How to do Lead Management that Improves Conversion
HOW TO DO LEAD MANAGEMENT THAT IMPROVES CONVERSION
Have you looked at your lead management approach from the perspective of customer experience? If not, you may want to start now.
The average conversion rate of marketing qualified leads to customers is low. You may be wondering: how low?
According to Forrester, top performers convert 1.54% of marketing qualified leads to revenue. This means almost 98% people who start the customer journey are lost.
Also, marketers see generating high-quality leads as their number one business challenge according to The 2017 State of Digital Marketing Report published by DemandWave.
I’ve learned that increasing your lead quality (or quantity) won’t make much difference unless you can help people with their buying journey. It’s about customer experience.
Customer experience matters
LeanData’s 2017 study on lead routing and management found 57% of respondents questioned if their lead management workflow creates a positive customer experience. In other words, respondents weren’t sure if people were happy with how they were being treated.
Clearly, there’s room for improvement.
In this interview between Carlos Hidalgo and Carla Johnson on Finding Inspiration to Design Customer Experience Johnson states, “To create better experiences, we have to understand better the experiences we’re trying to create and then think differently about how we design them.”
You need to think about the experience you want to create for your potential customer while your optimize your lead management.
In this post, I’m going to explain how to do lead management that increases conversion from the perspective of customer experience.
Where lead management falls short
I find the top issues B2B companies have with lead management include:
- Sending marketing qualified leads (MQLs) to salespeople without using criteria agreed upon by sales
- Sending leads to sales based on behavioral lead scoring alone and not customer profile fit
- Focusing on contact leads rather than unifying leads under correct accounts in their CRM
- Lead nurturing relies on one channel like email, using automated workflows or has not been implemented for specific personas
- Sales have not been given the ability to hand leads back to marketing to re-engage for further work or nurturing on their behalf
- Lead management hasn’t been viewed through the lens of customer experience
- Lack of sales and marketing collaboration on the approach and process
These are just some of the reasons why it’s more important than ever to make sure your team is properly managing leads, and why you need to optimize your approach.
Additionally, Altman Vilandrie & Company just published new research and found, “15% of businesses are fully taking advantage of all these B2B strategies – customer mapping, lead scoring, lead handoffs, coordinated upsell”