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The Science of Lead Analytics

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Lead analytics is the science of the analyzing lead capturing, tracking, management, allied practices. More importantly, lead analytics can help a business reach optimal potential of their lead practices through the understanding and utilization of such a science. Learning and understanding how the process of lead capturing and management works will help your business implement better lead practices that will result in a higher rate of success through conversions and sales.

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The basics of analysis function can be broken down into the following three major areas:

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Capturing

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Lead capture is the practice of a business generating its own leads. Lead capturing can be done through lead generation websites, marketing, and advertising. Captured leads are the best type of leads to utilize, because they are generated solely through the prospect’s own interest in a company’s product or service, and the request for more information or contact is made at their own discretion.

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Conversion to Sale

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It is the process of converting a lead into an actual sale. A person who expresses an interest in a product or service, who then purchases the product or service, is a successful conversion. The percentage of your lead conversions versus your lead captures will give you an accurate picture of how well your marketing methods are working, and can help you figure out where your marketing practices may need to be changed.

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Lead Management

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It is the process managing of current leads that you have in your system, and the practice of bringing them from a captured lead to a conversion, or sale. Lead management is done in a variety of ways, often with the assistance of lead management software, employees who are dedicated to lead conversion, and other electronic methods.

Analytics

Each of the three areas of lead analytics is crucial to the success of any marketing campaign. Without lead capturing, you lack the quality leads that you need in order to push a conversion. Without lead conversion, your company does not make any money through sales. Without effective lead management, you will be unable to handle the leads that you are currently in possession of, which means there is no way for you to convert your leads to sales.

Lead analytics are not complicated by any means. Understanding the basics of lead analytics will allow you to effectively market your product or service and generate more sales.

Analytic Reports

Current lead management software solutions come with several easy to use Lead Analysis Reports. These reports are generally available in real time and over the internet and hence you entire marketing and sales team can have the unified view.

Some of the useful reports included in modern lead management systems dashboard report (providing an overview), lead status report, lead analysis (by source, source group, sales stage, priority, class, etc.), lead ageing (or aging) report, leads by sales agents, status by sales territories, and status by product lines / business units. These reports will be provided in graphical representation and drill-down fashion, so that granular level details can be viewed to explore a specific parameter.

As a business owner or a manager, Lead Analytics will be the most useful function that you will be interested in any sales inquiry / prospect tracking and marketing automation software solution.

Paddu Govindaraj, architect of LeadPro, specializes in Email Marketing, Auto-responder and Lead Management Software solutions, tools and resources for Small and Medium Businesses to embrace online marketing. He provides design, consulting, customization and implementation services in Email Marketing and Lead Management areas. He blogs on Sales Lead Management Best Practices, Web Analytics and Email Marketing subjects.

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