by Nina Pineda
In recent years, there have been many changes in the consumer buying process wherein online research plays a huge role. In one study, researchers found that 94 percent of B2B buyers research online first before they decide on a purchase. Coincidentally, almost 70 of these buyers prefer learning about a brand through online articles than traditional advertisements.
There are also more communication channels wherein the business and customers can forge relationships. Unfortunately, there’s also an increased noise and competition. Lead generation allows businesses to be heard and connect with their target market despite the noise.
Instead of simply casting a wide net and pray for a catch, lead generation enables marketers to build and nurture relationships with their target customers and move them closer toward acquisition. Lead generation and lead nurturing are both important to the business, as these ensure that the time, money, and resources are used efficiently.
Just like any online campaign, there are metrics involved in lead generation that you shouldn’t ignore. Here are some of them and why they should be given extra attention.
Conversion rate (CR) is the most important metric in lead generation because it measures how long it takes for you to convert an online visitor into a customer. The other metrics such as time to conversion, support the conversion rate. Simply put, it measures if your entire campaign is successful or not.
A lead generation initiative is not effective without a call-to-action (CTA), which basically tells the viewer what to do after they’ve read your content. It could be as simple as asking them to visit your website or try a free demo or even provide their email address in exchange for free content.
Click through rates (CTRs) measure the effectiveness of your CTA. If you ignore CTRs, how will you know if your CTA copy is effective at all? You need to measure CTRs so you can improve your CTAs.
Not all leads are made equal. Measuring the quantity of your marketing quality leads (MQLs) is important because it looks into the number of leads you generate that make it to the sales teams, who in turn, will go after the hottest leads with the highest possibility of conversion.
Measuring your MQLs is also a way of computing your return on investment (ROI), another metric that shows if the money, time, and resources spent on the campaign yielded positive results.
Lead generation is a long-term, huge expense, so you need to measure if the costs are worth it. The most important cost metrics you need to focus on are the cost per lead (CPL), which tells you how much you spend in converting an online visitor into a lead, and cost per acquisition (CPA), which shows how much you spend to make a lead do something for you. Focusing on these two will show you if you are spending more than what you are getting in return.
The most important metric you need to check is the sales qualified leads (SQLs), which are leads who have been studied by both marketing and sales teams and are deemed ready to be converted into actual paying customers. Just like the MQLs, the quantity will show you if your efforts are working.
Channel and Content
Paying close attention to the channel origination rate helps marketers focus on the most prolific ones. Apart from zooming in on the best performing channels, marketers must also study closely how they keywords are performing. An effective and seamless integration of keywords and channels will help boost any lead generation initiative.
Make These Metrics Work for You
Measuring these metrics are important because not all visitors who find your website are ready to buy, and it is up to find ways to lure them in and coax them closer to the purchasing stage.
Lead generation is not just about publishing content or putting up a website and waiting for the customers to come pouring in. These days, consumers know they are spoiled for choice and marketers are leveraging on data to win the mind games.
Nina is part of Online PR Team of Spiralytics. She launched her career as a web copywriter but eventually jumped into SEO and Online PR out of curiosity. This curious cat may be easily amused by memes, & Korean Drama series but she is keen and driven in achieving results when it comes to work. Don’t let the petite physique fool you; She has a big heart wherein her other half, family, and friends fit in.