9 Advantages of Lead Management Software to Grow Your Business

A consistent flow of high-intent web and call leads is the foundation of B2B and B2C online business. However, you can only succeed at generating and converting leads if you have the right lead management software to support your goals.

We’ve already gone over the fundamentals of lead management, but I think the time has come to build on that. I have a couple more things to mention – and I’ve become convinced of how much better lead management software is for businesses – so I’m going to share some insights today.

For instance, Phonexa’s LMS Sync and Call Logic – comprehensive solutions for tracking, distributing, and analyzing web and call leads – have proven extremely effective in bringing in high-intent consumers to businesses. And here’s some hard evidence: 

But maybe I’m getting ahead of myself here.

First, let’s discuss some possible applications of lead management software for your company, and then I’ll tell you why Phonexa should be your go-to solution for lead management.

The Significance of Lead Management Software for Your Business

Manual handling of customers is a thing of the past.

Online lead management software now does all the routine work:

• Tracking call and web leads
• Sending them to their desired product or sales representative
• Analysing data and behavioral patterns

You need lead management software to be able to stand out in today’s overly competitive online business. Lead management automation saves time, improves client engagement, allows for rapid interaction, and enables upselling, among other advantages.

An Overview of the Lead Management Process Step-By-Step

It’s not rocket science to manage leads – it’s about relatively logical steps of capturing, tracking, distributing, and converting leads.

Here’s how it works.

Step 1. Lead Tracking and Capturing

Whether you acquire leads through Google, social media, or offline campaigns, you want to map and analyse their journey across touchpoints. An effective lead tracking system can unleash this critical information in your regular and affiliate marketing campaigns.

Phonexa’s lead management software, for example, collects actionable insights on leads and sales prospects in real-time as they interact with your business and, subsequently, based on those insights, lays out the most optimal journey for every consumer.

LMS Sync includes the following main components:

Step 2. Lead Distribution

The ever-decreasing human attention span leaves around eight seconds to capture your lead’s heart, making manual distribution ineffective. On the other hand, an automated lead distribution system can qualify your leads by selected parameters and route them exactly where they need to go.

Here is how a lead distribution operates:

• Leads are qualified first: Web leads and call leads must be qualified so that you can identify who your leads are, what they cost, and where they need to go.
• Second, leads are distributed: To distribute leads correctly, you can use criteria like location, price, performance, etc. You can use overlapping or mutually exclusive distribution criteria.

When sales representatives answer the phone, they already have an idea of who’s calling and the information they would otherwise not have.

Step 3. Lead Analytics and Conversion

The sales process may include intermediate touchpoints – e.g., an interactive voice response (IVR) system – but eventually ends in a sales representative or relevant product.

Ultimately, converted or not, the customer is passed through lead analytics software, which interprets data collected along the customer path into actionable information.

Lead analytics software available from Phonexa includes:

• Filter Analyser to crack open areas of hidden profits
• Predictive Modelling to determine your growth prospects
• Comparison and traffic flow reports to reveal blind spots and trends

Build your plan now, or book a free demo to see how Phonexa can help manage your leads.

Information Collected Throughout the Customer Journey

Although over 75% of users online are currently hunting for ways to protect their Web privacy, while-label prospect monitoring software can give you confidence that you comply with the laws in customer data collection.

Here’s the information you can collect with lead management software:

• Demographics: gender, age, education, marital and job status, etc.
• Psychographics: purpose, ambitions, hobbies, aversions, etc.
• Engagement: the way leads engage with your brand across all touchpoints
• Quality: whether a lead is unique, shared, duplicate, fraudulent, etc.
• IVR and call information: date and time stamp, length, and outcome of a call, new or returning caller, etc.

9 Essential Benefits of a Lead Management System

The benefits of lead management are beyond your expectations, from targeting the right leads to delivering the optimal customer experience to maximising your potential for sales to retaining customers. You can’t win the game if you don’t have successful lead management, nor can you manage sales leads properly without a good lead management system.

#1. Granular Segmentation

59% of consumers would prefer customised experiences over a one-size-fits-all strategy.

Segmentation is at the core of lead management. Remove segmentation from the equation – and you have no clue what ads to present and what leads to send to which sales representatives.

#2. Precise Lead Routing

As valuable as advanced IVR software and chatbots are, they’ll only succeed if they work on the correct leads. Your lead tracking program must capture data – the more, the better – and study and analyse it to predict where each customer is going.

Take, for instance, an IVR system. Working hand-in-hand with call tracking, it can deliver valuable information about the caller, i.e., caller demographics, new calls or repeats, and what advertisement triggered the call (web, mobile, TV, or press). This information helps to qualify the callers and route them to the right department, agent, or advertiser.

#3. Advanced Sales Lead Management

Data-driven decision-making is key to long-term success. That is exactly what effective lead management software does. It eliminates the human factor in your sales lead management process to zero, leaving you with nothing but cold numbers and sometimes even an unbiased analysis.

#4. Scalability & Automation

Automated lead management, from lead tracking to an automatic lead follow-up system, provides a 14.5% boost in sales productivity, saves marketing overheads by 12.2%, and increases lead passing to sales agents by 300%.

More and more brands are utilising lead management software when growing, but overall, the percentage of companies using automation is surprisingly small. Only 25% of businesses utilise marketing automation extensively, 34% utilise it occasionally, 28% intend to utilise it, and 13% have no intentions of doing so.

#5. Enhanced Customer Experience

You can readily convert satisfied customers, but it’s not easy to make customers satisfied. You must smooth out every touchpoint along your sales journey, from discovery to acquisition to conversion to retention to advocacy.

Take, for instance, email leads. Not only are advanced lead management systems capable of sorting them out from all the other customers, but they also monitor how engaged they become – and respond to innovations, to be exact. If, for example, you launch dynamic emails – or, say, some other content upgrade or tweak – you can see how it affects your leads.

#6. Effective Budget Allocation

Once you know the potential of your traffic sources, how your visitors behave, and how many you can anticipate will convert, smarter resource optimisation becomes an option. You can invest more in your highest-value campaigns, eliminate the losing ones, discover money-making opportunities, and more, all to gain a bigger return on every dollar spent in marketing.

With features like Predictive Modelling, you can even model your campaigns:

With predictive analytics and the ability to adjust the times of your campaigns, where you are running them, or other target data, you can monitor their impact on your performance without risking your marketing budget. Predictive analytics removes the concept of “trial and error” from your marketing strategy.

#7. Knowledgeable Sales Agents

Precise segmentation and instant customer data transfer improve your sales lead management by routing your leads to your top sales representatives and giving the latter the information required to convert customers.

In the same way, your lead management software can make unbiased estimates of the performance of each of your agents to optimise your lead distribution parameters, reward high-performing sales reps, examine the causes of underperformance by some representatives, etc.

#8. Sales Cycle Boost All-around

From stranger to lead to sales prospect to customer to brand advocate, effective lead management systems are alongside your customers every step of the way, leading them along the sales funnel.

Here’s an example of how to manage leads successfully at each step of the sales cycle:

• Discovery: With lead analytics, you can look at how many leads were brought in by each of your ads. Views, clicks, and other engagement metrics objectively reflect the performance of your traffic channels.
• Acquisition: When your leads are on your website, you can monitor their on-site behaviour: what they’re searching for, where they’re looking, what they’re interested in, and what they’re unable to find.
• Distribution: Using the information you’ve collected, from a few basic facts, such as location and gender, to the whole lowdown on a lead, you can send your customers down a path that must win a conversion.
• Conversion: No matter how you define conversion as on-site purchase, email subscription, or otherwise, a robust lead management process provides you with the most data to convert the sales lead. Your reps know what they need, your emails are customised, etc.
• Retention: Lead follow-up will keep you in touch with your most loyal customer base. Setting up your customers for repeat sales can multiply your bottom line, but you must have an effective follow-up system.

Well-organised lead generation involves your leads, prospects, and customers along the way throughout the customer journey, trying to please them in the process and collecting vital information on your behalf.

#9. Increase in ROI

The advantages of lead nurturing are immense, and the icing on the cake is an increase in your ROI. While the average cost of B2B sales leads varies from $31 to $60, automated lead management can bring your operational cost down to a minimum, increasing your profit margin.

Lead Management Integrations

One of the key considerations of whether or not lead management software is useful to a company is the extent to which the software is integrated with other solutions and components of a company’s technology stack. There are three primary categories for such integrations: complementary marketing channels, CRMs, and data enhancement solutions.

CRM Software vs. Lead Management Software

CRM and lead management software are used similarly, but there are important differences. Primarily, a lead management system is most important in rendering the process of the customer from prospect to lead to customer. A CRM system also aids in the process but is more related to customer retention, cross-selling, and customer service.

The approach takes into account the fact that any business whose line of work is generating leads will be deriving maximum advantage out of lead management software, while CRM software might be required to maintain an extended relationship with already acquired clients.

Optimise Your Business With Phonexa, an Eight-In-One Lead Management Suite

The market is saturated with CRM and lead management software solutions, but none are as comprehensive as Phonexa. All is easy with Phonexa, and you can have all your campaigns in one place without juggling between tools and reports.

Get the eight proprietary performance marketing software products at a single price:

Book a free demo to learn about Phonexa’s lead management software suite.

Frequently Asked Questions

What is a lead in marketing?

A lead is an individual who has interacted with your brand or is most likely your customer. After getting qualified based on some parameters – location, interest, budget, gender, age, purchase history, etc. – and entering the sales funnel, leads are your sales prospects.

Lead management software, what is it?

Lead management software is generally a suite of tools used to optimise lead management for a business, including tracking, distribution, conversion, and lead retention. Real-time consumer journey tracking and other features of lead management systems can give insights never before known regarding what potential customers need and when.

What are the main lead management software features?

One of the most essential lead management features is real-time lead management reports because they allow you to review the leads before interacting with them. With real-time consumer analysis, you will surely improve your lead management flow as you respond to your customers’ true needs and preferences.

Is a CRM system distinct from lead management software?

In reality, a CRM system manages customers after conversion, while a lead management system manages leads before conversion. Both systems can converge into a single lead management ecosystem that monitors all clicks and calls.

Are there any free lead management tools for small businesses?

No free lead generation and management software will cover your B2B lead process A to Z. There are limited-capability or time-limited free lead management solutions, making paid lead processing systems an uncontested choice.