Lead Management Process-why It Is Necessary

Lead management system is an automated process which has different co related functionality which is relevant for the concept of automated business management.

In business terminology lead is considered as unit prospect and in this way lead management is the other name of prospect management.

Prospect of a company depends on its business nature; in case of an insurance company the prospects are insurance leads, in case of debt settlement company Debt Settlement Leads are the unit prospects and so on. How these prospects are genetared and how these prospects are professionally handled is decided by lead managing system.

Therefore lead managing system although serves same purpose in all business units, it may work in different ways as per the requirement and coordination level. Modern lead generation system is not a manual process, it is managed and handles by specific software and it is termed as lead management software.

In general lead managing system is made of four integrated processes like lead generation system, lead filtration process, lead tracking system and lead nurturing process. These four process although seems to be separate but in reality they are intermingled together. Lead generation process is the first step wherefrom unit prospects or leads are generated. Automated software collects all these leads and incorporates them into the existing data base.

Lead filtration is the next process where the leads are categorized by its priority level and according to this categorization these are distributed for further processing which is sales process.

The leads which get matured by sales approach these are taken into account of matured prospects and nor being nurtured by lead management process for enhancing customer care relationship. Those leads are not instantly closed, are taken into the process of lead tracking system. This automated tracking system tracks the leads and follow the sales leads which are nearly to close or will be closed within short while. The leads which are not matured by simple tracking system are taken under lead nurturing process and relevant follow up in terms of professional communication starts commencing.

By lead nurturing process when any lead functions as new prospect it leads to lead generation process. When a lead is filtrate, it is analyzed from the point of its potential and it helps in providing input in the CRM policy of the company. Lead tracking process helps in 3-fold ways. In one dimension it helps in closing sales, in second phase, it initiates generation of new prospects, and by tracking process it tend to strengthen customer care process thus supports CRM policy planning.

Automated lead managing system works as great automated impetus for sales force automation process. In manual process there is chance for having error where as through automated system hardly any chance of error can come up in the lead management process.

Right implementation of lead managing system reduces the chance of fraudulent activities with existing data; on the other hand, it enhances security and data management system of a business unit and abruptly reduces the chance interference of any unauthorized individual from accessing the existing data base of the company.