Perhaps you've never thought about it this way before, but every business has a go to market...
Losing Track of Leads? Here’s Why (and How to Fix It)
If you’re like most businesses, you’re losing track of leads. In fact, very few businesses have mapped out their end-to-end go-to-market strategy. This often results in lulls of activity, lack of lead nurturing, or failure to create the next steps for opportunities in your revenue generation funnel. This leads to losing track of opportunities and creates a leaky funnel.
The good news: there is a solution. Businesses need to visualize their entire go-to-market strategy in order to see where they may be missing important pieces and structures in the process. This will create increased velocity in revenue growth.
Let’s take a closer look at why businesses lose track of leads, and how mapping out your go-to-market strategy can help.
The Reasons You're Losing Track of Leads (and How to Fix Them):
There are four primary reasons businesses lose track of leads: lack of an integrated system, lack of process documentation, internal silos, and a lack of clear reporting on each step of the strategy. Let’s take a closer look at each one.
Lack of an Integrated System
Most businesses use multiple software systems to manage their leads, customers, and deals, which are not integrated. This can make it difficult (if not impossible) to get a complete picture of your customer as they progress through your sales funnel. As a result, leads can slip through the cracks, and opportunities are missed.
The Solution: An integrated Customer Relationship Management (CRM) system gives you a single view of your customer and ensures that no leads are lost in the cracks. Additionally, an integrated system will automate repetitive tasks so your team can focus on selling, not data entry.
Lack of Process Documentation
Most businesses know what a typical sale looks like, but they don’t have it documented. Without documentation, it can be difficult to train new employees on your process or hand off deals between departments. As a result, deals can fall through the cracks.
The Solution: Document your go-to-market process from start to finish—including lead capture, lead nurturing, handoffs, etc. Once you have it documented, create visual workflow diagrams so everyone on your team knows what needs to be done at each stage of the process.
Another common reason businesses lose track of leads is internal silos. When information is siloed within departments, it can be difficult (if not impossible) to get a 360 - degree view of the customer. As a result, opportunities are missed and the customer experience suffers.
The Solution: One way to overcome internal silos is by using a CRM system that gives everyone on your team visibility into the customer journey. Additionally, regular company-wide meetings can help break down silos and ensure everyone is aligned on goals and objectives.
Lack of Clear Reporting
A lack of clear reporting on each step of the go-to-market strategy makes it difficult to track results. Without a complete understanding of where leads are coming from and how they are progressing through the sales funnel, businesses can easily lose track of opportunities and fall behind in revenue growth.
Solution: Create revenue attribution reporting based on your conversions inside of your go-to-market strategy. Identify critical KPIs and build dashboards that outline the most effective metrics. Take action on those that can create the most efficient revenue growth.
There you have it—the four primary reasons businesses lose track of leads (and how to fix them). By implementing an integrated CRM system, documenting your go-to-market process, breaking down internal silos, and reporting on attribution, you can set your business up for success.
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