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Two most ignored but most important details in Sales CRM (Video)

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CRM is not for data entry, but for helping you in the management of your business. You should be able to make decisions based on your CRM reports. 

The Lead source and lost reason are the two fields in the CRM, that look very trivial and basic, but still, most organisations do it wrong. 

Let us understand the problem and the solution. 

What is the “Lead Source”?

It’s the actual source from where you received the enquiry or the opportunity. 

In any CRM, the Lead source field appears in both the leads module and the opportunities module. 

A proper analysis of the lead source helps a lot. 

  1. Where are you getting business from?
  2. Which sources have more closure ratio?
  3. Which sources are more profitable?
  4. Decide your future roadmap and focus. 

If you don’t analyse the lead source then you will keep on doing wrong things in the wrong way. 

What is “Lost Reason”?

Whenever you mark any lead as dead or mark any opportunity as closed lost, you are supposed to select the reason for the same. This is known as “lost reason”.

While analysing reasons for losing the opportunities, these two points should be considered. 

  1. Discuss how it could have been avoided. Maybe we failed in showing the value of our product or handling objections? This will help you win more opportunities.
  2. Discuss how it could be known earlier. If you lose an opportunity because of pricing, was it possible to know these reasons early on? This will prevent your team from wasting efforts on unlikely opportunities. Also, this will help you to improve your sales qualification process.  

Something to think about

If you analyse properly, you may find a link between lost opportunities and lead source. Wouldn’t that be exciting. 

CRM is supposed to help you analyse the past and create strategies for the future. Lead Source and Lost Reason for deals are the two most important fields, unfortunately, they are mostly ignored.  

Mistakes in handling Lead Source and Lost reason

  1. Drop-down options are not defined properly.
    1. Do not accept standard definitions that come in any CRM software. 
    2. Always discuss with your team and finalise the drop-down options. 
  2. Many times they are confusing and overlapping. 
    1. There is a difference between the medium through which this was received and the actual source of the lead. Eg: if you receive an email from your existing customer for a new product requirement, what would you put as a lead source?
    2. If you lose an opportunity to your competitor because of pricing. Would you select “costly” as the reason or “lost to competitor” as the reason?
  3. The sales team does not take it seriously. 
    1. One reason that is they don’t know the importance of it. 
    2. Another reason is that no one is doing an analysis of these parameters so the team is not serious about the same. 
  4. No one is doing analysis. 
    1. There is no point in collecting the information if you are not going to analyse the same and take necessary actions. 
  5. Not changing the way of working even after analysis. 

How can Sangam CRM help?

As with all other CRM software, Sangam CRM also helps you with dashboard analysis and reports to analyse both these parameters. 

That’s not important. 

Our team of functional experts help you in analysing the reports and help you in deciding the best conclusions. This is more important.

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