subject: Lead management System and its significance in business administration [print this page] Lead management is now considered as core process of business administration because this automated process is nowadays implemented as one of the significant data management process. Lead Management process is comprised of three or four processes like lead generation, lead filtration, lead tracking, and lead nurturing process, etc.
All these processes are intermingled with each other and it serves the purpose of a complete solution for business administration and for further plan for business expansion and relevant business development.
If lead is considered the real pulse of a business for its existence as well as for expansion, it is easily understood how management of the same is important.
In the age of media exposure leads are not generated from sales field only, web media works as one of the most fields for lead generation. The leads which are generated from web source are called internet leads and unless Lead Tracking system of automated lead managing system is not employed, 100% efficiency cannot be achieved.
Loan modification leads, education leads are best collected as Internet Leads and these leads require better tracking not only for accumulation from different web sources but also for running consistent follow up for these leads to convert them into sales prospect.
There are different processes of follow up of a lead like it can be postal communication as well as it can be e-communication. While the mailers, courtesy e-mail, product or new service launch details are sent to the prospective leads periodical phone calls and courtesy conversations are also parts of lead track system which are ideally and strategically closely related to the customer relation management policy of a business unit.
There are several long term benefits of CRM solution. One of the major advantages of CRM is retention of existing customer. Therefore service industries put maximum emphasis on CRM. Retention of customer can have two immediate advantages, one id consistent flow of business and the second advantage is the generation of referral customers which ensures further growth and prosperity of the said business unit.
Business units like dealing with mortgage and education especially thrive on referral customers and most potential immediate prospects of insurance leads and education leads are best available form referral process. Therefore, nurturing potential leads, which is also a function of lead managing system, leads two purposes; it supports brand promotional activities of a business unit and it initiates generation of new business which is again goes back to the initial stage of lead managing system and it is lead generation.
Lead managing system ensures better productivity and over all reduced the gaps between different processes of sales and customer care administration. In business management process, sales and marketing policy- planning work as substitute and supportive to each other. The output and analysis of lead managing system ensures better coordination between sales and marketing planning and suggests better policy planning to increase market share.
Effective lead management process is an ongoing tool to analyze present market trend and the likes and dislikes of general consumers. It helps in future product planning for a business venture. Professional lead managing protocol minimizes the use of man power and works as covering input provider for complete business development program.
Lead management System and its significance in business administration
By: Anne Pastor Cissel
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