Why do Businesses need Sales Lead Tracking?

Sales lead tracking allows you to manage, nurture and analyse new leads into your business.
Financial services companies are dependent on the influx of new leads and these tend to be generated in two ways either online or from introducers. The Introvice system allows you to track and manage leads from lead capture to conversion and beyond.

What is Sales Lead Tracking?
Sales lead tracking is the process of documenting the interactions that a lead has with your business, from the point of entry e.g an email, phone call or introduction right through your sales funnel to where that lead converts. Sales lead tracking allows companies to visualise a lead’s journey and to identify any problems with that process. It also ascertains how effective your sales funnel is and provides you with the answer of how to develop more leads into customers for your business.

The Five Steps of the Sales Funnel
Once a prospect has an expressed a wish for your product or service, you are able to guide them through the five steps of your sales funnel:

  1. Prospect – All customers start off as prospects. It is essential to identify your target market so you can start making them aware of your product and services. This could happen through an email marketing campaign or an advertisement on the internet that they come across.
  2. Lead – The prospect starts to interact with a form of marketing from your business for your product or service. This could be through making an enquiry or asking some questions to gain some understanding.
  3. Marketing Qualified Lead (MQL) – Where your lead shows further interest in your product or service making them a potential customer. This could come in the form of visiting your store or requesting a quote or call back.
  4. Sales Qualified Lead (SAL) – Where a lead has been contacted by an employee from your company and is verified and sent to the sales team if applicable.
  5. Closing the Sale – Where the lead makes a purchase and becomes a customer and you continue to build a relationship to ensure that they return.

Tracking your leads through the sales funnel and assessing how effective your sales funnel is could be the difference of your business converting multiple leads to customers. It also allows you to understand your marketing budgets. Introvice can run reports for you showing you how your different lead sources are converting. This is beneficial for marketing budgets along with looking at which introducers may need further support. The increase in sophistication of technology i.e the internet and telephone monitoring means that we are able to gain a better understanding of our customer’s experience. Gaining an insight into our interactions with our customers gives us a greater understanding of what they are looking for and how we can market to them in the future. The better the process, the more
likely you are to convert prospects into customers.

The Importance of Sales Metrics
Once your business has set up a successful sales funnel that is converting a high percentage of your prospects to customers, it is important to identify the sales metrics that are going to provide you with the best feedback to carry on developing your sales process. Sales lead tracking should not just stop at how the customer interacts with you. It should also be about knowing how they impact your business and revenue. From this information, you can gear your products and service more towards their needs to ensure that they keep coming back to you.

A good sales lead tracking process should include the following sales metrics:

  • Sale per Source – Calculates the exact amount of sales generated through each marketing source. Enables you to concentrate on the sources that generate the most sales.
  • Total Sale in a Specific Period – Calculates sales on a monthly, quarterly or annual basis. Provides an idea on how the business is performing.
  • Sale per Demography – Identifies the specific demographic that your business is most popular with. This information helps you identify your target market and
    develop your content marketing strategy.
  • Sale per Sales Assistant – Identifying who in your sales team is high performing incentivises your employees and gives you an idea on who in your company requires further support to generate more customers.
  • Average Time to Close a Sale – This ascertains how long it is taking your sales team to convert leads into sales. This could help to set achievable targets to your
  • New vs Existing Customers – This metric tells you how many of your customers are new and how many of those are returning to you. This could help you identify where you need to concentrate on to increase your sales.
  • Churn Rate – Identifying the number of customers you are losing and why. Developing your understanding in this could lead you to getting these customers back and retaining them by not making the same mistakes again.
  • Average Revenue per Customer – Finding out how much revenue each customer is getting you will help you further identify your target market.

The Advantages of Sales Lead Tracking
If you need any more convincing as to why you need to sales lead tracking, please see a list of
the benefits below:

  • Improved Sales Funnel – Gaining a better understanding of your lead’s experience through your sales funnel will help you understand the challenges that your customers face whilst going through this process. Identifying these problems can help you to improve your sales funnel in order to generate and convert more customers.
  • Quality Checking – Specific sales metrics can monitor the performance of your team to ensure that you are getting the most out of them. An insight into this could identify a need for further training and can help to create achievable targets in order to incentivise and improve your team’s morale.
  • Revenue Understanding – Understanding which specific products and services generate the most revenue can provide you with the knowledge of what you need to focus on most. It can also fine-tune your target market and improve your content marketing strategy.
  • Learn from your Mistakes – Mistakes get made in business all the time. A successful company will make these mistakes and learn from them in order to identify holes in their planning and grow as a company.
  • Better Relationship with your Customers – Learning more about your target market and your existing customer base lets you know what to do and not to do when interacting with them. It means your interactions are always going to seem more positive which increases customer satisfaction and retention.

Introvice is tailored for the financial services sector and includes sales lead tracking a CRM and Management information. To request a free demo and discuss how Introvice could streamline your business contact us on 01202 390050

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