Lead Management Best Practices for Fintech Firms

One might think that lead management for FinTech firms might seem to be a daunting exercise, but in reality, they function the same way as other lead management campaigns for other industries.

In this short article, we’ll show you how you can create opportunities for more leads and how you can nurture the ones that you have right now.

What Type of Lead Management is Effective?

While there are numerous lead management practices out there, not all of them are considered adequate. Among the limitless best practices we observe each day, on the other hand, you can choose those that will best serve your needs as a growing company.

Here are five best practices that you may want to consider for your FinTech business to remain competitive, healthy, and sought after in the market.

Related: Lead Management Best Practices: Marketers Should Take into Heart

1. Study, Revisit and Reevaluate Your Systems Constantly

Your target market today may not be the same potential consumers that your product or service will satisfy six months from now. Markets always change, and it is imperative that you continually check whether you are still targeting the right group of people. When you upgrade your product, it is highly likely that you will need to consider either a new set of targets or filter your previous ones and add new individuals to the list.

Being aware of this reality, it is highly recommended that you keep your lead management strategies in check to ensure that you are still following the right database of clients who can keep your business afloat.

Does your lead management effort translate into actual sales? Do they allow you to build lasting professional relationships with your clients? Has your company been benefiting from the data that your lead management activities have generated? These are but a few among the many questions that you need to ask yourself when reevaluating your systems.

Related: 5 New Year’s Resolutions to Refine Your Marketing Analytics Stack

2. Make Your Product Relevant

Since you provide the technology that companies need to manage the financial aspect of running their respective businesses, you best serve them when you keep your product highly relevant. This means that constant upgrades to your program or application are in place and initiated on schedule. Being relevant means keeping your clients on top of the game. It also means making them very competitive.

Your product should be so useful that your clients make it their priority to keep it in good shape. This is only possible if your company has a constant presence in their business long after you have installed the product.

Related: Industry Insights: How to Influence Today’s B2B FinTech Buyers

3. Invest in Software that Will Fortify Your Lead Management

What better way to keep your FinTech company in fighting form than to invest in the one thing that you believe will generate significant returns for your clients – the best software!

One way to grow your business steadily is to have an efficient and reliable software system that does unquestionably effective lead management for you. Having a software system that provides automation solutions, for instance, allows you to receive data within a short period and with little supervision. This means that you will have the capacity to identify the consistent and inconsistent behavior of your target market where it involves your product.

Related: Not Just an Address Book: 4 Hacks to Turn a CRM into a True Sales Tool

4. Keep a Clean Database

Learn to discard unimportant or irrelevant databases to make more room for the ones that will give you good results. Avoid making the mistake of getting too excited about the prospect of making a sale without filtering your target client very well or else you will find yourself troubleshooting debts rather than generating more leads.

Make it a regular habit to clean your database so that you do not have to spend so much on extra storage space. There is also a need to eliminate inactive leads from your list so you can focus more on making new ones. Additionally, watch out for duplicate leads, so they do not end up eating up valuable storage space.

Related: The 5 F’s of Data Hygiene for Deeper Sales Conversations

5. Take Care of Your Leads

 The whole idea behind generating leads is for you to identify potential clients suited for the product or service that your business is offering. When the leads start to get in touch with you, your company must be equipped to respond to their inquiries and needs immediately. For one, it is necessary to give your potential client a proper reply 48 hours after sending you their inquiry.

Make giving quick responses part of your core competency as a company. When you establish this effectively, this will give you a winning edge over your competitors, and you would not have to worry about losing some of your clients to another provider.

Related: Value Your Leads: Lead Nurturing Best Practices to Boost Conversion

To sum it up, you have to understand that your leads are people, too, and at the end of the day, it is more than just maintaining a business connection, but relationships as well.

Callbox can help you overcome growth challenges through lead generation. Start increasing your revenue today!

5 Winning Sales Cadence Examples (and Lessons to Draw from Them)

So you finally have leads flowing into your pipeline. Now what? Which leads do you contact first? Should you reach out via email or phone call? How many times should you contact a prospect? When should you place a call or send an email? If a prospect does X, should you do Y or Z? What do you do next?

If you haven’t yet fully answered all these questions or aren’t very sure of your answers, then chances are you need to develop a solid sales cadence for your sales team (or your current one needs some refining). A good sales cadence brings structure and order in how reps engage leads, improving productivity and performance.

This post helps you build a winning sales cadence by taking a look at examples that have already been shown to work. The blog entry then draws lessons from each of these cases and provides practical tips to put these ideas into action within your own lead generation and sales process.

Sales Cadence: Some Basics

To make sure we’re on the same page, let’s first lay out some sales cadence preliminaries: what it exactly is, why you need one, and what other things to have on hand.

A sales cadence is simply a timeline of sales activities and methods reps follow to engage leads. For example, if one of the starting points in your sales conversion funnel involves a lead filling out a form on your site, the steps you take in order to contact that prospect and get him to agree to a face-to-face meeting make up your sales cadence.

In this case, the sales cadence tells you when and how to contact the lead after completing the form (e.g., email on day 1, call on day 2, send a follow-up message on day 3, etc.). Find out how you can generate leads for your business.

Clearly, having a well-defined sales cadence makes things in your sales process run more smoothly and more efficiently. That’s because a sales cadence:

  • Maintains consistency by providing a set of specific and common procedures for reps to follow
  • Keeps everything easy to monitor and measure, making managing and optimizing the sales process simpler
  • Speeds up conversions by removing potential choke points or leakages
  • Allows you to quickly scale things up (such as growing your team or doubling your pipeline)

There are a few things you need to have on hand for a sales cadence to work as advertised. Many experts believe that a modern sales cadence requires at least three channels (emails, phone calls, and social media) to really make an impact. Also, most sources agree that it takes 6 to 8 touches before you can generate a valid lead. Finally, you need a tool to monitor all of these activities, and that’s where a CRM platform comes in handy.

Sales cadences differ from one type of sales process to the next, but the basic idea remains the same: consistent, sequential touches. Complex sales processes often involve a lot of touch points and a longer time period for nurturing prospects (sometimes several months), while transactional sales cycles require fewer touches done over a period of days or weeks.

Related: What to Do after Lead Generation: The Ins and Outs of Appointment Setting

Sales Cadence Examples

If you’re looking to create your own sales cadence (or looking to tweak your current one), there’s plenty of ideas to borrow from the following proven examples.

Example 1

Our first sales cadence example comes to us from Sales Hub CEO Max Altschuler. This is a widely-cited sales cadence and works great as a starting reference.

  1. Day 1: Email/InMail
  2. Day 3: Email in the morning, Call in the afternoon
  3. Day 5: Call in the morning, Call with a voicemail in the afternoon
  4. Day 7: Email in the morning, Call in the afternoon with a voicemail
  5. Day 10: Email and call in the morning
Sales Cadence Example 1

As you can see, this sales cadence consists of 10 touch points spread over 10 days. Other than its simplicity, this sales cadence also has the following strengths:

  • Makes use of all three key channels (email, phone, and social)
  • Leverages the law of immediacy (i.e., touches aren’t spaced too far apart)
  • Uses both live phone calls and voicemails

On the other hand, this sales cadence needs some improvement in the following areas:

  • Uses too few touch points (keep in mind that most studies say it may take up to 13 touches to generate a valid lead)
  • Waits until day 3 to place a call (if this were an inbound lead, calling on day 1 would work well)

Related: 5 Actionable Email Marketing Templates you can Use to Follow Up

Example 2

The next example works well for lengthier sales processes. It’s used by one of InsideSales.com’s clients:

  1. Day 1: Email 1
  2. Day 2: Call 1, Voice mail 1, Email 2
  3. Day 7: Call 2, Voice mail 2, Email 3
  4. Day 14: Call 3, Voice mail 3, Email 4
  5. Day 21: Call 4, Voice mail 4, Email 5
  6. Day 35: Call 5, Voice mail 5, Email 6
  7. Day 49: Call 6, Voice mail 6, Email 7
  8. Day 63: Call 7, Voice mail 7, Email 8
  9. Day 77: Call 8, Voice mail 8, Email 9
Sales Cadence Example 2

This sales cadence uses up to 25 touch points spread over 77 days (a little over two-and-a-half months). Its strengths include:

  • Starts off strong with email on day 1 and follows it up with a call the next day
  • Combines live phone conversations with voice mail messages

While this cadence fits in with an outbound sales strategy for longer sales cycles, it does have a couple of weaknesses that need attention:

  • Lacks a social media component
  • Schedules successive touch points too far apart from each other
  • Relies on repetitive and almost predictable mix of channels

Example 3

Once again, we’re using a working outbound sales cadence developed by one of InsideSales.com’s customers as an example:

  1. Day 1: Emails 1 and 2
  2. Day 2: Email 3
  3. Day 3: Call 1, Voice Mail 1
  4. Day 4: Social Media 1, Email 4
  5. Day 5: Call 2, Email 5, Social Media 2
Sales Cadence Example 3

This sales cadence packs a lot of touches in such a short time period (5 days) and works because it:

  • Leverages all three key channels (email, phone, and social)
  • Uses emails extensively throughout the whole process
  • Varies the mix of touch points from one day to another

However, there’s still some room for improvement, particularly since the cadence:

  • Squeezes so much activity in so short a time and risks overwhelming the prospect
  • Waits until day 3 to follow the opening email with a call

Related: The 5 Success Factors of Multi-Channel Marketing Revealed [INFOGRAPHIC]

Example 4

Brandon Huang, an SDR at Yotpo, shares a 22-day sales cadence idea he says helps him produce consistent results.

  1. Day 1: Email
  2. Day 3: Phone
  3. Day 4: Email
  4. Day 7: Phone
  5. Day 7 Email
  6. Day 10: Phone
  7. Day 12: Email
  8. Day 14: Phone
  9. Day 16: Email
  10. Day 19: Phone
  11. Day 21: Phone and Email
  12. Day 22: Nurture or Repeat
Sales Cadence Example 4

Brandon Huang’s sales cadence consists of 13 touch points done over 22 days. Its main strengths include:

  • Spreads touch points over a 3-week period
  • Leverages immediacy without being too aggressive

However, this sales cadence contains some glaring flaws:

  • Limits the channels used to phone and email only
  • Waits until two days before following up initial email with a call
  • Fails to maximize engagement per day (some days could have included both email and phone activities)

Related: Things to Do When Dealing With A B2B Prospect that’s Difficult to Reach

Example 5

Here’s a sales cadence example which managed to deliver some pretty impressive results. Carlos Montero, CEO at digital marketing consulting firm Biassa, says this sales cadence helped him book meetings with 11 of the biggest e-commerce companies:

  1. Day 1: Prospect Research
  2. Day 2: InMail
  3. Day 3: Follow-up InMail
  4. Day 4: Email
  5. Day 5: Follow-up Email
  6. Day 6: Phone
  7. Day 7: Social Media (share an article and tag the prospect)
  8. Day 8: Video Email
  9. Day 9: Social Media (engage prospect on LinkedIn)
  10. Day 10: Voice Mail
  11. Day 11: Email
  12. Day 12: Phone or Email
Sales Cadence Example 5

Carlos Montero recommends setting aside as many as 22 days to carry out all these activities. From the outline, it’s clear that the sales cadence:

  • Combines email, phone, and social
  • Uses a rich content strategy (by including articles and videos)
  • Strikes a balance between persistence and disturbance

But even with solid results behind this sales cadence, there are a couple of things you need to look out for, especially since it:

  • Requires more research and personalization
  • Makes reaching out at scale a bit more challenging

Related: AskCallbox: What makes an effective lead nurturing program?

The Takeaway

A sales cadence helps your team navigate the often choppy waters of revenue generation. It keeps your reps’ momentum more consistent and their performance more measurable. With these lessons and tips, it’s easier to develop or optimize your own sales cadence.

Lead Management Best Practices: Marketers Should Take into Heart

To keep a business afloat, it is important to focus on generating quality leads. And by quality, we mean leads that will end up making an appointment with a sales representative.

Today, most businesses rely on lead generation and appointment setting as the main drivers of revenue. Most of them concentrate their resources on creating valuable content and optimizing their main marketing channels.

Going beyond these usual activities, businesses should also focus on maintaining an efficient lead management system. One reason is that leads need to be nurtured in order to come up with informed decisions. A sale is not possible if a lead is left in the pipeline with nothing to direct towards purchasing a product or a service. 

At the moment, there are numerous companies that offer lead management systems across a diverse range of industries. It is just a matter of knowing which services to purchase.

And for that, let us fill you in on what makes a truly effective lead management service.

#1. List Building Component

When it comes to building lists, trust only a company that truly knows how to build one just for you. And that means preparing a list of possible prospects from an existing database and segregated by name, location, and other important information. More importantly, an effective list should be free from duplications and other issues so your campaign can sail smoothly!

Related: Easy Tips in Finding and Removing Duplicate Data Using Excel

#2. Mailing List Verification

Over time, the names of prospects in your list can become unusable. You need to continually update your list to ensure that you will be engaging the right people. Data cleansing is therefore an essential aspect you wouldn’t want to leave out.

Related: Customer Profiling Checklist in Verifying Business Contacts

#3. Effective Email Send-outs

Email campaigns can become more efficient when it is handled by software that automatically sends messages and follows-up on inquiries. With that said, you may want to implement an effective email suite that can make deliver your emails in the right volume and in the right time.

 Learn more about our Lead management and Callbox Lead Nurture Tool!

 #4. Support for Telemarketing

What else can you do with your marketing list? Well, you can send it to your calling team who will then do the hands-on work of turning prospects into qualified leads. 

Related: The Hidden Gems of the Web: Where Can You Get a Good B2B Lead List?

#5. Lead Scoring and Nurturing

When it comes to generating qualified sales leads, nothing beats the all-important activity of scoring your leads based on your engagements across multiple channels. It enables you to lock on important talking points and allows you to create better tailor-fit messages for prospects. In connection with this, here is a downloadable lead scoring guide to help you out.

Do you know anything else that can help in lead management? Share it with us in the comment section below. For more nifty stuff about marketing software, feel free to explore our blog or you can give us a call.

Re-activate the Interest of Lapsed Customers to your Company

Are you looking for ways to re-activate the interest of your old customers or prospects to increase your sales and revenue?

The lead nurturing strategies on how to deal with old customers on your pipeline is important in winning them back and convincing them to purchase from your company again.

According to peoplepulse.com, 50% of Marketing Managers and 30% of Sales Managers cannot identify their company’s percentage of annual customer loss. Those who thought they knew their firm’s defection rates believed that it averaged about 7-8% per year. However, research shows that the average firm loses is between 20 to 40% of its customers per year.

So how do we keep track of our old leads and rekindle our relationship with them?

With the help of our lead nurturing tool, we keep them in touch and get their attention constantly. By creating a scheme of actions in following up the prospects, we were able to reach out to them again.

The period of time as to when to connect with them again varies. And only you can determine the best cycle to re-activate them for your company. For Callbox, we usually give 1 month to reach out after losing touch with your customers. Too much marketing exposure through email, calling, and social media to your customers may turn them off. Of course, we don’t want to flood their inbox with email which will make them decide to delete our email or block us permanently.

Related: Subject Lines that Gets Event Emails Deleted

Here’s how you can re-activate their interest in your company and encourage them to become active again.

Send “Win-Back” Email

Many are saying that reactivating customers through email is not enough. However, sending emails can be effective in encouraging engagement from lapsed customers. Here are some tips on how to win back previously interested customers via email.

Tip 1: Use “We Miss You” in your subject line to make them feel important.

Tip 2: Schedule sending multiple but short and engaging emails showing that you care for winning them back. You can schedule every month for the next 3 months. But never re-engage later than 6 months.

Tip 3: Make it more personal to build connection with your customers again and amplify your brand. Here’s an example of the template that we use when sending out follow-up emails to lapsed customers.

Related: AskCallbox: What makes an effective lead nurturing program?

Reconnect through Social Media

Use LinkedIn, Facebook or Twitter, etc to reconnect with previously interested customers. However, be extra careful when reconnecting with them as reactivating them through social media can be inappropriate. Here’s how to do it the right way.

Tip 1: Find out what they want when they first expressed their interest to your company. Social networking sites analytics will surely give you an idea of your audience’s top interest. Below is a screenshot of my Twitter analytics.

Twitter Analytics - Interest

Tip 2: Use the things they’re interested in when they first expressed interest with our company such as the products or services they inquire at that time. Update them by posting about it on social media or share your recent case studies with solid facts and statistics.


Create Good Quality Content to Lure Them Back

Remind them of what they’re interested in and entice them by creating quality content, even better if you could craft content related to their industry and try posting them on your website. You can also send them content via email and put a CTA (call to action) to direct them back to your website.

Example: The 5 to 5 Calling Rule for Inbound Leads (That Generated Over 40% Increase in Sales)

The 5 to 5 Calling Rule for Inbound Leads (That Generated Over 40% Increase in Sales)

Customers come and go regardless what business you’re into. There are several ways on how to re-activate lapsed customers.  Right timing in delivering the right message is the key. Reconnecting with them through multiple marketing channels will help you win them back in no time.

Check this out! Turning Targets to Sales-Ready Leads with a 50% Shorter Lead Nurturing Cycle [Case Study]

Don’t have time to reach out  to your old leads? Let the expert do it for you!

Learn more about our lead nurturing process

The Remedy for Unqualified Leads: Nurture Them Until They’re Ready

“A man is never too old to learn”  and so is a Panda.

Po, a panda and a kung fu student, had to fulfill a challenging task for his retiring kung fu master Shifu, of becoming the next kung fu teacher himself in the recent blockbuster Kung Fu Panda movie. Po’s task wasn’t easy like he thought it was and made him doubt on his capabilities. But with the help of his biological father Li, and the guidance of the Furious Five , Po took the courage to eagerly accept the challenge to learn and improve his kung fu skills and later on was able to teach the other pandas using their everyday activities in the village as their assets. Capping these positivities was resolving himself on the role assigned to him as the Dragon Warrior who embodies the yin-yang, and to fight Kai, the traitor who held other kung fu masters captive by taking all their chi. He knew that fighting Kai wasn’t as enjoying as eating his fave dimsum but Po was eager to fight and save the captives  so he strategized the fight by using his Wuxi finger hold to transported Kai and himself to the beyond. With the use of his chi he was able to create a giant dragon figure of himself to battle and finally destroyed Kai.

Like Po who courageously nurtured and mastered his kung fu skills and used his chi properly to trample Kai, we can learn and master our prospecting skills and tactically use resources like the automation and nurture tool to battle against slow poke follow ups and unqualified leads by nurturing them until they’ve become fully qualified and sales-ready.

Nurturing doesn’t just start after the prospect said “yes, call me back” or confirmed an appointment but officially kicks off from the time the prospect picks up the phone to answer your call. Below are some kung fu-like skills and chi-like tools that you can learn to master in order to free yourself from battling against unqualified or premature leads:

Get to know the Prospect

Regardless of how many outbound calls you make in a day, 50, 80, 140 or 200 but just plainly talking to prospects without profiling them would put all your impressive call volume numbers into thrash. You need to profile your prospect before you can design the best offer or sales scheme for him. You may use personality types from www.sales-initiative.com in profiling your prospects and get to know what sales approach works for each. :

  • The Analytical

Type: One who asks facts & figures

Approach: Using qualitative and quantitative data in your presentation will work for this prospect type.

  • The Driver

Type: Opinionated but make quick decision

Approach: Do small talk and be quick and factual to answer questions

  • The Amiable

Type: Quite sensitive and takes time to decide

Approach: Build rapport with emphasize on WIIFM benefits

  • The Expressive

Type: Storyteller and highly impulsive

Approach: Active listening and be in control of the conversation.

Related: Classification of Sales Leads: Hot, Warm or Cold

Give and Take Specific and Accurate Information

Nothing beats a crystal clear conversation. This is the best foundation in creating a good and lasting impression to the prospect which eventually would progress into generating the most qualified lead. Take the following CTAs to help you:

  1.  Share accurate information with prospects about the products and services you offer and couple this approach with the three important Cs of prospecting:

Confidence – exude confidence when pitching. So master and understand how your product works and its benefits to the prospect.

Customize – always place yourself in the prospect’s shoes by acknowledging his opinions and remarks. Some factors you may need to consider are time, budget, need and authority of the prospect to either fully qualify the lead or properly nurture it for future deals.

Consistency – give out accurate facts and data as this will keep you on track during the conversation. The prospect might ask you the same question twice so it’s best to have consistent answers, otherwise he would not believe you at all.

If you got all these mastered as one package you will definitely gain the prospect’s trust.

  1.  Ask probing questions that will uncover important facts about them and how they do business. This will give you a concrete picture of your prospects’ profiles and will get to know their buying behaviors.
  2.  Take note of all the answers or remarks you will hear from the prospect. This will help you create a strategy that will ensure a continuous communication with them and be able to synchronize your activities during the nurture period. 

Related: AskCallbox: What makes an effective lead nurturing program?

Utilize Time and Tools

In the 2010 Gleanster Research study showed that as many as 50% of qualified leads are not ready to buy. So what do you do with these not-sales-ready leads?

Well no other fitting answer to that question but NURTURE them until they are sales-ready with the use of the automation and nurture tools.

Automation and nurture tools are your chi in keeping leads at their best place and position and saving them from becoming shelf-kept captives. Here are short tips on how to utilize automation and nurture tools in 3 easy ways:

  1. Engage and nurture prospects through custom emails sent  via the automation tool.
  2. Answer their queries and concerns by activating real-time alerts and notifications
  3. Track all customer touch points like website visit, links clicked and sent forms, which also means get into multi-channel marketing bandwagon.

Check out our lead nuture tool here!

Qualified and sales-ready leads do not come in handy at all times. Be ready to battle with unqualified leads by mastering the skills on profiling the prospect, giving and taking specific and accurate information and utilizing time and tools.    

Po didn’t go out and battle Kai unarmed – he took time to master his kung fu skills, nurture his fellow pandas by teaching them how to fight, and used his chi to become big and powerful which defeated Kai and saved the captives.

Do you know that telemarketing is an effective strategy for lead nurturing? Learn how..

Check out this case study on lead nurturing:

Turning Targets to Sales-Ready Leads with a 50% Shorter Lead Nurturing Cycle

Watch our Callbox lead nurture tool integrated with Pipeline CRM!