Do you know what the term “lead management software” means? If not, you are at the right place to learn.
It’s one of the important pieces of software in today’s business world to be well-equipped with the concept that significantly improves sales performance and productivity. Just stick with us as we highlight the lead management software’s definition, features, and benefits, providing you with learnings that can be your business’s potential game-changer.
“A lead management system is vital support for a successful sales operation. One thing you should keep in mind: by implementing it correctly, your business can rule!
Okay! Then let’s break this down, step by step, to understand the mean, features, and benefits.
Simply put, lead management is a component of a business strategy that can help increase conversion and sales. It involves a series of steps: lead generation, capture, qualification, nurturing, and tracking.
Suppose you started a “real estate business” in town. You see every customer who steps into your office as your potential lead. Your communication, the atmosphere, and the quality of your properties will play integral roles in converting leads into sales. Subsequently, the customer will buy the property if proper lead management is done.
So, in a nutshell, lead management focuses on guiding potential leads; to address this, you need the proper lead management software.
Now that you understand the definition, let’s explore the key features that you can implement in your business strategies.
We recognize that not every salesperson can monitor all the leads currently in the nurturing phase. Relying on numerous Excel spreadsheets may assist you, but how much information can a salesperson realistically manage? Utilizing effective software can be a significant advantage for your business. It enables you to plan follow-up actions for leads and provides notifications to ensure your salesperson doesn’t overlook them.
As the manager of a potential client list for your real estate business, you can set up reminders to follow up with leads interested in properties.
If a lead requests a call at 5 PM, the system will log the time and it will send you a notification beforehand. Ensuring you never miss the chance to connect.
Without an effective visual representation tool, tracking, managing, and analyzing leads in real-time is impossible. So, with the help of the Lead Dashboard, it is possible. It includes widgets and charts to display key metrics about lead generation, performance, and conversion.
Imagine you are tracking the performance of your team’s sales funnel; you log into the dashboard, and you see:
Total leads: 400
Value of the leads: Rs. 7,00,0000
Converted: 95
Lost: 50
You can see the status of the graph:
Every member of your sales team can be an expert in something. Here is the process of allocating a lead (a potential customer or client) to an individual, department, or team for follow-up, nurturing, and conversation. This step is the most vital feature of lead management software, for a continuous workflow, ensuring accountability and efficient handling of sales.
Imagine you got a lead from California who is Indian and wants to buy a property (suppose sector 92 in Gurgaon) in India. In that case, you can allocate that lead to the team or individual who is an expert in sector 92 properties in Gurgaon.
Leads can come from anywhere! However, this is the process of managing leads from online platforms like email campaigns, third-party portals, or social media campaigns. It aims to track, nurture, and organize these leads to convert them into customers or clients effectively.
Consider your real estate business as an online platform that captures leads. These leads are tracked in a CRM, recording details such as source, contact information, and preferences. Agents engage with leads through automated emails or follow-ups. Analytics provide valuable insights into lead performance and conversions, ensuring no missed opportunities. Ultimately, these leads are transformed into buyers, effectively driving sales.
How efficiently does your team work? Are you aware of the LMS? It helps monitor the performance and activity of team members handling leads to ensure efficiency and accountability.
Imagine a scenario where Agent 1 has 70 leads assigned, while Agent 2 has 40 leads. After conducting follow-ups, Agent 1 achieved a follow-up rate of 50%, and Agent 2 achieved a follow-up rate of 60%. The conversion rate for Agent 1 resulted in 8 closed deals, while Agent 2 closed 7 deals. These metrics are valuable for enhancing productivity and optimizing resource allocation.
Creating leads in lead management software includes entering and tracking important customers’ information, usually through manual or automated processes, to manage them through the sales funnel.
Let’s suppose your potential client fills out a form on a property listing website; those details are automatically saved in the lead management system, like:
Let’s suppose your potential client fills out a form on a property listing website; those details are automatically saved in the lead management system, like:
Name: Krishna Pratap Singh
Email: krishna@sansoftwares.com
Property: 419, 4th Floor, M3M URBANA, Ramgarh, Sector 67, Gurugram, Haryana 122018
Source: 3rd party, social media, or email
Status: New
This is how leads are created for the requirements of your potential client.
In the software, you can customize data fields to meet various business requirements. This includes details required from clients and leads.
Suppose for residential, it is chosen fields like “several bedrooms” and “preferred floor,” etc.
Or
Commercial is chosen; “office space size” and “parking requirements” appear.
Call logs are the most important feature in lead management software because they help any business record and analyze customer interactions. It aims to lead identification and other marketing efforts. Call logs can be used for CRM and improve leads/customer service.
Suppose you called Krishna Pratap Singh on XX/08/2024 at 12:30 p.m., and your call duration is 3 mins, and the outcome is “Wanting to visit.” Here, your salesperson can review these logs to plan further steps, like follow-up or sending the brochures of the property.
As you can see, lead management software is no longer just a fancy thing; it is a regular need for your business. If you are looking to grow in a competitive market. By taking advantage of the LMS feature, your organization can streamline workflow, get meaningful results, and enhance communication.
We think rather than spending on 100s of software for a smooth process, you should choose the best lead management software, like VedaERP, which can do all your work. It is time-saving, cost-effective, does accurate forecasts, improves customer relationships, and optimizes your sales effort.
Don’t let a disorganized process cause you to miss out on business opportunities. Embrace the power of technology and transform your lead management today!
VedaERP is not just a tool for managing leads; it is your comprehensive solution for a wide range of business operations! From purchase management to e-invoicing, project management, inventory tracking, GST reports, and contract management, VedaERP covers it all. As an all-in-one learning management system and billing software, it streamlines your operations efficiently, helping you stay organized and focused on growing your business.
Experience seamless management like never before with VedaERP!
Lead management software streamlines sales by automating lead capture, follow-ups, and tracking. It organizes workflows, allocates leads, monitors team performance, and offers features like dashboards and call logs to boost productivity and conversions.
No, VedaERP is not just about lead management; it also offers robust solutions that include Lead & Sales Management, E-Invoice & E-Way Bill, Inventory Management, CTI Integration, and GST Return Filing.
Yes, VedaERP can manage leads from various online sources such as social media, email campaigns, and third-party portals. It automatically tracks and organizes lead information, enabling seamless engagement through features like automated follow-ups and analytics, ensuring effective conversion strategies.
SAN Softwares is a company dedicated to providing complete software solutions to Corporate and end-user customers.
