What is Lead tracking and why is it important?
When it comes to the marketing funnel of the B2B business model, lead tracking becomes really important. The road between leads and deals is long in B2B compared to B2C.
Lead generation and tracking is a powerful tactic to increase sales and revenue in your B2B business. Meaning, B2B businesses need to track, manage and nurture leads to convert them into prospects and later customers, of course.
What is a Sales Lead?
You might wonder what exactly a lead is?
A sales lead is a person or business who may eventually become a client. Sales lead also refers to the data that identifies an entity as a potential buyer of a product or service. Businesses gain access to sales leads through advertising, trade shows, direct mailings, third parties, and other marketing efforts. A sales lead is not really a sales “prospect” per se because a business would need to examine and qualify the potential new client further to determine their intent and interest.
Regardless of the initial point of contact, a lead is an opportunity to convert them into paying clients.
What is Lead Tracking?
Businesses that track their leads throughout the sales and marketing funnel can make informed decisions to improve lead quality and enhance sales productivity.
As the name suggests, lead tracking is the process that allows businesses to monitor lead activity along the path-to-sale. It is the process where a lead source is specified, monitored in the sales funnel, and action is taken to close the deal.
But What’ the Need for Tracking Leads?
Do you think leads are only helpful to increase the revenue of a company? If yes, then think again. Leads are the backbone of any company, and they can also help you get insight on what works in your sales process and what doesn’t, apart from increasing revenue, of course!
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Let’s take a look at some of the top benefits of effective lead tracking.
1. Create personalized experiences
Lead tracking allows you to harness data about your leads to improve customer understanding, allowing sales to create better-personalized experiences.
Tracking leads through the pipeline, it becomes easier to remain aware of each lead’s needs. Each stage in the sales pipeline represents an action that you have to take. In this way, you can simplify your lead nurturing process, and your team can perform mass actions to save time and shorten the lead lifecycle.
2. Produce data-driven strategies
With effective lead tracking, you can know which lead generation techniques are having the best impact on your ROI and allocate your budget accordingly.
Gathering valuable information on each lead can help you tailor your buying cycle to result in a seamless sales process. All the data tracked from won and lost opportunities are invaluable for creating marketing and engagement strategies based on facts and data.
First, you need to know where your leads are coming from and understand the actual value of the campaign. If you know the origin of your leads, you can make the most out of your marketing budget and save money on the sources from where you are getting minimum or NO leads.
3. Prevent leads from slipping through cracks
Whenever a lead enters the sales funnel, they don’t need to be ready to buy. They might need some extra attention from your side to become a prospect. When you neglect to nurture and talk to your leads, you are wasting the money you have sent on acquiring them in the first place.
Yes, you can remember to follow up with 5-10 clients, but it becomes difficult to go up to the 100s. Therefore, you need to use automated software to track your leads in the funnel, which leads to needing quotes and reading what content. The automated follow-ups help you strengthen your customer relationship and prevent them from slipping through the cracks.
B2B CRMs have helpful lead tracking for managing deals through the sales pipeline. They help sales reps handle the lead lifecycle efficiently and keep track of large amounts of lead-specific data. A B2B CRM generates reports for your sales process to identify strong and weak points in your B2B sales operation.
“Tracking and organizing your leads is crucial to maintain a lead lifestyle and increase profit. Although lead tracking and management can be done using spreadsheets, it is vital to invest in marketing automation software to gain insights into lead source ROI, lead prioritization, and nurturing schedules. We hope these lead tracking best practices will help you track your leads and convert them into customers.
Walter Contreras July 13, 2021
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