B2B sales cycles tend to be long, and relationships with customers must be maintained over the medium to long term. In the B2B sales process , which involves complex needs and decision-making , it is necessary to approach your company's potential customers (leads) with a proper strategy and operational system.
There are many frameworks and list of aruba consumer email measures that marketers should keep in mind when interacting with leads. One of the most important concepts is lead management.
Lead management is not often discussed in Japan compared to lead generation and lead nurturing. However, as of 2023, it is an important concept when carrying out demand generation-type initiatives, which have become mainstream in B2B.
In this article, we will explain in detail the basic concepts of lead management, as well as the benefits and steps for companies to implement it.
What is lead management?
Lead management is a measure by which a company identifies its potential customers (leads), builds relationships with them, and ultimately converts them into "customers." This process is primarily the responsibility of marketing, but in B2B, collaboration with sales and inside sales may also be required.
Lead management is based on the premise of dealing with potential customers over the medium to long term, and is an important concept in B2B businesses, where the unit price of products is high and sales cycles tend to be long.
Lead management is interdependent with demand generation , which is becoming mainstream in B2B marketing . Demand generation is like a "framework" for stimulating interest in products and services in the market and pooling potential customers.
Demand generation concept
Demand generation is a term that combines "Demand" and "Generation," and refers to the series of processes from generating potential customers to receiving orders, as follows:
On the other hand, lead management is the effort to properly manage leads, from lead acquisition to sales, as shown in the diagram above. In other words, the relationship is as follows:
What is lead management?
In lead management, you need to decide in advance the rules for the lead information you have, such as "who should be nurtured" and "once qualified, who needs to do what next?"
The concept of "lead life cycle" that you should know before implementing lead management
The lead life cycle is a model that describes the process a potential customer (lead) goes through, from when they first become interested in a company's products or services to when they actually become a customer.
Understanding this lifecycle and managing it properly can help businesses effectively nurture leads and convert them into customers.
When dividing the lead lifecycle into stages, they are categorized by phase, such as "Visitor," "Marketing Lead," and "Marketing Qualified Lead," as shown in the diagram below.
