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To keep your business running, you need a steady stream of leads – but that’s not all. You should nurture your leads to convert and become loyal brand advocates. A smartly designed lead management system can do that for you.
Products like Phonexa’s state-of-the-art software for lead management, LMS Sync, can help you tap into your lead data to find out everything you need to know about your leads, marketing channels, and sales. From tracking to distributing leads to reevaluating your marketing strategy, LMS Sync can improve your focus and resource allocation and, ultimately, grow sales.
Read on to learn how an advanced lead management system like LMS Sync works.
Three Major Components of a Lead Management System
As your prospects turn into leads and customers – or even leave you for good at some point – they inevitably interact with your brand, leaving traces of data that can be collected and analyzed for your benefit.
Almost any lead management system comprises three major components:
- Lead tracking
- Lead analytics
- Lead distribution
Without further ado, let’s dig into each of these components.
Which of your campaigns are most effective? What is your average cost per lead? How many leads can you draw from your next campaign? These questions can only be answered if you collect data on your leads, which you can do with the help of lead tracking software.
Lead tracking software tracks the customer journey from the first interaction with the marketing campaign to conversion and supplies data that can help you improve every single aspect of your business, from better targeting to improving the effectiveness of your sales agents.
What’s more, you can track your affiliates to see what each of them is worth. Affiliate link tracking works as follows:
- Every affiliate link contains an original domain followed by the affiliate’s ID – and possibly also the merchant’s ID and the ID of the affiliate program – all connecting the clicker and the affiliate.
That said, collecting data is not enough. Data should be thoroughly analyzed to maximize the benefit of collecting this vital information.
In today’s competitive market, every single bit of data left by customers should be collected and analyzed to identify possible gaps and discover areas for improvement. For this reason, 65% of businesses see quality traffic generation as their biggest marketing challenge.
The good news is the fact that your leads interact with you is already a success as this allows you to collect data. And the longer the customer journey, the simpler it is for lead analytics software to discover and interpret data patterns.
Lead analytics software is rarely a standalone product – it’s usually a feature of a bigger product to produce an all-around display instead of isolated results. For example, LMS Sync is a key component of Phonexa’s performance marketing software and all-in-one marketing automation solution for calls, leads, clicks, email, SMS, accounting, and more.
Reliable lead analytics should provide you with (the name of reports may differ depending on the software):
- Comparison reports identifying trends and weaknesses in lead generation and sales
- Traffic flow reports measuring the performance of your leads
- Performance analyzer revealing the most and least successful campaigns
It’s easy to estimate whether your lead analytics are effective. It is effective if it draws a detailed picture of interactions with your brand at every step of the customer journey, from discovery to acquisition to conversion to retention to advocacy.
The result of robust lead analytics would be that you are given unequivocal statistics on engagement, on-page activity, demographics, and other vital parameters, as well as being prompted on what and where you can improve. On the other hand, if the analysis is confusing and hard to interpret, chances are the software isn’t doing an efficient job.
Last but not least, a lead management system distributes leads to the most relevant agent in real-time.
Lead distribution works as follows:
- A lead is generated and validated (duplicated and fraudulent leads are rejected).
- The ping-tree system offers the lead to the most relevant advertiser based on the parameters indicated by the lead seller and the lead buyer: price per lead, demographics, the number of leads to buy or sell, etc.
- As the lead is offered to a merchant, the latter can purchase it or pass to wait for a better offer. If the merchant passes, the lead is offered to the next best buyer.
A smartly organized lead distribution system benefits both buyers and sellers. Lead buyers get exactly what they pay for, whereas lead sellers can sell their leads at the best price at the moment of the sale.
The biggest advantage of a lead management system is that it is all-encompassing. By uniting lead tracking, analytics, and distribution, a state-of-the-art lead management system does most of the work for you, leaving you with more time to focus on key business decisions. This game-changing helper will ultimately be the backbone of your business.