How To Effectively Manage Raw Leads And Convert Them
Managing raw leads is an important but often overlooked task for any business. It's a complex process that requires efficient organization and coordination of resources to ensure maximum lead conversion. Having lead management tools in place is vital for keeping your sales team focused on the prospects who are most likely to convert, instead of the prospects that don't. This results in your reps neglecting the prospects that are the most likely to convert.
A sophisticated lead management process will help you get rid of the tire kickers in your sales cycle as well as prioritize the leads who are most likely to convert into customers if you would like to ensure your sales efforts are directed at the right target.
In this blog, we will explore the challenges of raw lead management, and how those challenges can be addressed with new AI-powered technologies.
What are Raw Leads?
There is a difference between raw leads and polished leads. Raw leads are new leads that you receive - you are not sure of their potential, so it is your job to filter them and identify the ones that are worth pursuing.
A raw lead is a list of unqualified leads at the top of the funnel. It may be difficult for you to determine what the lead is and what their potential really is. Some people may be perfect-fit prospects, others may need nurturing, and the rest will need to be removed.
As a result of marketing activities like content downloads, website visits, webinars, and tradeshows, raw leads can be obtained very easily and they are easy to manage and target. Although raw leads are valuable, they can easily disappear into thin air, if proper attention is not paid. Thus, you must pay close attention to how you are managing raw leads if you want your entire sales process to succeed.
Type of Raw Leads
There are four types of raw leads:
1. Inbound leads: These are generated when a prospective customer takes an action, such as filling out a form on your company’s website, that indicates they are interested in your product or service.
2. Outbound leads: These are generated by your sales team through their relentless efforts, such as cold-calling or emailing potential customers.
3. Referral leads: These come from current customers who refer someone they know to your company.
4. Third-party leads: These are generated by lead-generation companies that specialize in finding potential customers for businesses like yours.
The most common type of raw lead is inbound lead. To generate inbound leads, you need to have a system in place that captures the information of prospective customers who visit your website or interact with your company in some way. This system can be as simple as a contact form on your website or a more sophisticated marketing automation tool. Once you have this system in place, it’s important to actively promote it so that potential customers know that you exist and are interested in hearing from them.
Outbound leads require more effort on the part of your sales team but can be very effective if done well. The key to generating successful outbound leads is to target the right prospects with the right message. Since this can be difficult to do on your own, so many companies choose to work with inbound leads.
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What is Lead Management?
In the lead management process, there are several steps involved, including capturing leads, analyzing their information, determining whether they are likely to buy, and tracking the conversion of leads into customers. In addition, lead management software will offer the automation of sales forces, which will reduce the amount of time spent performing repetitive administrative tasks that tend to consume a lot of time regularly.
With this strategy, sales teams can handle a higher sales volume while still being able to nurture leads further down the funnel by taking the right steps at the right time.
It is important to keep in mind that the best lead management tools don't just assist you in identifying the best leads for you to pursue—they also help you capture and analyze data so you will have greater insight into the preferences and dislikes of your customers. As you gather data about leads, you can gain valuable insight into what business practices contribute to profitability and which ones are driving away business.
Common Challenges with Managing Raw Leads
The challenge of managing raw leads is that they are, by definition, unqualified. They require time and resources to research, nurture, and develop into qualified sales leads. Additionally, there is often a lack of data associated with raw leads, making it difficult to know how best to approach them.
The key to successfully managing raw leads is to have a CRM lead management system in place for quickly and efficiently nurturing them into qualified sales leads. This system should include processes for researching leads, building relationships, and providing relevant information and resources. Additionally, it's important to track data and metrics associated with raw leads so that you can continually improve your approach.
Raw leads can be challenging to manage for several reasons. The first challenge is that raw leads are often absolute, which means they may not be interested in your product or service. This can make it difficult to determine whether or not you should pursue them as a potential customer.
Additionally, raw leads can be difficult to keep track of since they haven't been contacted yet and may not have any information associated with them in your CRM system. This can make it hard to prioritize which leads to follow up with and when. Finally, raw leads can be time-consuming to work with since you'll need to do more research on them to qualify and convert them into sales-ready leads.
Benefits of an Automated System for Managing Raw Leads
An automated system for managing raw leads can provide many benefits, including:
-Increased Efficiency: An automated system can help you manage your leads more efficiently by automating key tasks such as lead capture, nurture, assignment, scoring, downloading reports, and follow-up. This can free up your time so that you can focus on other important tasks.
-Improved Quality: Automation can help you improve the quality of your leads by ensuring that they are properly captured and entered into your system. This can help you avoid losing potential customers due to errors or omissions.
-Greater Accuracy: An automated technique can help you achieve greater accuracy in your lead management by automating key tasks such as data entry and lead assignment. This can help you avoid mistakes that could cost you a loss of potential customers.
-Reduced Costs: Automated lead tracking software can help you reduce your costs by eliminating the need for manual lead management processes. This can save you money in the long run by reducing the amount of time and resources required to manage your leads effectively.
Best Practices for Handling Raw Leads
For companies looking to grow their businesses, having a reliable system for handling raw leads is essential. But with traditional lead management systems often being outdated and inefficient, it can be hard for businesses to keep up with the ever-growing competition. Find out in this blog how AI can help you manage your raw leads more effectively and gain an edge over your rivals.
Let's take a look at five various methods your sales team can use to manage unqualified leads and maximize them.
1. Define qualified leads
The classifications of qualified and raw leads across the sales and marketing teams may vary. Therefore, be certain that your lead classification criteria are sound.
One option is to offer the marketing team a checklist based on your specifications. Depending on your company's and the industry's unique requirements, the criteria may change. Consider these typical components when defining leads:
2. Implementing a lead-scoring tool
Lead scoring is a further recommended practice for establishing impartial standards. After defining leads clearly, you should be able to precisely identify when a lead has warmed up, been qualified, or exited the funnel.
Lead scoring is the method that may be used to do this. A report claims that using this technique helped businesses increase their lead generation ROI by 138%.
The process of lead scoring involves assigning numbers to leads and ranking them according to their importance or perceived value - the chance of becoming a customer.
How precisely do you rate leads? Examining your present clients and abandoned leads is the most typical method. You'll be able to identify a trend or a typical set of qualities that the majority of high-quality leads matched.
Consider the scenario where a particular demographic constituted the majority of your previous high-quality leads. You can construct a score by giving this quality a high point. This demographic has a higher score for leads on your list. Afterward, you can prioritize the importance of your lead nurturing and outreach procedures.
You only need to customize your custom parameters once on TrackOlap’s sales lead management software, and afterward, your list will always be rated automatically. Without having any technical expertise, you may create these parameters based on the role, business, revenue, and the number of employees. The ultimate score is calculated by weighing each lead.
In addition to managing the raw leads acquired, lead scoring can assist sales and marketing to track the lead pipeline, through a mobile app.
3. Explore other communication options
Likely, you won't get a response or even open rates when you begin emailing unqualified leads. You might even get marked as spam, which would ruin your brand image in the market.
Attempt to engage leads on alternative, frequently through more official routes to address this. Make sure they follow you on social media. Those who continue to visit your website but don't read emails can also see paid advertisements.
With a lead management platform like TrackOlap, you can take advantage of our analytical dashboard to centralize all of your customer engagement journeys and establish automated lead nurturing routines in addition.
4. Provide personalized information
Don't send them information out of the blue when you have unqualified leads in your sales pipeline. Learning about the lead's background, potential issues, and prior interactions with the business are the first things you must do.
Raw leads will be more receptive to your offers if you send them content that has been specially designed for them. Consider a scenario in which the lead was acquired via an event. Based on this, determine their interests and provide them with relevant information.
On TrackOlap, you can quickly analyze the sources of leads, lead pipelines and review previous interactions with the business. You can use this to develop customized lead-nurturing efforts and sales funnel stages according to your target audience.
5. Offer leads a way to refuse your offers
Eliminating poor leads and uninterested individuals from the list is a crucial component of managing raw leads successfully using free tracking software.
The lead is probably lost if a person subscribed to your email list but did not interact with you again. Make a section of these prospects, identify them, and then write an email offering them the alternative to opt out of the mailing list.
Your email insights may be skewed by leads who keep unsubscribing. Cleaning your list from time to time will help you focus on potential leads.
How TrackOlap’s CRM helps you manage raw leads
You must have a system in place to keep track of and nurture all of your raw lead connections. By doing this, you'll make sure leads don't get misplaced and you connect with the correct prospects.
Gaining visibility into your sales pipeline, managing contacts, and increasing productivity are all possible on the simple-to-use TrackOlap Sales CRM platform .
● Keep track of all lead- and contact-related activity in one location, as well as assign leads and customize sales funnel stages.
● Set up automated activities, such as the creation of an activity, the upgrading of specific fields, or the highlighting of qualified leads, to score them as Hot or Cold.
● Focus on the right leads: By automatically weeding out unqualified raw leads, you can devote less time investigating leads that aren't worth your time. Your sales team's effectiveness will rise as a result, allowing you to concentrate on more crucial leads.
In today's world of business, it can be difficult to keep track of the different aspects of lead management. From the process of gathering leads to tracking them through their customer journey and converting them, several challenges can arise. Raw lead management is a critical part of any successful business. But, as technology advances and more companies transition to digital systems, traditional lead management methods are being challenged by new opportunities.
But, enabling automation in the lead tracking system can give your business an edge and help you stay out of the curve by unlocking more opportunities, resources, and ROI. TrackOlap, the best lead management software for the past couple of years has been helping businesses manage, assign, track, customize pipelines and score raw leads most efficiently and seamlessly.