Ways to Measure Your Lead Generation Campaign
Ways to Measure Your Lead Generation Campaign: Accuracy and reliability of data are two of the most important things to a marketer. A marketer depends heavily on verified information, which influences their decisions to move forth with a marketing campaign. The same basic principle applies to lead generation, and marketers need to rely on proper analytics to measure the success of their lead generation campaigns.
Here are 4 ways to measure the success of your lead generation campaigns.
1. Understanding of the Market
Before moving forth with lead generation strategies, businesses must be fully aware of their specific marketplace. Unlike conventional markets where marketing strategies and push sales are used to ensure customer acquisition, the digital landscape has more to do with purchasing behaviors. Here, customers place order only if they feel comfortable purchasing from a particular vendor.
As a digital marketer, you need to monitor metrics which are in line with revenue generation. Some of those metrics are mentioned below.
Click Through Rates
Click through rate (CTR) measures the relevance of your lead generation campaign. It is a measure of how many people click on your lead generation links, compared to the number of people who come across it.
Cost Per Customer
Cost per customer is the amount of money you spend on a lead before they turn into one of your customers. If your leads fail to convert, this investment will go in vain.
Conversion Rates
This metric tells you whether or not the people who clicked on your links, followed the directions, which turn them into sales or leads.
Time to Customer Conversion
This particular metric tells you the pace at which a particular segment of consumers respond and act towards conversion, for your lead generation campaign.
3. Lead Scoring
Lead scoring is the process of identifying and ranking certain leads, as well as their probability of conversion. Here are some metrics you need to use.
Lead Profile Contribution
This metric tell you which leads you need to focus on, to ensure conversions.
Lead Qualification
Lead qualification is a metric that tells you which lead you need to prioritize in nurturing.
Lead Profile Deal Size
This metric provides you with insights on the segment of consumers you need to target through your marketing or lead-generation campaigns.
4. Other Lead Generation Metrics
For a detailed and in-depth analysis of the effectiveness of your lead generation campaign, you need to carefully monitor the metric mentioned below.
Cost Per Lead
CPL is the ratio between the total costs of your campaign and the number of leads generated.
Cost Per Inquiry
Cost per inquiry is the ratio between your entire lead acquisition costs and the number of inquiries produced.
Lead generation is both a skill and an art. However, the techniques mentioned above will help you measure the relevance of your lead generation campaigns, and also equip you with valuable insights to alter you campaigns effectively.