Lead Management Software
What is Lead Management Software?
Lead Management software analyzes, qualifies, and cultivates incoming sales leads so they can be converted into new business deals. It is a critical subset of CRM (Customer Relationship Management) and a part of Marketing Automation. It is also known as customer acquisition management, contact management, or prospect management. Sales Pipeline software and Sales Intelligence software are related categories. Lead generation and lead capture capabilities are often included within lead management software.
Lead management systems bring in leads that have been captured from a variety of sources such as:
web forms and web cookies
It moves the leads through qualification and nurturing until they are ready to be turned over to a sales rep to close the deal.
The platform collects intelligence about leads, scores them, and tracks them. The leads are categorized; sorted by legitimacy and priority. For each category, guidance is provided on the best way to follow up with the lead and convert them into customers. This information allows marketers to understand which tactics bring in the highest quality leads, which sales strategies are effective, and which stages each lead must pass through before becoming a customer.
Lead Management Software Features
Most lead management platforms will include the following features:
Customer Interaction Tracking
Automated Data Collection and Management
Lead Capture and Source Tracking
Lead Qualification and AI-Powered Scoring
Lead Segmentation and Prioritization
Sales Team Routing Rules, Distribution, and Tracking
Prospecting Tools and Sales Tracking
Analytics / Forecasts / Reporting / Custom Dashboard
Third-Party app integration
Depending on the product, lead management may be cloud-based or web/browser-based. They are generally supported by Windows, Mac, Android, Linux, and iOS systems.
Lead Management Software Comparison
To choose the appropriate set of tools, first assess the complexity of your sales process, the number of leads generated, the size of your sales team, and the opportunities for future growth.
Before purchasing lead management software consider whether your requirements dictate that it be part of a CRM system, a marketing system or work best as a standalone option.
For businesses where the customer relationship ends with a sale, a pure lead management system is sufficient. For businesses where it is important or necessary to continue the customer relationship after the sale, a CRM system would be a better choice. Lead management software may also be a better fit for smaller businesses that aren’t yet ready for a larger and more complex CRM system.
If you’re considering leveraging your CRM system as a lead management tool as well, note that some CRM systems are especially geared towards and effective for sales, while others are tailored to support specific industries.
Evaluating which of the many available features are required will narrow your product choices.
Factor in training, ease of use, and the amount of time it will take to get up and running with the software. Cloud-based options are usually quicker to implement.
A basic subscription plan ranges from $12 to $40 per user, per month, when billed annually. Advanced versions with greater functionality and CRM capabilities can cost up to $200 dollars a month, per user.
Some vendors require that you request a pricing quote, others offer free trial or limited capability free versions.
Support is usually included in the pricing; however, some vendors require an additional fee for premium support.
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Frequently Asked Questions
There are several important benefits of using Lead Management Software:
- Increases the number of leads generated
- Increases customer acquisition and engagement
- Improves lead processing efficiency
- Centralizes all information about customer activities, interests, and leads
- Prevents redundancy, filters out duplicate leads
- Defines and controls lead workflow, tracks the lead, and highlights active leads
- Predictive analysis/forecasts and real-time reporting
- Improves sales and marketing team coordination