Leads are what keep your business growing. They are the inquiries for new business opportunities. Unfortunately, too often businesses don’t know how much revenue they are missing out on in lost leads. According to MetaLocator’s industry expertise, on average one-third of a business’ leads go unacknowledged. This can leave millions of dollars left to be desired. Luckily, MetaLocator designed a way for you to see the status of all your leads at any point in the sales cycle, making sure they don’t go forgotten.
MetaLocator rolled out a new update allowing admins to see the status of leads in the backend of the software, we call it “Lead Status Reporting.” These new features enable users to see vital information regarding the status and performance of their leads.
MetaLocator users will see metrics regarding their lead status and performance in the analytics page.
Lead Status Reporting is a new feature available to Lead Optimization subscribers in MetaLocator. Lead Status Reporting allows admins to see exactly where in the sales funnel their lead is currently. These lead stages are defined as:
- Unacknowledged: The lead’s contact information has not been received by the location contact.
- Acknowledged: The location contact clicked the Lead Notification and the lead’s contact information was disclosed.
- Accepted: The location contact clicked a button indicating that they will follow-up with this opportunity.
- Rejected: The location contact clicked a button indicating that they will not follow-up with this opportunity.
- Won: The location contact clicked a button indicating that they have obtained a completed purchase or signed contract.
- Lost: The location contact clicked a button indicating that they will not obtain a completed purchase or signed contract.
- Complete: The engagement is complete and the customer order is fulfilled.
After a lead is marked as complete, MetaLocator users have the option to send a follow up survey to the location contact. This is an advantageous feature because it allows for the location contact to provide information on how much revenue came from the lead as well as how satisfied they were with the lead process.
To learn more about implementing this feature into your locator, see our support article.
Why Lead Status Reporting is Important for Your Business
According to our industry expertise, 34% of leads go ignored by dealers and there’s a good chance your annual revenue is taking a similar hit too…that’s a lot of lost potential.
Lead Status Reporting provides a structured, guided system to ensure your business knows the status of all leads during every step of the sales process (it’s like tracking a package but for business leads). Knowing the status of your leads has a ton, potentially millions of dollars worth, of value. This feature produces more revenue and better relationships with partners in your network.
By tracking leads every step of the way, you’re not only ensuring they don’t get missed, you’re also providing a way for them to get picked up and completed by another dealer (and making your boss happier). These “unacknowledged leads” (as we call them) can plague a business. If the issue continuously goes unnoticed, companies can lose massive amounts of potential revenue (and that’s still an understatement).
Insights are an important part of optimizing any business, they are the foundation used to determine where improvements need to be made. With Lead Status Reporting, a business can see reporting of leads to determine the rate at which leads are won or lost and the timing of the various stages from first contact to fulfillment. One example of available metrics is the win rate. This can help a business make changes to have a positive effect on the win rate.
Sending a follow up for feedback is a unique function of Lead Status Reporting. The feedback you receive from those in your network creates opportunities to improve business processes while also learning what parts of a current process are working. It’s a pretty simple way to get quality feedback, overall helping you run your business better…sounds pretty good, right?
The ability to collect more insights while simultaneously staying organized and keeping track of your leads is an extremely valuable feature for any business. This feature is available for MetaLocator users who are Lead Optimization subscribers.
Check out MetaLocator’s software in action by visiting our demos page, featuring demonstrations of our locator software in various configurations.
To learn more about MetaLocator and our products, visit our products page.
Keep up with the latest on MetaLocator by following us on social media.