Sooraj Bagdia, 09 Apr 2020

We get and convert many leads, but a proper lead cycle is not defined. 

We know leads are getting converted but do not know how much effort and time it consumes to correct them.

Every business must build a ‘lead cycle’ to measure growth vs time of sales and marketing.

We use Pen-Paper, Excel or a small CRM, but we still cannot measure it correctly. Each business has a different motive so the lead cycle will differ.

We generally take the lead cycle from the day inquiry came, but in my opinion, it should be the day you have thought and started strategizing about it because since then, you have begun efforts to get the leads. 

When you start marketing your product/services on digital or offline channels, set a realistic target that is achievable in a particular time frame.

When the lead is created into CRM, identify the source and cost to get that particular lead. 

I can define the lead cycle as (stages of lead) :

1. New - At this point, the lead is entirely untouched. So we define it as new.
2. Working - Now we have done some activity on the lead. Note down the times for each activity. 
3. Proposal Sent - We have sent the individual proposal/quotation or explained everything about our product/services with pricing to the potential client.
4. Negotiating - We must take too many follow-ups, i.e., nurture the lead in every aspect. If possible, give some discounts or offers, take timely follow-ups and provide proper support for the queries.
5. Converted - The client gets reversed, and the payment transfer process occurs.

In between, you can also mark every lead as Cold, Warm & Hot to know the probability of getting converted.

Important- You must also identify the crack points and why the lead got lost. You can start writing down the reasons and then begin eliminating them individually. Simple!

Returning to the target we had assumed, you can check how much time and effort it took and how much expense was done to convert the lead.

Now, you need to define how many days a lead should be there in a particular stage. It should not be in the ‘New Stage’ for over one working day. So, according to the nature of your business, the different lead cycles can be categorized and changed.

After a period, you know the time difference between when the marketing started and when the sale was created. This also resolves the issue of arguments between the sales and marketing teams about why the impact of marketing is not made and why the sales target has not been achieved yet.

Contact us at Inspirito, and we will design a free lead cycle for your business. You will learn what was missing in your lead cycle to create more sales.