Lead management software is direct-to-customer and business-to-business oriented set of practices, systems, and methodologies intended to qualify and generate new potential business prospects. It is generally done through various marketing campaigns or programs and maintains business relations between its outgoing consumer advertising and related responses to that advertising.
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Trends in the market indicate a shift toward the lead management functionality being integrated as a part of larger customer relationship management (CRM) system and other marketing automation projects. Many companies are now trying to improve relationship between their marketing and sales departments. Cloud-based and SaaS solutions are preferred over more traditional on-premises-based applications by businesses, owing to their lower costs and better flexibility. The ultimate goal of lead management software is to deliver opportunities that have a higher chance of conversion to sales.
Data security has always been a concern in any cloud-based software and there is no perfect solution for it so far. Cyber criminals always keep looking for new ways to continue to disrupt businesses. Sensitive information such as important accounts, addresses, and details of credit cards are entered in systems making its cyber-attack vulnerable. While using a hosted solution or onsite solution, companies need to provide their due diligence in both cases.
Factors that play a major role in the growth of lead management software market include rise in demand for social interaction, development of cloud-based solutions, and high acceptance of the software in the insurance and banking industry for lead generation processes. However, security concerns associated with centralized data hamper the market growth. Furthermore, rise in demand for crowdsourcing and cloud-based solutions are the opportunity factors for the lead management software market.
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