Closed-loop lead management
You’ve worked hard to generate interest and get prospects to call you. You
did it all: writing articles, direct mail, telemarketing, advertising,
exhibiting at tradeshows. No stone was left unturned. And scores of prospects
called. Good for you!
And yet, when the dust settles, the sales results somehow don't seem to be
worth the activity. Where did all those “hot” leads go, anyway?
There's nothing left to do but start over. The thought of all that
lead-generation work makes you queasy. Worse yet, you have an uneasy feeling
because you're not altogether sure which of the things you did last month were
the ones that made the phone ring. Like Sisyphus, you prepare yourself to push
that boulder back up the hill again.
There's only one way to break this cycle, and that is to track your leads and
systematically improve your processes. This is known as “Closed-Loop Lead
Management” (CLLM), and it's what separates the wheat from the chaff in the
business development mill.
Outline of a simple CLLM system
The following is an outline of a simple CLLM system. Use this list as a
starting point to help you get organized and improve your business development
efforts.
- Capture inquiry details in a database
- Fulfill requests for information about your company, products or
services
- Qualify & Prioritize the lead
- Distribute the lead
- Nurture as-yet-unqualified leads
- Track and analyze:
- Marketing campaign effectiveness
- Close rates and cycle times by lead source
- Close rates and cycle times by sales channel
(sales rep / channel partner)
- Lead-handling effectiveness by sales channel
- Cost per inquiry, cost per qualified lead, and cost per sale
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