Think of a lead lifecycle as stages of sales conversion. It’s a way of breaking up the process in order to make it more manageable. Maybe you will decide to assign certain team members to foster certain stages, or perhaps your team will work together throughout. No matter your sales strategy, understanding the lead lifecycle will increase your conversion rate.
What does lead lifecycle mean?
A lead lifecycle is the way your team manages a lead from beginning to end. There are various points in its lifecycle, from initial interest to converting to a customer.
Why focus on a lead’s lifecycle?
It’s a good idea for your sales team to think of a lead in terms of achievable steps so nothing is missed along the way. When you’re dealing with high volume, it’s easy to let leads slip through the cracks in the sales process. Breaking it down into steps, or a “lifecycle,” turns the sales process into manageable steps.
So what are the steps in the lifecycle of a lead?
The following is the lifecycle of a lead in its simplest form. Many companies add steps along the way. You can customize this lifecycle template to best fit the needs of your business.
These people are interested in your company or product, but in a distant way. They may be on your email list or subscribe to your newsletter, but haven’t shown much interest past that. You don’t want to be too pushy with possible customers at the subscriber level, but you can nudge them along by offering great deals and promotions.
These potential customers are showing interest in what your business offers. They want to learn more about your product and have let it be known by filling out forms or asking questions.
These leads are engaged. They are even excited about the product or service you provide. They continually return to your website or interact with your company on social media. Begin following up with these leads. Make sure you reach out with updated services, pricing, offers, and to answer any questions they may have.
The final stage! Just like a butterfly emerging from the cocoon, at this point your lead has transformed into a paying customer.
Understanding your sales progression is essential in converting more sales. The lifecycle of a lead is a tool to help you break down your lead fostering into manageable parts, making the process easier to understand for your entire team.