Lead Follow-Up: Hot, Warm or Cold Lead Follow-Up: Hot, Warm & Cold

Lead Follow-Up: Hot, Warm or Cold Why Follow-UP? To close new sales. To increase the amount of repeat sales. To qualify a database of names for direct marketing purposes. To make contacts and enhance relationships. To establish a presence. To get referrals.

Lead Follow-Up: Hot, Warm or Cold The Lead Manager Accountable for seeing that leads are tracked through the sales or fulfillment cycle. Duties & responsibilities: –1. Creating information gathering mechanism(s) for leads and contacts (lead forms, contact forms, etc.) –2. Putting a follow-up plan in place –3. Identifying & training lead fulfillment representatives –4. Testing lead follow-up –5. Measuring & reporting the success of lead follow-up Provide incentive to the Lead Manager to make sure that measurable objectives are reached.

Lead Follow-Up: Hot, Warm or Cold Qualify Leads Hot, Warm or Cold? How to decide: –1. Decision maker? –2. Urgent? –3. Size of company? –4. Buying influencer? –5. Budget? –6. Purchase timetable? –7. Level of interest? –8. Geographic location?

Lead Follow-Up: Hot, Warm or Cold Success Measures Quantify! Determine a specific numeric amount: –Cost per sale –Cost per lead –Cost per contact –Number of leads generated –Number of leads qualified

Lead Follow-Up: Hot, Warm or Cold Lead Gathering Devices How will your organization will collect leads: –Paper forms? –Direct entry into a database? –Scanned from a name badge bar code? –Beamed from a PDA? –Purchasing lead lists?

Lead Follow-Up: Hot, Warm or Cold Data Fields Which fields of data will your organization collect from prospects? –1. Vital contact information (name, address, title, fax, phone, , company, address, etc.) –2. Budget –3. Buying influence –4. Purchase timetable –5. Urgency –6. When/Where is a good time/ place to contact –7. Lead Qualification Ranking: Hot, Warm, Cold, Non-Lead

Lead Follow-Up: Hot, Warm or Cold Lead Management Software Insist on a standard for your company's lead management software. –ACT, Outlook, Goldmine, Uptrends or TeleMagic, Salesforce.com are a few popular programs. Create and publish a process for using software. Provide training.

Lead Follow-Up: Hot, Warm or Cold Lead Follow-Up Plan Elements of the plan include: –1. Initial follow-up timing: within a day? a week? a month? –2. Initial communication device: Phone? ? Fax? Letter? ? In-person? –3. Desired result: an appointment? a sale? –4. "Close" timing: a day? a week? a month? after five visits? –5. Follow-up personnel: Who will follow up on leads? Sales reps? Trade show operatives? Lead fulfillment representatives? –6. Lead Qualification: what elements constitute a solid lead? Is the lead hot, warm, or cold? –7. Incentives: how will your organization incent those responsible for follow-up?

Lead Follow-Up: Hot, Warm or Cold Sales & Marketing Materials Use or develop appropriate sales and marketing materials for lead follow-up. These materials may include: –Telemarketing scripts –Brochures –Thank you letters –Sales letters –Promotional items

Lead Follow-Up: Hot, Warm or Cold Lead Operative Inform the operatives of the measurable objectives and desired results. Outline the administrative & reporting processes for tracking the leads through the sales cycle. Make sure operatives have access and know how to use any technology that is required to enter and track leads. Communicate the incentive program to the operatives.

Lead Follow-Up: Hot, Warm or Cold Testing The Lead Manager informs lead follow-up operatives that s/he will randomly test the lead follow-up plan The Lead Manager performs weekly blind tests of operative contact activity

Lead Follow-Up: Hot, Warm or Cold Follow-Up Reports The Lead Manager produces regular reports that measure progress and success of the lead follow-up plan The Lead Manager shares reports with management and operatives. The Lead Manager makes adjustments to the plan to increase successful lead follow-up. Provide lead operatives with bonuses, commissions, or other incentives for successfully reaching objectives.