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4 Lead Management Mistakes That Are Costing You Money

You spend time, effort and money on online marketing to generate leads for your small business. But making the wrong moves with lead management can render those leads useless. Here are four common lead management mistakes that could be costing your business sales.

Mistake No. 1: Not getting enough information about your leads. Your online marketing must strike a delicate balance between asking for too much information (so that you turn prospects off and they aren't willing to fill out your lead form at all) and asking for too little information (so that you don't know whether it's a hot lead or barely lukewarm.) To achieve this balance, try asking for minimal information on your initial lead form, then gathering additional data in future contacts with the lead.

For example, if a consumer fills out a lead form on your roofing company's website, their name and email is probably all you need. You can ask for a phone number, too, but many consumers don’t want to divulge it, so mark the essential fields with an asterisk. In future interactions, you can ask whether they are a homeowner or commercial property owner, how soon they will be making a decision, the square footage of the building that needs roofing and other information that helps you tailor your outreach to their needs.

Mistake No. 2: Not responding to leads right away. If a lead emails you at 9 AM and you respond at 6 PM, is that good enough? Probably not, especially if your competitors respond in a matter of minutes. If that sounds like a superhuman feat, it is—but it’s one that every business owner can achieve with the right automated lead management tools. Lead Stream sends you instant notifications whenever a prospect contacts you. Even if you're busy with another client or customer or prospect when you receive the notification, no worries: Lead Stream can automatically respond to leads for you.

Mistake No. 3: Not segmenting your leads. The information you gather in Step 1 above will help you categorize and prioritize your leads. In addition to helping your sales and marketing team focus on the most promising leads first, segmenting also enables you to personalize your responses to leads, which is key to success. For example, the roofer I mentioned would respond differently to a commercial landlord with multiple apartment buildings than to a single-family homeowner. Lead Stream provides you with automated email campaigns you can use to respond to each lead segment with emails tailored to their needs.

Mistake No. 4: Not tracking your metrics. Without monitoring your performance, you won't know if your company's lead conversion rates are dropping, climbing or holding steady—and whether they’re meeting your benchmarks. You need a system to track how many leads respond to your texts or emails, take action on your special offers or otherwise engage with your business beyond their initial contact. Lead management software can help simplify performance monitoring. For example, Lead Stream has an easy-to-use dashboard you can use to keep track of all leads that come in, how they come in (i.e., through email or phone), and details of how and when you followed up with them. You’ll also be able to see if leads redeemed any special offers or discounts your business is offering.

The four mistakes above are easy to make. Fortunately, they’re also easy to remedy when you use the right lead management tools.