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Relevance of effectively managing LEAD and OPPORTUNITY in Small and Medium – Growing Organisations

Admin user 01-03-2015 0 comments
Business leads are always the lifeline of any growing organisations. Lead lifeline graphs will show you how your organisation is going to perform over the next few months or years, depending on your type of business.

Opportunity is the next step of a lead process, where the organisations can quantify the lead. Means, when the value of the product or services can be associated with a lead, we can know the potential value of that lead.  In this stage, a lead can be qualified as opportunity.

Lead management seems to be easy task, on the first look, but in actual scenario, it’s the most complex task, especially, if its not managed properly through out the entire organisation.   Leads can be generated from different mediums.  It can be Direct marketing / From news paper advertisements / Trade shows / Existing customers / Website / Email campaign etc.,    If you have a team of sales  / marketing executives working for your organisation, the number of leads generated will be of huge size.    All Growing organisations have to find out a better mechanism to mange those lead effectively.

If you look at the conventional marketing style, leads are generated by individual representatives, and keep all those information with them all through the lead life time.  or they will send the details through email, which is very hard to analyse.    Managing or organising those lead details are a cumbersome tasks for the tope management because of its scattered nature of placement.

A real time perspective of a conventional lead generation process

  • Frontline executive will generate a lead
  • He / she will work on the lead and define it as HOT / WARM / COLD according to the nature of the lead.
  • He / she will keep the whole lead list in a black and white form or in emails with hem.
  • Management is usually worried about conversion of lead to sales.
  • Executives start to feel the pressure of the targets, and start working only on the HOT leads
  • Say, only 50% of the hot leads are getting converted in to sale.
  • Once the monitoring period is over, usually front line executives will start acquiring new leads, and work on  those….
  • The process repeats  on converting majority of the Hot leads.

Where is the issue? …… Is it in the process ?  just imagine a few scenarios

  1. What happens,  when the person who has generated leads and leave the company?
  2. The whole data will vanish from the organisation with the person whom left.
  3. What happens to the Warm and cold leads which are not converted in a short period?
  4. Can you know,  product pipeline of  those neglected leads in long run ?
  5. How do you know, if there is any leads, which can be converted in the next 6 months?
  6. Can you know how many quality leads to be generate to achieve your target?
  7. Can you know from where maximum leads are getting generated?

How to effectively manage Leads and opportunities ?

  • Define the best practice on the lead generation and conversion process
  • Define an objective for managing those leads , which can be increase the conversion ratio,  increase the number of quality leads etc.,
  • Implement an effective Lead management tool for the entire organisation
  • Analyse and manage the entire lead process effectively

By implementing a proper mechanism to manage leads, you can have more visibility in to the entire LEAD life time, and increase the Lead conversion ratio.

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