How to Track Lead Status to Maximize Sales

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Tracking lead status provides you with valuable information and helps you better service your consumers. How to monitor the progress of a lead is explained here. In the world of sales, data is king. If you don’t have it, you’re selling blind, putting yourself in the shoes of the wrong customer at the wrong time, and setting yourself up for failure.

Sales people that are successful have a firm grasp of the buyer’s journey and how sales prospects react at each stage. The status of each lead is one of the most important KPIs to monitor. Monitoring the status of leads allows you to get vital information while also letting you know what discussions have already taken place and what the next step should be to convert the potential customer into a customer. This can lead to increased sales and revenue.

Lead or sales status is the place in the sales pipeline where a potential customer is currently. There is a big difference between a new customer and a customer who has already heard a lot of sales presentations and showed interest in the product.

Tracking the status of potential customers is essential for sales teams to know what to do next, such as scheduling a meeting or requesting an order.

Benefits of tracking lead status

Tracking lead status has three advantages for businesses.

  1. Sales will increase

Tracking sales lead stages ensures that essential customer information is not missing from a salesperson’s arsenal. A warm or a cold lead is determined by how much information the customer has.

As a result, they have a higher conversion rate since they know exactly what to say and when to ask for a sale. An effective salesperson may foresee customer concerns and address them before the customer even brings them up.

When a buyer balks at the price, the salesperson may be ready with financing options rather than returning for a follow-up call if the lead status indicates it.

  1. Identify the most reliable sources

The finest sourcing venues may be found by tracking lead status, allowing salespeople to improve lead quality and increase the likelihood of a sale.

The audit trail and data you create by tracking a customer’s lead status at each stage of the journey can be used to determine which customers respond best to your pitch and where they came from.

  1. Understanding the customer’s journey

The customer journey can be better understood by keeping an eye on the status of leads. You’ll be able to identify where your sales pitch falters, allowing you to fine-tune your approach at that stage.

If you’re unable to close a deal with a customer, you may need to rethink your closing strategy or pitch value.

Best practices when working with lead status

Use these 3 tips before you begin to monitor lead status.

  1. Develop an intuitive approach

Inadvertently increasing your sales team’s data entry workload could have the unintended consequence of decreasing revenue. A clear and simple approach that integrates seamlessly with the current process of your team is required if you want to keep track of the progress of a certain project.

A sales team should be able to readily manage and identify possibilities for improvement. It should be flexible enough to shift with the market.

  1. Make use of Customer Relationship Management

What’s the use of re-inventing the wheel when CRM software does it for you? CRM software is available at a low or no cost, therefore this shouldn’t be an issue. In order to free up your personnel to devote more time to serving your clients, they may automate various processes and generate custom reports with minimal manual input.

  1. Keep track of everything

Keep tabs on as many lead statuses as you can without affecting the rest of your teammates. In every situation, having access to data is a boon. To enhance the customer experience, make a note of any potential customer encounters.

It’s better to get more data than not enough if you don’t mind the extra effort. Choosing the right CRM for your organization can help with this.

Final Words

It’s likely that you can do better with your data tracking. That’s fine, given that many firms have difficulty. The moment has come for you and your team to sit down and figure out how to keep track of these KPIs.

First, decide what metrics you want to track and how, and then test out a few different ones to see which one works best for your business. To get the most out of your sales team, don’t put it off any longer.

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