Managing leads effectively and optimizing lead flow across sales and marketing are critical to achieving sales success. In today's complex and competitive business environment, several data issues dampen prospect management and prioritization, which is critical to gain competitive advantage. The key reasons for limited efficiency of prospect management are:
- Limited public information available on newer small businesses,
- High turnover and changing attractiveness of prospect companies,
- Legacy technology systems limit ongoing data maintenance and quick turnaround of analysis,
- Problems with data quality.
All the above result in sub-optimal lead management, which basically implies:
- Inefficient allocation of sales and marketing resources,
- Prospect leakage from the system,
- Inability to reach prospects at the right time through the right channel.
Given the importance, several companies have deployed different CRM packages or Lead Management tools to improve their prospect management. However, we believe it adds another layer of complexity in the client systems and creates more challenges than solving for increasing efficiency in lead management. For example, post the deployment of prospect management tools, IT departments have to worry about not just ensuring their legacy systems are up and running but also enabling them to talk accurately with the newly deployed and potentially up and running prospect managements tools.
Inductis Analytics Outsourcing Practice thus offers a lead management solution which does not require adding a layer of software/tool in client environment. It involves taking clients' data and rigorously executing a well laid out methodology for enabling more accurate prospect data for sales and marketing teams. Our detailed 6 step lead management process involves the following:
- Data Integration
- Name / Address Standardization
- De-duplication
- Attribute Prediction
- External Data Append
- Scoring and Prioritization
Our teams have worked significantly with multiple clients on several elements of the above-mentioned steps for enhancing lead management process of our clients; and in the process creating multi-million dollars of financial impact. To illustrate, just one step of removing duplicates from prospect database resulted in savings of approximately 2 Mn dollars for the client. Our assessment is that the return on investment of our solution runs into 100%+ for a reasonably sized prospect database. Not a bad investment after all! In addition, you now don’t need to invest hundreds of dollars in any of the prospect management tools and hope that its implementation would be successful. |
