Love A Lead? Then Set It Free

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Are you ready to pursue advanced lead management?

Many businesses have now adopted our 10 best lead management practices. They’re segmenting prospects, nurturing leads, integrating multiple sales and marketing business practices and ultimately sharing only top-notch leads with sales teams.

Now, for businesses ready to make their marketing programs even more successful, the best next step is to begin measuring the ROI from each lead. Here’s why: In the past, businesses have measured the effectiveness of their marketing campaigns and tried to measure the return on investment associated with each campaign. Today, however, two out of three marketing organizations still can’t tell you which campaigns generate better ROI than others.

What’s the solution to this challenge? Get more granular by creating a feedback loop that measures the effectiveness of your segmentation model and lead-nurturing practices. Done properly, this type of measurement will help you refine those practices, as well as dig deeper to identify new, entirely untapped customer segments.

Dig Deeper, Find New Business

Say you’ve got a well-designed lead-nurturing plan and you pass the highest-quality leads to the sales team to follow up. Do you ever go back later and measure whether you nailed the nurturing possibilities? Most organizations probably don’t sit down and do this explicitly.

Revisiting past assumptions, however, can be a quick way to boost business. For example, we recently helped Panasonic implement Salesforce as part of a merger of three different B2B divisions — offering product lines that ranged from ruggedized Toughbook laptops to digital projectors and beyond. As part of this project, Panasonic created a common sales model and set of expectations backed by a lead management program that automatically created new opportunities, tied to accounts and facilitated easy lead distribution to both inside sales teams and distribution partners.

Today, Panasonic is handling an enormous volume of leads, many of which are generated directly from visits to its website. But how can a business such as Panasonic make those lead management practices even more effective? The answer is to continually revisit your lead-nurturing plans to identify untapped customer segments.

Segments: Refine All Assumptions

Say that utility companies, for example, have historically been better candidates than financial services firms for Toughbooks. Hence a utility lead will score higher than a lead from someone at Goldman Sachs. But do you ever go back and test that assumption? In fact, could it be that, when you do a deeper analysis, bankers in developing countries — or banks that are launching door-to-door sales campaigns — are also looking for ruggedized laptops for pilot campaigns that may later mushroom into large-scale rollouts?

Before, perhaps you made a perfectly reasonable assumption: utility prospects more reliably convert into long-term, high-value customers. But maybe your customer data is revealing that some financial firms have also been signing up to do business with you. Accordingly, spending more time and effort targeting and nurturing these new types of leads might lead to new, sustained sources of revenue.

Lead ROI: Measure This

How do you dig a little deeper and find these types of opportunities? That’s where the concept of lead ROI originates. You need to put tools in place that help you break down and measure the value of a lead. That’s because, whenever you pursue lead management — including designing segments for prospects and customers and creating lead-nurturing models — you’re working with some assumptions. It’s a mix of art and science.

Accordingly, be sure to stop and verify whether your assumptions, or best guesses, are correct. By measuring lead ROI, you’ll gain a bottom-up perspective that will help you not just refine how you segment and nurture the types of customers that you already know are valuable, but also identify business opportunities you didn’t even know you were missing.

That’s the benefit to be gained from advanced lead management.

Learn More

Cloud Sherpas is one of the world’s leading cloud services brokerages and helps businesses adopt, manage and enhance their CRM investment by identifying desired business goals, finding the right tools and technology for the job, and delivering rapid implementations that remain focused on achieving the desired business capabilities.

Post and thumbnail photos courtesy of Flickr user Marya.

Republished with author's permission from original post.

Adam Honig
Adam is the Co-Founder and CEO of Spiro Technologies. He is a recognized thought-leader in sales process and effectiveness, and has previously co-founded three successful technology companies: Innoveer Solutions, C-Bridge, and Open Environment. He is best known for speaking at various conferences including Dreamforce, for pioneering the 'No Jerks' hiring model, and for flying his drone while traveling the world.

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