For franchise businesses investing in cross-channel lead generation strategies, it is important to know how and where leads are generated in a customer relationship management (CRM) system.
At its core, a CRM helps oversee a company’s engagements and connections with both current customers and prospective ones. So, it is critical to ensure your lead sources are tracked properly in the CRM.
For the best results, it must ensure the delivery of the appropriate message to the customer precisely when needed. Marketing alignment, resource allocation, personalization, continuous improvement, and forecasting are just a few of the benefits CRMs provide to manage leads and track lead sources.
Sales and Marketing Alignment
Tracking lead sources enables franchise marketing and sales teams to be more aligned. Alignment helps teams focus their energy and resources on channels that produce the highest quality leads. In turn, that can lead to a more effective sales process.
By knowing which channels or campaigns yield the best lead results, budget allocation can be more effective. This helps teams ensure that money is being spent where it is most likely to produce a strong return.
Knowing where leads come from can help sales and marketing teams tailor their overall approach, personalizing interaction to help a lead work his or her way toward a conversion. For example, a lead from a Facebook campaign that has not made it completely through the sales funnel could be retargeted with an Instagram ad that speaks more to where the lead currently is in the funnel.
By tracking lead sources and then measuring which ones convert best, businesses can create a loop of feedback that allows them to refine their strategies. Over time, a continuous improvement strategy ensures that marketing and sales processes are evolving and becoming more efficient at converting leads.
Forecasting and Planning
More consistent data on lead conversion rates allow for more accurate forecasts and strategic planning. This sets up your team for success in the future.
Optimization of Marketing Channels
By identifying which lead channels are working, your team can make even more optimizations to ensure marketing budgets yield the best possible results.
Understanding Audience Behavior
Tracking lead sources also gives insights into where potential leads are spending their time and what content or platforms attract them. This information can be extremely useful in determining the best strategies to target your audience.
Faster Response Times
Some CRM software can immediately notify sales reps after a lead comes in from a specific source. Faster notifications allow for more timely follow-ups, which can increase the chances of conversion.
By tracking lead sources, businesses can calculate the return on investment (ROI) for specific marketing campaigns, channels, or strategies. This helps marketers determine which sources are the most profitable and which ones might need more adjustments.
In a world driven by data, tracking lead sources in a CRM is crucial for any franchise business that wants to maximize its marketing efforts and improve its bottom line. Proper use of this data can lead to more effective strategies, better use of your marketing dollars and better alignment of sales and marketing objectives.