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Lead tracking software measures and Improves your sales bottom line. Here’s how?

It’s said that you can instantly improve anything by simply measuring it. Whether the statement stands of every sales situation, it assuredly holds true for lead management process.

A lead tracking software helps you track the leads from its source to the final conversion or drop-off point. By tracking each prospective lead, you can increase the number of final feasible conversions.

Whether you are receiving only double-digit leads or thousands of leads, a lead tracking software can instantly increase your number of conversions.

In this blog, we’ll discuss using a lead tracking software that’ll improve the performances of the individual leads.

Tracking the prospect engagement

If you are having trouble with converting leads into paying customer, you need to first recognize where the prospect drops-off from becoming a paying customer. With a lead tracking software, you can zero-in on the potential causes of lead drop-off.

For example, if you lose touch with a prospect after the pricing discussion, it could mean that a competition has poached the prospect by offering a lower price. Now you can go forward with analyzing and making adequate changes to the pricing of your product.

Similarly, you can go forward with making more insightful decision for each part of your purchasing process.

An email marketing tool within the sales tracking system also lets you send targeted customer messages. This allows you to incentivize the customer to revisit the sales page.

In this way, the sales tracking system will generate more purchase and prospect engagement.

This will help you leverage faster decisions that involve smarter decision for your customers.

Calculate the ROI of each campaign

The role of marketing is achieving the highest quality leads at the least cost. This will improve the ROI(return on investment) for both the sales and marketing teams.

A sales tracking software can effectively track the spending and quality of each sales lead. This allows you to tie each lead to its initial campaign. By this system, you can track the different campaigns and the resultant ROI.

You can even the inquiries to specific product types. This allows you to decide whether a specific channel gives a better quality of leads of a specific type.

In return, you can optimize your marketing campaigns for higher sales conversions.

Calculate the drop-off rates of different sales stages

Let’s consider that you have just received 100 leads. After two months, you have 10 leads that are ready to sign-up for your business.

In this situation, do you have an accurate idea where the remaining of the 90 leads has decided to leave your business? Most businesses don’t have an idea why their leads didn’t convert.

Enter the lead tracking software.

A lead tracking software creates a profile for each individual lead. This allows you to track leads from the initial touch point.

This helps you plot the leads across the different stages of the sales pipeline. A lead tracking software can also visualize the different lead statuses through a sales funnel. This allows you to instantly decide where most of your prospects are dropping-off your sales funnel.

By having a sales tracking software, you can decide to optimize for a particular part of the sales funnel that will generate a maximum number of closures.

Improving productivity and performances

As per studies, a significant portion of the sales reps time gets expended by data entry tasks. These are usually mundane and vulnerable to errors.

In this situation, having a lead tracking software to automate this process is a no-brainer. The companies that successfully implemented a sales tracking system usually sees a revenue growth of up to 10%.

This allows your sales reps to focus on more productive sales closure tasks. Also, the sales lead tracking software enables you to responsibly distribute the leads among the different sales professionals.

Create better sales goals

The lead tracking software covers your entire sales process. This involves the different steps before the sales closure. This allows you to make effective decisions and set goals for each part of the sales process.

Conclusion

A sales tracking system has become a quintessential part of most sales organizations.

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Six ways to use customer service CRM to collect accurate NPS metric (part 1)

In order to be successful, a running business should track and work to improve one metric of quality – an accurate NPS metric. A customer service CRM could be immensely helpful in the process of accurately measuring and improving this metric.

But here's the important question.

What’s an NPS metric and how customer service CRM helps you improve it?

Irrespective of the industry, all successful businesses have one common thing - a thriving relationship with the customers. With the customer relationship being so significant, you should be effectively track and improve this metric. For this purpose, the NPS ( Net Promoter Score℠) has become the standard metric for this purpose.

Basically, the NPS score is the measure of the likelihood of your customers recommending your business to a friend or family. Although this metric carries tremendous potential, the method of formulating the NPS scores are usually less than perfect. The customer gets the NPS score after a happy exchange or after the company gets a glowing testimonial. Both these situations usually give rise to artificially amplified NPS metric.

Now let’s see how a customer service CRM helps you improve your business.

1. Start monitoring more touch points

The primary step in getting an accurate NPS score would be to increase the sample size. For this, you need to go beyond email as a source for collecting NPS metric. If you make email as an exclusive source of collecting the NPS metric, you wouldn’t be able to track a large portion of your target audience.

Instead, you can start approaching your customers and asking for feedback on all the relevant social channels. This includes twitter, facebook, and other social media platforms.

In this situation, you would be able to capture the attention of more prospects. This includes the different customer demographics segments and audience interests.

An omnichannel platform like kapture crm helps you cover all these touchpoints through a single platform.

2. Track the NPS score over your customer lifecycle

Like any other performance metric, the NPS score will usually vary throughout the customer life. The initial glitz may earn you a relatively high NPS score with your customers. When the customer is considering to leave your business, the NPS metric will also naturally come down to a lower value.

A customer service software could be effectively used to rectify this error and bring clarity to the precise measurement of your overall NPS metric. For example, you can use a service CRM to automate sending messages to your customer across 365 days of the year. This allows you to accurately track and determine the NPS metric over the one year mark. If you think that the NPS metric dips during this time period, you can take proactive measures to improve this metric and therefore retain the customer.

3. Identify your most satisfied customers

Let’s say that you have 100 customers. You can proportionally divide the 100 customers given below.

Normally, the NPS metric would be diverse across the board. Here’s a brief demonstration of a normal variation of NPS metric.

Super promoters of your business - 10

Satisfied customers – 70

Rater average – 10

Unsatisfied - 5

The easiest way to increase your number of customers would be to focus to serve your happiest customers. But the segment of customers is low compared to the other segments.

By using the already collected customer data, you can distinguish what makes a particular customer segment better suited for your product.

For example, this allows you to determine that your ideal customer comes from Facebook advertising and uses your business/service as frequently as three times a day.

By acquiring an accurate understanding of the individual segments, you can invest on expanding this segment.

Today, all business is striving to get a high NPS metric among their customers. This also requires accurate measuring of the customer happiness. A helpdesk software helps you track the customer relationships and improve customer experiences.

A high net promoter score signifies long customer lifecycle and more referrals sales for your business.

Kapture service CRM software is a cloud-based omnichannel service platform that helps you manage customer interactions. The unified customer profiles you can collect and route NPS surveys through the different channels.

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