Tracking Leads: Why It’s Important for Your Business and How It Works
Lead tracking is a process through which sales teams track potential customers. The process involves identifying lead sources, monitoring where they are coming from, and ensuring that deal-closing tactics are being applied to the sales process.
Lead tracking helps sales teams become more efficient, helping identify and focus on qualified leads that are more likely to turn into paying customers.
What Is a High-Quality Lead?
A high-quality lead is a lead that will likely require the least amount of sales effort to turn into a paying customer. To classify someone as a high-quality lead, it is necessary to use a few lead-scoring techniques. These techniques determine such things as lead behavior, product fit, and buyer persona match. High-quality leads are usually a strong product fit and easier for your sales and marketing teams to track and manage.
How Does Lead Tracking Work?
There are generally five types of leads that you’ll end up tracking, each of which falls in a different place in the lead funnel. These five types of leads are working leads, nurturing leads, new leads, unqualified leads, and qualified leads.
The working lead is a prospective customer who is actively involved in product conversation. They have expressed interest in your product by signing up online or talking with you over the phone.
Lead nurturing is the process in which you slowly attempt to turn a lead with little or no buying interest into a lead with enough buying interest to convert into a paying customer. The relationship with this lead is nurtured and grown by feeding them more information about your products over time, such as with an email marketing drip or remarketing advertisements.
A new lead knows just enough to briefly describe what you do and how you do it. As they move further down the funnel, they may become a working lead.
An unqualified lead either does not seem to fit within your target audience and isn’t qualified to buy or who has expressed no interest whatsoever in your product or company.
A qualified lead has given you full attention and expressed interest in making a purchase. These are often referred to as sales leads. Moreover, there exists a difference between leads who are sales-ready but not yet ready for direct attention from sales (these leads are called Marketing Qualified Leads, or MQL leads) and those who are ready for a direct follow up from sales (these leads are called Sales Qualified Leads, or SQL leads).
Call tracking is a method of lead tracking that involves call tracking software. This call tracking software will generate inbound sales numbers that, when called, create a recording as well as information about the caller. These digital phone numbers reroute calls back to an actual phone number, so there’s no need to sign up with a new carrier or anything. This provides extremely beneficial information to your sales team to use to follow up on leads, categorize leads, and further track leads.
Why Is Lead Tracking Important?
Businesses that want to stay afloat needs strategies to generate leads that turn into paying customers. Lead tracking allows your business to figure out where the bulk of your leads are coming from and how to address them best. Even law firms are using lead tracking strategies to generate a higher number of clients and better facilitate follow-up communication.
How often your leads turn into paying clients can be referred to as your “lead conversion rate,” and is expressed as a percentage. Lead conversion optimization strategies involve figuring out what the best tactics to use and objectives to track are that turn as many of your leads into paying customers as possible. These strategies might include offering coupons, free trials, or free demonstrations.
How to Track Your Leads
Discovering the sources of your lead generation and labeling each lead correctly while keeping track of its status in the funnel is imperative to efficient lead tracking. Below are the top 5 things you can do to accurately track your leads.
1. Determine the Sources of Your Leads
This step is important. By figuring out and understanding the sources that produce most of your leads, you can shift the bulk of your budget there. For instance, if you notice that you spend the same amount of money on two different ad placements and one of them is giving you clients and the other is not, you can use that data to better funnel and spend your advertising budget.
2. Use Lead Tracking Software
If you decide to use lead tracking software, like a CRM, there are several software solutions that you can consider: Salesforce, Freshworks CRM, and Pipedrive, to name a few. They have sales activity features and dashboards that allow you to track your leads and keep all your lead information organized.
3. Use Spreadsheets
While you wait for or learn about your new CRM software, you can use simple spreadsheets to keep track of sales and where they are coming from. Spreadsheets are versatile and easy to use.
4. Use Email Marketing Campaigns
Email marketing campaigns involve mass-communicating with your audience. By sending out mass emails, you can figure out how to tailor your campaigns better towards a specific audience. For instance, you can see what the open and click-through rates are for each audience segment that you email and further categorize each audience segment. You can store your contacts and their information in the email marketing platform you choose to use and keep track of your leads that way as well.
5. Hire an Agency
Finally, if you are not willing or do not have time to figure out how to increase your leads, there are companies that can do it for you. The best lead generation agencies have mastered the tools and processes involved in increasing lead generation and conversion rates for legal companies. If you have the resources to afford one and you do not want to wait for your team to become competent with CRM’s and other methods of lead tracking and lead generation, you can always rely on these paid lead generation agencies.
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