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Is It Lead Generation or Lead Management?
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| Posted By :
2008-08-19 01:16:35 |
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What is the difference between lead generation and lead management?
It's quite simple, but if you don't know the difference, you could end up making some costly mistakes in your efforts. Here's the gist: you need lead generation when you don't have any leads...you need lead management when you have plenty of leads but you are having a difficult time managing these leads. See? I told you the difference was simple.Most sales organizations have both problems. I know that seems counter-intuitive; how could you have too many leads and not have any leads at the same time? Well, when you are not managing your sales opportunities properly, then you have a difficult time discerning qualified leads from unqualified and you end up missing many exceptional opportunities. Therefore, you need a never ending supply of new leads to continue the search.
It is a vicious cycle that results in spinning your wheels---you spend precious time uncovering new leads that could be much better spent properly following through on existing leads.
There are two different types of leads you need to make a concerted effort to identify: the long-term lead and the short term lead. The short term lead is the one who is ready to make a decision right now: yes or no, thank you very much. In lead management the most challenging moment for most sales organizations is managing the long range lead. Why?
Consistency is of vital importance in your management practice. Long range opportunities need to be managed with procedures that everyone on the team uses. In other words if there are 6 sales reps on your team you can't have 6 different lead management procedures. Everyone needs to be classifying leads in the same manner, and following up with the same (or at least similar) techniques.
You need a centralized database where this lead management process is conducted. A system everyone has access to, so they can all see the notes on existing leads made by other reps. This is a simple means of internal communications so no one slips through the cracks...and no one is help in the system against their will. Leads need to be ranked with the same criteria...and long range opportunities should be date sensitive for follow up in the correct time frame.
Manage your existing leads properly, and you won't have the same need for a constant, bottomless stream of new leads. If your management program is handling prospects properly, you will relieve a lot of stress from your generation program. That will save you time and money...as well as create an increase in the number of qualified leads you see consistently over time.
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