Being active and engaging with new leads and prospects is a good way to fill your sales pipeline and garner new business, but how often are you measuring the performance of your lead generation campaign?
There are several metrics to track in lead generation. The key is to map out your goals and prioritize the data that’s most relevant to your business objectives. Peter Drucker, author and modern business management guru is well known for this simple quote: “If you can’t measure it, you can’t improve it.” Whether it is to create solidify more face to face appointments, captures email or contact information, or drive traffic to your website, tactics in lead generation can be measured and give you what you need to enhance, improve and bolster your results.
Determine your metrics
Creating a lead generation campaign can feel complicated on its own, but with the right objective and strategy can yield great results. What do these results look like? Are they hitting targets? Can they be improved? These are all questions that metrics can tell you. While the goals of each business will determine what to measure, there are a few common and self-explanatory ones that can easily applied in almost any B2B space when it comes to the performance of your lead generation campaign:
- Click-through Rate (CTR) – Determining the performance of a CTA
- Conversion Rate – Dividing total number of leads by total number of conversions
- Time to Conversion – The length of time it takes to turn an “audience member” into a paying customer.
- Average Close Rate – Determining the quality of your leads.
When delving deeper into more details as they pertain to marketing, cost and sales, the metrics are similar, looking at ROI, Cost Per Impression (CPI) or Cost Per Click (CPC), Customer Lifetime Value, Sales Qualified Leads etc. Whether your campaign has digital and non-digital elements (i.e. direct mail, telesales) metrics can be applied to actions to ensure you’re headed in the right direction.
Get help from a lead generation company
Partnering with the right lead generation company will not only help with campaign strategies to grow leads and achieve results, it also leaves very little to chance – launching a campaign blindly hoping one or two tactics will yield conversions. At 360 Leads, we offer our clients support in securing new customers and increasing customer loyalty, but we also provide market analysis, insight-driven strategy and support in measuring campaigns. We also work with clients to optimize their sales force with training and lead funnel management. Essentially, a reputable lead generation company will do just that – generate qualified sales all while helping you track your result and provide analysis and reporting along the way.
What does success look like to you?
There have been many iterations of the phrase “you don’t know where you’re going until you know where you’ve been”. When applied in the sales world, metrics and analysis are not a burden, but rather stepping stones to lead your team to the next best step. Keeping consistent with reporting provides the feedback and data needed to tweak campaigns, tactics and strategy. Measuring the performance of your lead generation campaign is essentially mapping out your success.
Learn more about how we can help you boost your sales leads by contacting us.