There are a lot of layers to sales lead management. The first is for sales leads at the initial stages of prospecting.
Let’s assume at the very first steps of prospecting, you have a list together. You’ll need to set up a database that includes contact information as well as a “date of last call” field and a “call outcome” field. In my system, I call the outcome field the “OK” field (long story behind that – that we’ll save for another day).
- When calling new sales leads, you log in the date the person was called. When you look at your database later you’ll know the “last call” date for each prospect.
- Every call must have an outcome. Anything from talking to a prospect who wasn’t interested (i.e. This is a code “1”) to finding an interested buyer. I’ll enter the code into the “OK” field for that prospect at the end of the call. Other possible outcomes are: “not available” = code “3,” “send letter” = code “2,” “send permission email” = code “5” [Note – I only send an email to a person I speak directly to. Otherwise, it’s not really permission!], “disqualified lead” = code “9,” etc.
- When a prospect is determined to be a finished lead (i.e. a lead that needs to be followed up with, met with – presented to, etc.), he or she is given a code of “6” in the “OK” field.
- At the end of the day, I sort my database for daily follow up. All “6”’s are forwarded on for follow up and scheduling. All “2”’s have their envelopes printed and letters sent. All “5”’s are sent their emails., etc.
Sales lead management continues with leads after they enter your current sales cycle (i.e. for code “6” leads, or “finished leads”). Such leads are separated and receive new codes for management at each step of the sales cycle. For example, “quote stage,” “thinking about it,” “application” and “delivery.”
Releasing Unsold Leads
Finally, leads that are not eventually sold are released from second stage follow up and returned to the initial list. This “release” code is called, “Done” and is one of the most important codes of all because it clears out the current follow up list.
All of these tactics for sales lead management were derived via the Prospect Factory system I have been using for decades.
- This system is so successful at generating a high volume of new sales leads, it needs an organized follow-up system or it would become a nightmare.
- I will let go of a lead that we have pitched a sale to after three “thinking about it” responses.
- In the future, I refresh my lists and add new names.
Being able to sort my database by these codes tells me how I’m doing and gives me a basis for comparing my results over time. Sales lead management is a critical issue that can either provide you with new opportunities or cost you opportunities. Yes, it requires some work upfront, but it is definitely worth it in the long run.
Need more detailed info on sales lead management? Check out the book Prospect Factory!
