Two Important Details That Are Often Overlooked But Very Important The “Lead Source” and “Lost Reason” Fields.

In a Sales CRM, there are two important details that are often overlooked but very important.These details are the “Lead Source” and “Lost Reason” fields.

Although they may seem simple and basic, many organizations get them wrong. It’s important to remember that a CRM is not just for entering data, but it’s also meant to help manage your business. The information you input into the CRM should be used to make informed decisions based on the reports generated.

What does “Lead Source” mean?

The Lead Source is where a customer or business opportunity came from. In a CRM, Lead Source appears in both the leads and opportunities sections.

Analyzing the Lead Source is important because it helps in making better business decisions by answering questions like:

Where are you getting your business from?
Which sources have a higher chance of closing?
Which sources are more profitable?
What should be the focus for the future?

Not analyzing the Lead Source can lead to wrong actions being taken in the wrong direction.

What is “Lost Reason”?

“Lost Reason” refers to the reason why a lead or opportunity was marked as dead or closed as lost in a CRM system.

When a lead or opportunity is marked as lost, the user is required to select a reason for why it was lost.

By analyzing the lost reasons, businesses can gain valuable insights into how to improve their sales processes.

Two important considerations when analyzing lost reasons are:

How could the loss have been avoided?
How could the loss have been identified earlier?

This analysis can help businesses improve their sales qualification process and prevent wasted efforts on unlikely opportunities.

Yes, that would be very exciting and valuable information to have. By analyzing the link between lost opportunities and lead sources,you could potentially identify patterns and make data-driven decisions about where to focus your sales and marketing efforts.This is exactly why it’s important not to ignore the Lead Source and Lost Reason fields in your CRM.

Mistakes In Handling Lead Source And Lost Reason

They can provide crucial insights that can help you improve your business processes and increase your revenue.

Drop-down Options Are Not Defined Properly: One of the biggest mistakes companies make is not defining the drop-down options properly. The standard options that come with CRM software may not be sufficient for your business needs. It is important to discuss with your team and define the options that are relevant to your business. This will ensure that the data entered in the CRM is accurate and useful.
Many Times They Are Confusing And Overlapping: Another mistake is creating confusing and overlapping drop-down options. For example, there may be a difference between the medium through which a lead was received (e.g., email, phone call, referral) and the actual source of the lead (e.g., trade show, website, social media). It is important to define these options clearly to avoid confusion.
The Sales Team Does Not Take It Seriously: One of the reasons why sales teams do not take the lead source and lost the reason seriously is that they may not understand the importance of these parameters. It is important to educate the team on the significance of these fields in order to ensure that they are entered accurately.
No One Is Doing Analysis: Another common mistake is not analyzing the data collected in the CRM. There is no point in collecting information if you are not going to analyze it and take necessary actions. Analysis of lead source and lost reason data can provide valuable insights into your sales process, which can help you make better decisions and improve your sales strategies.
Not Changing The Way Of Working Even After Analysis: Finally, even if you do analyze the data, it is important to take action based on the insights you gain. If you identify issues or areas for improvement, you need to make changes to your sales process in order to address these issues. Failure to make changes will result in missed opportunities and continued inefficiencies.

How can Sukam Apps CRM help?

Sukam Apps CRM can be an effective tool in helping you manage your lead source and lost reason data. The software provides a user-friendly interface that makes it easy for you to record this information for each lead and opportunity. Additionally, the software offers comprehensive dashboard analysis and reports that allow you to see the big picture of your sales process.

But what sets Sukam Apps CRM apart is their team of functional experts. These experts can help you make sense of the data that the software provides. They will analyze the reports with you and help you to draw meaningful conclusions.

This level of personalized support is essential for companies who want to get the most out of their CRM system. By working with Sukam Apps CRM, you can rest assured that you are not just using a piece of software, but are also receiving expert guidance to optimize your sales processes.

Conclusion

The Lead Source and Lost Reason fields in a CRM system are often overlooked but very important. By analyzing this data, businesses can gain valuable insights into how to improve their sales processes and increase their revenue.