Generating, distributing, and managing leads successfully can make or break an organization’s ability to succeed and grow. Even though most brokers would agree with this, only 27% of leads ever get contacted.1 Why are so many leads neglected?
There are only so many hours in a day. If you have sales managers trying to juggle the demands of a busy office and managing a manual distribution model simultaneously, you may be losing leads, sales, and, ultimately, money. Effective lead distribution is integral to your agency’s success, but a manual process can have you squandering qualified leads and losing sales.
Innovative technology has changed how we do business in many industries, but you may be hesitant to commit your health insurance agency to lead distribution software. Change can be stressful for your agents, and learning how a new system works can take a little time and training, but the investment in a software program that distributes leads and automates the process can elevate your agents’ success to unprecedented levels.
Reports show that automation can be a catalyst to lead generation, response, and conversion. Studies show that 80% of companies increase leads and 77% increase conversions due to automation technology.2 Improve lead distribution by investing in software that can expedite the process and help you increase sales.
Lead distribution software can strengthen your sales efforts by improving:
The features of lead distribution software can revitalize your business and change the way leads are captured and nurtured throughout the sales cycle. Automation, accuracy, tracking, accessibility, and follow up capabilities of lead distribution tools can help your sales team get the most out of your leads and improve sales.
Let’s look at the top five features of lead distribution software:
Keeping up with manually distributing leads can be a challenge for even the most experienced sales managers. Meetings, off-site appointments, personnel issues, or an unexpected surge in volume can keep sales managers from distributing leads efficiently and effectively. An automated system can quickly capture leads and intelligently distribute them to the sales team based on criteria you choose.
Response times are crucial in determining lead-to-sale conversion rates – and who gets the sale. Between 30-50% of sales will go to the vendor that responds first.3 If response time on leads takes too long, the sale may go to someone else. Your agency’s sales team will benefit from an automated system that reduces wait times on getting leads, and gives them more opportunities to work leads and turn them into sales.
Hosting lead distribution software ensures that every lead is assigned to a sales agent, eliminating the risk of neglecting leads accidentally.
Lead distribution software focuses on speed and compatibility by eliminating the risk of human error.
With every manual task, there is a degree of human error involved. Busy sales managers can make mistakes or simply run out of time, regardless of their savvy and expertise. If a lead is delayed, even by 30 minutes, it may start to grow cold. Sales agents get access to qualified leads at a faster rate with automation, and keeps leads from being missed altogether.
Based on the criteria you set, leads can be distributed to sales agents with the right information, experience, and skills to close the sale. This can be especially helpful during busy enrollment periods when you may bring in additional reps who may not be as familiar with your insurance products. A lead distribution tool will also take any guess work out of lead priority for your agents.
By analyzing relevant data, your sales team can determine which sales and marketing strategies are working, and which ones need to be revised. What type of data can help you make the most of your leads?
Choose lead distribution software that can track where your best qualified leads are coming from, how many leads are converted to sales, how many touch points it takes to close the sale, and the revenue from each lead.
Recording data manually can be inconsistent at best and relies on individuals compiling their own statistics and information in a timely manner. Don’t miss out on vital information that can help improve sales across your organization. Invest in technology that will:
Effective lead distribution software should automatically track the status of your leads and follow them through the sales cycle. With this information at your fingertips, you can determine which processes are contributing to your sales team’s success, and which sales and marketing strategies are keeping your team from reaching its potential. Accurate and immediate data can help your sales managers catch and address any concerns that arise with leads, agents, marketing campaigns, or sales and make corrections immediately.
Information should be accessible to your whole sales team. This will allow for lead sharing and escalation to supervisors when necessary, allowing agents with the proper clearance to view important information at any time. When moving a prospect through the sales funnel, it’s helpful for an agent to see where the lead originated, stages of the sale, touch-points, and communications. A seamless process will contribute to your sales agents’ success and can improve the customer experience.
Studies show that collaboration encourages sales agents and improves results. Take a look at these statistics:4
Collaboration at any level can help everyone learn, overcome objections, hone their skills, and improve sales.
Automated reminders and notifications can keep your sales team on track. Following up on leads is the only way to get the sale – but 80% of sales take 5 follow-up phone calls.5 Do your sales agents give up earlier than they should? Most do.
Life as a sales agent gets busy, but lead distribution software can help with auto-notifications and reminders to follow up with prospects or clients at pre-determined times. Don’t lose sales simply because of timing and frequency of lead follow ups.
If you are still relying on manual distribution of leads, you are losing sales and revenue. Lead distribution software eliminates the time sales managers take to get leads, allowing them to focus on other parts of the business. Automation helps agents respond faster to leads, and gets them focused on building the client relationships they need to close a sale. To stand out from your competitors, technology needs to be integral part of your sales process. Improve lead distribution and management by acknowledging the limitations of a manual process, and take advantage of tools available that will streamline time-consuming tasks, increase response times, and improve lead-to-sale conversion rates.
1) “3 Response Time Studies: Lead Generation & Wasted Sales Leads;” Michael Pendreigh; June 28, 2016; Business 2 Community; https://www.business2community.com/sales-management/3-response-time-studies-lead-generation-wasted-sales-leads-01580290
2) Marketing automation best bets;” John Koetsier, Tune; May 5, 2015; https://venturebeat.com/2015/05/05/marketing-automation-best-bets-80-of-companies-increase-leads-77-increase-conversions/
3) “How Does Lead Management Help Business?” Michael Myles; September 20, 2013; Marketing Optimizer; www.marketingoptimizer.com.
4) “The Numbers Don’t Lie: Why Collaboration is Key to Sales Success;” Ryan Leavitt; April 19, 2016; Learn Core; https://learncore.com/the-numbers-dont-lie-why-collaboration-is-key-to-sales-success/
5) 21 Mind-Blowing Sales Stats; Brian Williams, PhD; Brevert; http://blog.thebrevetgroup.com/21-mind-blowing-sales-stats