A lead lifecycle is a
process by which leads move from their creation to revenue. It is the process
by which a lead is managed at every step. The lead lifecycle of an organization
is very similar to an assembly line of machines
or goods except for the fact that instead of goods, an organization’s lead
lifecycle is an assembly line of leads. The primary objective is to channel the
leads in the system in a timely and methodical fashion through a funnel system.
The leads have to be properly managed so as to ensure the smooth functioning of
the organization.
There are five different
stages in a measurable lead lifecycle. Just like assembly line machines used by industrial machine manufacturers, lead lifecycle management starts
with the process definition. The most difficult phase is the initial stages when
the organizations develop the procedures and methodologies. Once that is
accomplished, controlling the lead assembly line from a technological aspect
becomes much easier.
Let us take a quick look at the important
steps in managing a lead lifecycle. These are the prerequisites to the assembly
line and the funnel system:
Firstly, there has to be
harmony between the sales and marketing groups. Unless the sales and marketing
teams are on the same boat, it becomes extremely difficult to manage the lead
lifecycle. However, this does not mean that sales and marketing teams can have
no rifts. What is important is that there should be a healthy relationship
between sales and marketing teams so as to achieve a successful lead lifecycle.
Secondly, the language
should not become a barrier while aligning the sales and marketing groups.
Terminologies are crucial for getting the sales and marketing teams to get
along with each other. That is why it is imperative to develop consistent
lifecycle stages definitions in order to manage a lead lifecycle. The process
is very similar to industrial machine
manufacturers who use an assembly line of machines or goods to achieve
their objectives.
Thirdly, service level
agreements (SLAs) need to be established between the marketing and the sales
team. SLAs ensure that each lead is given appropriate attention and the leads
move through the system in a time-effective fashion. It prevents the stagnation
of leads at various stages of the lead lifecycle.
Fourthly, it is important
to agree on and follow the process in the lead lifecycle. Just like building an
assembly line with the poor procedure is impossible, managing a lead lifecycle
without agreed upon and correct process is impossible. There should be an
agreement between the sales and marketing teams on the processes adopted and
the process should be duly followed in order to achieve success.
Last, but not the least,
it is necessary to get the management on board so that they can help in
overcoming the obstacles that come in the way of process changes. Even if the
sales, marketing, and management teams are aligned, there may be some
individuals who refuse to follow the process agreed upon. This can lead to
stagnation of management of the entire lead lifecycle. A proactive organization
effectively foresees such inconsistencies and allows the management to get on
board. Without the assistance of the executive and management, organizations
tend to ignore such issues, thereby putting the entire project at risk. That is
where the management steps in so as to ensure that the process is duly followed
for the smooth management of the leads’ lifecycle.
Therefore, for the smooth
running of an organization, there needs to be alignment between the sales and
marketing teams, terminology, and the process must be duly agreed upon and confirmed
to, and the management should be there to supervise the smooth functioning of
the lead lifecycle. This is a repeatable funnel process which ensures the
appropriate management of leads at each and every step. This is how to lead
lifecycle management is similar to developing an assembly line of machines by industrial machine manufacturers.
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