Definition
Lead lifecycle refers to how a SaaS company manages the lifespan of a lead (or potential customer) from the time they visit the website or sign up to eventually turning into a customer. It explains and gives insights into how a lead arrives, how they move in the sales funnel, and what the company does with the lead at each stage.
Example
Companies use lead lifecycle for two main reasons: a. To prevent sales leads from quitting in between the sales cycleb. To check conversion rates at every stage and how they can be further optimized
Why it matters
Lead lifecycle is important to track as it allows companies to set up a clear process for reaching out to potential customers, right from the marketing team to the sales teams. Further, companies can work on refining the processes such that only the best leads are picked by the sales team. This way, the sales teams can focus on nurturing prospects who may further convert into customers.Lead lifecycle helps companies plan and design their content for various marketing channels. They can also tweak and optimize communication to ensure higher conversion rates.