What is lead management in the context of CRM?

Lead management in the context of CRM refers to the systematic process of capturing, tracking, and managing potential customers, also known as leads. This process is crucial because it helps organizations identify and follow up with potential clients who have shown interest in their products or services. By effectively managing leads, businesses can nurture these potential customers through the sales funnel, converting them eventually into loyal customers.

Lead management encompasses various activities, including the generation of leads, qualifying them based on interest and purchasing potential, assigning them to sales teams, and monitoring their progress through the sales process. This systematic approach ensures that no leads are neglected and allows for efficient use of resources to maximize sales opportunities.

In contrast, the other options describe related but distinct activities. Advertising products effectively pertains to marketing, while contacting existing customers focuses on customer retention rather than prospecting. Increasing social media presence speaks to branding and outreach strategies rather than the targeted engagement necessary for converting leads into customers.