Sales is one of the cornerstones of a business, and an effective lead management process is the key to facilitating sales. Lead management refers to capturing, tracking, and nurturing potential customers or leads from their initial contact with a business to conversion or sale. It involves systematically managing and guiding leads through various stages of the sales funnel to maximize the chances of conversion.
Discover more about leads and lead engagements here.
Here at Vymo, we believe that different aspects of lead management can be streamlined and enhanced to improve sales and boost revenue growth. These include:
- Appropriate Lead Allocation:Every salesperson is different from the other, and they all have their own strengths, and the sales engagement style varies based on the type of customer. Hence, appropriate lead allocation plays a huge role in sales conversion. Vymo allocates leads to sales reps and relationship managers based on a predefined set of rules. We further use this data along with lead conversion metrics to develop an ML-based algorithm for optimized lead allocation leading to improved accuracy and sales productivity. This article highlights how ML-based Allocation can improve sales productivity by 60%!
- Contextual Lead ManagementEvery lead coming into your pipeline has different attributes and requirements from the previous one, hence making the conversation with each lead highly contextual. Your sales reps and relationship managers must have a great deal of customer context before engaging with them to improve the likeliness of lead conversion.Vymo’s lead management platform captures all customer attributes and engagement activities including meetings, calls, SMSs, etc. to contextually nudge sales reps and RMs to perform actions leading to a successful lead conversion based on ML-models. TThis helps a manager have more control over their team’s activities and streamline sales, making it easier to deploy process enhancements.
- Workflow Management
A lead’s sales journey will vary based on their responses and actions, hence it becomes important to establish disposition-driven workflows. Recording and tracking dispositions allows sales teams and managers to analyze and monitor the progress of leads, identify trends, and make data-driven decisions to improve the effectiveness of their sales efforts. It helps prioritize follow-ups, allocate resources, and identify potential bottlenecks in the sales pipeline.Vymo’s workflow management solution can be developed to suit customer requirements based on their dispositions. This helps bridge the gap between different sales channels and internal stakeholders for better collaboration and access controls.
- Performance Management
Managers can improve their team’s performance by closely monitoring sales and activity metrics. This information can be used to diagnose pain points and to implement different strategies to achieve desired outcomes.With Vymo’s Performance Management Module, managers can easily track the key performance indicators (KPIs) and incentives for all team members and partners. The module also includes sales leaderboards, providing maximum visibility for managers. Apart from this, Vymo Coach helps managers get alerts in case their intervention is needed for course correction or performance improvement in their team. Did you know that the right Coaching techniques can turn Sales Laggards into Leaders? Here’s how!
- Incorporating Cross – Selling Strategies:
Leads coming in from one channel for a certain product can also be shared with other product verticals in an organization. Upselling and cross-selling is key in gathering more lead data, mutually benefiting multiple verticals and the Business.Vymo helps complement the strengths of highly verticalized lines of business by incorporating upsell and cross-sell suggestions for leads based on their attributes and requirements. This helps seamless lead-flow from one vertical to another and improves sales productivity.
Effective lead management enables businesses to streamline their sales processes, prioritize leads, and increase conversion rates. It ensures that potential customers receive appropriate attention and nurturing, leading to a higher likelihood of sales success. By leveraging lead management techniques and technologies, businesses can enhance customer acquisition, drive revenue growth, and improve overall sales performance.
If your lead conversion is 5%, what happens to 95% of your leads? Know more on ‘How to Implement an Effective Lead Management Process for Maximum Results!’