The lead or sales state of a potential customer reflects where they are in the sales funnel. A customer who has only recently been identified is still in the lead qualification phase. Whereas a customer who has been exposed to multiple sales pitches and expressed interest in the product may be regarded as ready to close. Keeping track of each potential customer’s lead status is critical to determining the right next step, such as arranging a pitch meeting or trying to persuade the potential customer to buy.
- 3 Benefits of tracking the lead status
- An increase in conversions
- Identify best sourcing channels
- Better understanding of the customer journey
- 2 Sample values to track your lead’s status
- Opportunity sizes
- The rate of the conversion
3 Benefits of tracking the lead status
An increase in conversions
When a salesperson keeps track of the various stages of a lead, they never approach a customer conversation empty-handed. As a result, they have a better understanding of how and when to ask for the sale, which translates to a higher conversion rate. A salesperson, on the other hand, is better equipped to anticipate obstacles and work around them before a customer asks for help. You don’t have to call the customer again to find out what financing options they’re interested in if you have a certain lead status that indicates that they’ve previously balked at the price.
Identify best sourcing channels
As a result of tracking lead status, salespeople may more easily identify the best sourcing channels, improving the lead qualification process and guaranteeing that they receive prospects who will buy. Building an audit trail and data that can be examined afterwards to discover which consumers and sources best respond to your pitch is made possible by recognizing a customer’s lead status at each stage of the journey.
Better understanding of the customer journey
You and your sales team can better understand the customer journey when leads are being tracked. To better serve your customers, you’ll learn exactly where in your sales pitch you’re hitting a wall so you can adjust your approach. You may need to work on your closing techniques. You can also work on your ability to establish value during your pitches.
2 Sample values to track your lead’s status
Some customers are worth more than others, and this is true even among customers. Tracking average opportunity sizes for closed leads will help you identify which sources are most profitable. It also allows you to focus on those sources and generate a higher volume of targeted leads.
The rate of the conversion
You want to find out how well you sell your product to customers. High conversion rates indicate a strong sales operation, whilst low conversion rates indicate areas for improvement in a business.
If you’re closing big sales, having a low conversion rate isn’t necessarily a bad thing. It’s time to look at your business if your opportunity size is low and your conversion rate is low.