads management software because they strive to accumulate and structure data in a proper way, in order to quickly and efficiently access and analyze it. LMS provides an opportunity to collect measurement reports, monthly or annual goals, communication history, and campaign results, all while maintaining this data in one accessible place.
Two main advantages of using LMS include immediate follow up and nurturing leads.
Immediate follow up
Inquiries received by a site’s “contact us” form or company email are immediately transferred to an available SDR. LMS structures and saves all inquiry data, allowing a salesperson to respond in a timely manner and provide a potential customer with proper help without having to reiterate the original inquiry information. A fast and helpful response is the key to successfully converting the lead into a sale.
Sometimes, people approach an organization to learn more about their services or products; they may not express a clear intention to make a purchase or order, but they may be searching for specific brands or characteristics. Various configurable algorithms allow LMS to distinguish leads that can potentially be converted into sales.
Choosing the right technology
The more intuitive technology developers choose, the more efficient their system becomes, and the higher results they achieve. Both web-based applications and ordinary PC software can operate properly when applied technology is able to support all requirements of the LMS.
Basic frameworks exist, as follows:
MV frameworks (MVT, MVC, MVVM and so on);
Server-side frameworks (Python, Laravel, ASP.NET, Ruby on Rails); and
Client-side frameworks (AngularJS, Silverlight, BackBoneJS).
Processing large amounts of data requires the use of cloud-based technologies for fast and efficient analysis, and will help save more resources such as memory and expenses in web application development.
Depending on what kinds of data a law school plans to collect and analyze, it might be useful to consider using neural networks for deep and advanced analytics. Cost-effectiveness is one of the most important aspects in choosing the right technology for creating a web-based leads management system for law school.
Enhanced collaboration of sales efforts
Generating sales is, obviously, a collaborative effort. Synchronization and correct distribution of responsibilities will generate more leads and, as a result, turn them into students. This conversion process is maintained by logical and precise cooperation between different departments.
The schema of cooperation between department for generating sales looks like this:
Marketing generates leads (advertising, inbound marketing, etc.);
Leads are transferred to SDRs; and
Leads are distributed between SDRs, taking into account their areas of specialization.
In order to create a leads management system for university, it is necessary to realize that the main function is to get a whole team involved in the sales generating process. Time is very important for sales generation and, the sooner a team processes a lead, the more chances there are to convert it into a sale.
Lead analysis and qualification
Correctly analyzing leads helps save resources, allowing them to concentrate on inquiries that are worth following and have a high chance of converting to sales. Sometimes, it may seem difficult to define the lead’s intention and determine whether or not that initial inquiry will turn into a course purchase. Most marketing managers face this task every day. Various open source and custom algorithms are primarily designed to distinguish general inquiries from hidden and obvious intentions.
Examples of different inquiry types include:
General inquiry: Who is the owner of your law school?
Hidden intention: When does the course start?
Obvious intention: How can I pay for the course?
Online LMS applications process, qualify, and rank leads using cloud-based algorithms and distribute inquiries between corresponding specialists. Lead management systems are extremely helpful tools for any project manager.
Automated lead nurturing
Right after an inquiry is received, a lead management system has to process it. What does this include? Processing may involve responding via email, sending requested information, or following up with a phone call.
How automated nurturing works:
A lead comes in via a “contact us” form on the website;
The LMS generates an automated email response;
The LMS transfers the lead to the appropriate sales representative;
The LMS alerts the marketing department to send the requested information;
The LMS records every step of communication and notifies the team; then,
The LMS notifies a responsible SDR if there is a need to follow-up with a call to the enquiring person.
Such logic allows the department to follow all necessary steps, use every opportunity to finalize a sale, and inform every team member about the status of a lead.
Improved marketing and lead-generating efforts
The most significant feature that lead management software must contain is the ability to provide a deep analysis of marketing lead-generating efforts.
Lead-generating tools include:
Public Relations (PR);
General sales tactics;
What is lead-generating efforts analysis? The LMS should help identify the most efficient sources of high quality leads. The system must be able to define a particular marketing technique that achieves the highest number of easily converted leads.
Correct result analysis can be achieved by taking into account the selling cycle length from the start of the advertising campaign, or other marketing efforts, through to the moment when a law school receives a course payment.
The return calculation is actually a comparison between a planned return and a factual one. A number of conversions play a serious role in progress analytics, though the commercial law school’s main goal is, specifically, the profit component. That is why it is so important to operate metrics which are essential for further business growth.
Indicators such as conversion rates and return on investments (ROI) provide an opportunity to monitor effectiveness of a law school’s marketing strategy, while profit will indicate the total growth rate of the institution. So, in order to build a custom leads management system, it is important to define all required features and necessary functionality for a law institution to get as many students as possible, to ensure continuous growth.
Hiring a professional outsourcing team for software development is always a cost-effective solution for institutions that are involved in specialization not related to the IT-industry. Our company has extensive experience, including module development for Columbia Law School, where we won a tender to transfer their desktop solutions in 2011 from PowerBuilder to the open source web platform Java, GWT.
In addition, we also developed six additional modules for processing data around courses, students, and professors. Columbia Law School received a multi-functional mobile application, helping students register for upcoming courses, with the ability to evaluate them, check schedules, and apply for various programs within the app.
Boost your sales by implementing a leads management software solution that is created by experienced developers and experts in the field. For more detailed information, contact us at firstname.lastname@example.org.