Lead Management is a term used in a very different way to describe methodologies, systems, and practices designed to generate new potential business clientele, generally operated through a variety of marketing and advertising means. It facilitates a business’s connection between its outgoing consumer advertising and the responses to that advertising.
The general principles of lead management create an ordered structure for managing business inquiries, frequently termed leads. The process creates architecture for organization of data, distributed across the various stages of a sales process, and across a distributed sales force with relevant categorization and the % of the opportunities within each phase of the sales funnel. Thus salespeople will be able to call on a prospect either medium, hot or interested based on scientific measurable steps and not on their own guts and intuition.
Such system when incorporated within the CRM system will give visibility and accuracy for building sales forecasts. Further, its visibility will aid sales people to have a concrete decision when and how long to follow up on certain accounts, and when to drop or allocate minimum sales efforts on.