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Lead Management

Losing leads? Here’s what you need to do to fix that.

Written By:

Stephanie Lanik;  Strategic Marketing Coordinator
Leads are vital if you want your company to succeed. They are essentially the fuel that keeps your business running. Meaning, you can’t afford to drop the ball when someone reaches out to learn more about what you do.

Unfortunately, a lot of businesses do.

More often than not, many of these companies can’t keep up with their lead generation. This ultimately ends with them losing leads and potential opportunities. What’s even worse is that they don’t even realize it’s happening OR how much these lost opportunities are costing them.

Although there are many reasons why this happens (which we’ll get into later), one thing to remember is that losing leads is not a one-sided game.

Stop pointing the finger. Losing leads is a team effort.

Playing “the blame game” will get you ABSOLUTELY nowhere! Your marketing and sales teams need to work together to produce the best results. When both departments are failing to work together effectively, that’s where leads start silently slipping through the cracks. Ultimately, creating a steady stream of lost sales opportunities.

That’s why the alignment between the two is so vital. Both teams need to work together to fill any gaps that are likely to affect the outcome of the lead sourcing and the nurturing process.

To help you understand how to reduce those gaps, let’s dive deeper into what else you could be doing that is costing you leads. As well as what you can do about it to ensure your funnel has no leaks.

Top Reasons Why You Could be Losing Leads and How to Fix It:

1. Lack of Responsiveness

If you aren’t quickly following up with new leads (within minutes, not days!), you are probably losing them to competitors. In fact, research shows that 30-50% of consumers buy from whichever salesperson responds first. Why work so hard to obtain those leads, only to ignore them after they enter your funnel? This encourages them to visit other providers in hopes of getting the information they desire.

Responding within the first 5 minutes!

At Techtonic Sales, our rule of thumb is to respond to leads within the first 5 minutes. By doing so, we’ve raised our clients’ contact rates by 35% and have maintained that growth. Now, we aren’t saying call them every 5 minutes until they answer. Let’s be honest, most (and we mean all) prospects don’t enjoy being hounded with a lot of pressure.

So, if a vast majority of your leads are disappearing due to a lack of responsiveness, don’t panic. Our lead engagement process is exactly what you need to get your numbers and your results back on track!

Remember – every minute counts in lead generation.

2. Not Using Lead Qualification

Did you know that 25% of leads are legitimate and should advance to sales, but 79% of marketing leads never convert? Moreover, 73% of leads are not sales-ready, and 50% are qualified but not yet ready to buy. (Source: Hubspot, 2020)

So what does this mean? More importantly, what does this mean for your marketing and sales teams? This implies that lead qualification is essential if you want to grow revenue.

Stop wasting valuable time on dead-end leads that are outside your target parameters. By outlining your qualification process, it helps you know exactly where prospects are in the buying process. It also shows how much time, effort, and money are required to convert them into a successful long-term customer.

3. No Lead Scoring Strategy

Lead scoring is a more complex form of lead qualification. It uses past experience and other criteria such as the lead’s source to ‘rank’ the probability of a successful conversion. This system helps segment leads into the right funnel so you can nurture them according to their level of readiness. However, when done poorly, lead scoring can also be just another data point that doesn’t drive action.
If you’re going to implement a scoring strategy, you need to stay on top of your leads. More importantly, you need both marketing and sales on the same page. After all, that’s exactly what this system is built to do.

Knowing the priority of leads goes a long way into guaranteeing time is never wasted on leads with a low chance of converting.

4. Dealing with Too Many Leads

Finally, you may be losing leads simply because you have too many leads on your plate. Yes, it’s exciting when your sales funnel is overflowing with leads, however, sometimes this can be extremely detrimental. With too many leads to nurture and manage, and only so much time in the day, something will have to give. And more times than not, it’s quality. This can leave your sales team with the difficult decision to make on how to prioritize the leads.
Remember, you have a limited number of salespeople, and they need to divide their time evenly between all your incoming leads. If they can’t do this efficiently, you’ll end up losing potential candidates. So, in order to manage lead generation and sales more efficiently, your lead volume and current resources need to be balanced. If it’s not, chances are you need to increase your resources… and that’s where we come into play!

Key Takeaway...

Finding quality leads is difficult, but losing them is easy! They take time, effort, and collaboration between both sales and marketing departments to get them through the sales process. That’s why knowing what not to do will benefit you.

So, if you’ve noticed one or more of these pain points list above, start making the corrections necessary to improve your process. Don’t let them become the reason why your business is crumbling to ruins.

E

Need Helping Managing and Engaging Your Leads?

We help businesses like yours keep up with leads… from the moment they show interest, to the time they’re closed. Our team will engage, qualify, and nurture your leads—maximizing the value of every lead you obtained.

We help businesses like yours keep up with leads… from the moment they show interest, to the time they’re closed. Through engaging, qualifying, and nurturing your leads—we maximize the value of every lead you obtain. Our team bridges the gap between your marketing and sales, making sure no leads are lost, dropped, or tossed.

If you’re ready to streamline your lead flow and grow your business, talk to one of our experts today! Or click the button below to learn more.

[Give us a call at (888) 326-6118 or shoot us an email at info@techtonicsales.com to learn more.]

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