Lead utilization is perhaps one of the most misunderstood aspects of a CRM system. Many organizations choose to ignore them completely, opting instead to use only Accounts or Contact records. While these records are certainly effective themselves, you gain much more valuable data by utilizing Lead records first. Lead records in CRM allow for more robust reporting, and also make it easy to develop good customer nurturing strategies. If your organization is looking to track the ROI of specific marketing activities, perform timely follow up, in addition to keeping a relevant database you should be taking advantage of Leads.
Below are three reasons and statistics that make a compelling business case for instituting Leads in your organization:
Sometimes there is a difference in opinion between marketing and sales in the evaluation of an activity’s success. According to The B2B Lead, Sales reps ignore 50% of marketing leads. When an organization uses Leads it is easy to distinguish the following:
- If Leads are not resulting in sales because they are not quality or
- If sales people are not following up with Leads
They say that the early bird catches the worm. Well, the same is true for salespeople. 50% of buyers choose the vendor that responds first (Source: InsideSales.com.) Salespeople at organizations that use Leads can easily identify new activity and respond quickly to interested parties. Consequently, more customers are engaged with your organization. Hopefully this will lead to increased revenue long term. Give your salespeople a head start in reaching out to potential customers.
We have all seen reports that cannot be taken at face value. They must be qualified with numerous caveats that make the results clearer. The underlying data is in disarray. As a result, reporting on your data is not reliable. One easy way to improve the quality of your reporting is to only include qualified prospects. Gleanster Research found that only 25% of leads in a given sales pipeline are legitimate prospects. This means that possibly up to 75% of your data is not trustworthy. This amount of bad data can seriously skew report results and negatively influence business decisions.
These are a few of the reasons that using Leads makes good business sense. The concept may require a shift in thinking by your marketing and sales teams. However, the long-term results will be worth the change. Get the most out of your CRM system through utilizing Leads.