There are a lot of choices to make when it comes to lead management software. Mainly, should you buy it or build it? This is a question that many business owners face, and the answer isn’t always clear. We outline the pros and cons of both options so that you can make an informed decision for your business.
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Identify needs to determine software capabilities
When it comes to lead management software, it’s important to identify your business needs. What features do you need the software to have? What capabilities are essential for your team to be productive?
There are a lot of different features that can be included in lead management software, such as identifying and routing leads, managing contact information, tracking interactions, creating and managing tasks, generating reports, and more. Take a step back and assess which of these features are must-haves for your business.
Once you’ve identified your needs, you can start to look at whether buying or building your lead management software is the right choice for you. There are a few key factors to consider.
6 key factors to consider
- Customization and flexibility
- Cost
- Security
- Troubleshooting
- Transitioning and onboarding
- Ease of use
Let’s take a closer look at each of these.
Customization and flexibility
Does the purchased lead management software you’re considering offer the ability to customize fields, workflows, and reports? Can it be integrated with your other systems? Make sure whatever solution you pick works with your ever-evolving business operations.
Cost
If you’re buying lead management software, factor in the cost of the software itself as well as any implementation and training costs. If you’re building lead management software, think about the cost of development as well as the opportunity cost of not having your team working on other projects.
Security
It’s always critical to consider the safety of data you’re capturing. If you buy lead management software, make sure that the company you’re working with has a good reputation and a history of keeping data safe. Ask about their security measures and what they do to protect your data. If you’re leaning towards building lead management software, make sure that you have the necessary security measures in place to protect your data. This includes components like firewalls, encryption, and access control. Failing to consider security measures can adversely affect your brand reputation down the line and could result in fines.
Troubleshooting
With purchased lead management software, check that there’s a good support system in place in case you run into any problems. Some companies offer exceptional customer service, but many do not. Browse online reviews and make note of a company’s troubleshooting process. If you want to build the software, do you have the resources and expertise in-house to troubleshoot any problems that arise? If the answer is no, you probably need to hire additional team members.
Transitioning and onboarding
If you buy lead management software, consider the cost and effort of transitioning to the new system. This includes things like training your team, migrating data, and changing processes. If you build it, research the cost and effort of onboarding your team and getting them up to speed on how to use the software. Companies who specialize in offering lead management software have the expertise and resources to ensure your team is onboarded efficiently and effectively.
Ease of use
Lead management software needs to be easy to use or your team will never utilize it. When evaluating software options, be sure to try it out yourself. Is the interface user-friendly? Is it easy to find the information you’re looking for? If you go the in-house route, it may be worthwhile to bring on a user experience (UX) designer.
Now that we’ve looked at some of the key factors to consider when deciding whether to buy or build lead management software, let’s take a closer look at the benefits and risks of each option.
Benefits and risks of buying tech
There are a few key benefits to buying lead management software. First, it’s usually quicker and easier to implement than building your own software. Second, you don’t have to worry about maintaining the software or keeping it up to date. And finally, you’ll have access to customer support if you need it.
On the other hand, there are a few risks to consider as well. You may not be able to find lead management software that perfectly meets your needs. Or you could end up paying more for the software than you would if you built it yourself when taking into consideration customization and your business needs. Think about whether or not you want to be locked into a contract with a software vendor.
Benefits and risks of building in-house software
The most obvious benefit of building software yourself is having complete control over the features and functionality of it. You can tailor the software specifically to your business needs. And as mentioned previously, you won’t have to worry about being locked into a contract with a software vendor.
As always though, there are a few risks to consider. It will almost always take longer to develop and implement software than if you buy it through a provider. You’ll also need to allocate resources (time and money) to maintain the software, which can result in hiring specialized staff to develop and maintain it depending on your team’s skills and bandwidth.
Should you buy it or build it?
So, which option is right for you? There’s no one-size-fits-all answer. The best option for your business will depend on your specific needs and circumstances. In most cases, purchasing lead generation software is the most cost-effective solution in terms of time, money, and stress.
When you purchase lead generation software, you’re not only getting software, you’re gaining access to a team of people whose job it is to help your company succeed with that tool. This factor alone makes buying lead generation software an overwhelming favorite.
LiveVox offers a range of lead management solutions. On top of our GDPR compliant, market-leading software, we offer unparalleled customer support. Find out more about how we can set your team up for success with our cutting-edge platform.
