Sales are the only source of revenue generation for a company to survive. And everybody will agree on this. Different Stages Of A Lead If this is the truth then why do few companies thrive on sales and many fail to do so? It is because of their inability to convert leads into sales.
What is a lead?
In any business, a lead is the first step in which a customer inquires about your product or service. The lead expresses interest via email, text message, or social media handle. Different Stages Of A Lead They are the ones you can convert into customers. A lead is a person who has expressed interest in a company’s products or services but is not yet qualified to buy. They are prospective customers with whom a company has yet to do business but believes it will in the future.
Any person who expresses an interest in your product, service, or brand is considered a lead. People can show their interest in a variety of ways, such as downloading a free guide, filling out a contact form, or following a social media account. Different Stages Of A Lead Your company will almost always hear from a lead before the lead hears from you.
While you can start the conversation (for example, by cold calling), this rarely works. That is why many businesses attempt to generate leads. Leads are more likely to be interested in your products or services when you bring them to your company.
4 Different Stages Of A Lead
1. Contact
First, the lead will approach you after becoming acquainted with you through either the inbound or outbound methods.
This is the initial stage of any sales process. Different Stages Of A Lead This is the first time your audience will hear about your company. They may have discovered you as a result of your marketing efforts.
Assume you ran a Facebook campaign aimed at young earning professionals aged 24 to 35. Peter, a visitor, sees your ad and clicks on it. He is redirected to a website that offers discounts
. He looks around but doesn’t do much. However, he happens to see a widget asking for his contact details in exchange for a newsletter subscription. On a whim, he decides to subscribe. Now, Peter has officially become your ‘contact’.
2. Prospect
The lead expresses their desire and inquires about the product’s price and features, as well as whether the product is available for testing, demo, or warranty. Peter has begun to actively use your app, perusing everything you have to offer. Different Stages Of A Lead You now know he’s interested, so you gradually begin pressuring him to buy. Assume you’re offering him a free trial at a nearby gym or a free diet consultation with your nutritionist.
With each activity, his lead quality score rises and his proclivity to convert rises as well. Again, you gradually but steadily encourage him to sign up for a consultation call or a gym trial via text messages, emails or even push notifications. Finally, he registers for a complimentary nutrition consultation. Yay! Peter is now considered a prospect.
3. Opportunity
As a salesperson, you will recognize the opportunity once the lead expresses a desire. Then you’ll sell what’s required. You should also look for opportunities to upsell as add-ons. AMC products/services, etc. However, just because Peter agreed to a free consultation call does not imply that he is ready to purchase.
There is still a good chance he will change his mind. However, the fact that he accepted the free consultation indicates that he is reconsidering his current lifestyle and is looking for ways to make a healthier change.
He is now a chance for you. You must ensure that his call goes well and that you provide him with sufficient incentive during the call as to why purchasing a fitness package from you is the best thing he can do to take the first step toward a healthy lifestyle. If you can persuade him, he will advance to the next lead stage. Different Stages Of A Lead
4. Customer Decisions
Customer decisions are the final and most important stage. Whether or not they intend to purchase the product/service. You now understand the different types of leads and the stages of a lead. Different Stages Of A Lead Let’s take a look at some of the most common mistakes that businesses make that cause them to lose potential customers.
BOTTOM LINE
I hope the above example clearly illustrated exactly how you can set up various lead stages. Though the use cases can differ, the main framework will always remain the same. Different Stages Of A Lead Planning and setting up these lead stages within your CRM will help you to visualize and build your sales funnel better. Ultimately, this translates to deeper insights into how well your sales process is performing and how you can optimize it better.
