Lead tracking is an essential element of every sales process. Without an effective lead tracking strategy, it is nearly impossible to forecast overall sales, understand the status of each lead and calculate the ROI (Return on Investments) of each campaign. However, tracking leads efficiently can be quite complicated.
You not only need to turn your leads into actual revenue but also to properly manage them, develop relationships, organize all the data and track the key leads on a regular basis. Therefore, for understanding lead tracking process and its importance, let’s take a closer look at the following points:
- What is lead tracking?
- How does lead tracking works?
- Why should you track your leads?
What is sales lead tracking?
Lead tracking is the process of detecting the source of leads, maintaining control of where leads are in the sales funnel, and taking effective actions to move the lead to the next stage and close the sale. This process gives you the possibility to visualize how a lead interacts with you and determine all the weak points in your sales cycle. Moreover, thanks to sales lead tracker, you can understand the effectiveness of your sales funnel.
How does lead tracking works?
If you want to optimize your sales effectiveness, you need to have software or app that can capture information about each and every interaction with your prospects. Such software helps you to manage your leads, track when they are converted into potential customers and view the marketing process as a whole. There is a huge variety of software and each one offers its own way to track leads. Some of them propose call tracking or website tracking (web-to-lead feature), others – link tracking or email tracking. All you need is to choose the one which is suitable for your business and will bring better results. In some cases, if you are either starting up or only have a couple of leads to track, you can use sales tracking template (you can find free samples of such templates). There you can simply add data about your leads – contact names, deal sizes, the sales stage they are in, and, as a result, you’ll receive an accurate sales forecast.
Why should you track your leads?
- For identifying your target audience. An effective lead tracking can help you to determine who your target customer is, where leads come from and how these leads were contacted or reached. Finding the source of your leads allows you to understand where they go for the information about your product or service. Thus, you will be able to plan your sales process more effectively by discovering which campaigns are bringing the most qualified leads. Besides, knowing what types of leads are coming to your site will also help you to understand better your market and how to build your business model.
- For increasing efficiency. With the help of lead tracking software, you have the possibility, at any point of time, to see which stage each leads is in, how long they were in the sales funnel and who is working on each lead. Furthermore, each sales representative can quickly share information and provide updates so that the whole team is on the same page. As a result, collaboration becomes more organized and effective resulting in more deals closed.
- For more precise reporting. Lead tracking system helps you to effectively monitor sales data in real time enabling to attain accurate sales predictions. You can check what leads bring revenue and which ones not, and, thus, find out what can be improved. In addition, you are able to see the activity of all your current and potential leads in order to respond to inquiries in a timely manner and to ensure efficient follow-up and further nurturing. By using the data obtained, you ultimately result in gaining a higher rate of revenue.
To sum up, leads tracking is the best solution for effective management of your customer base. It allows you to analyze data, increase ROI and improve campaigns. Moreover, it helps you to make necessary improvements to the sales and customer service processes as well as to get the lead’s personalized pain point information for closing the deal. Without no doubt, lead tracking is the tool every sales representative and marketer need for boosting their performance.