As with any form of B2B lead generation/B2B marketing effort, you want to know that your campaign is a worthy endeavor (i.e. you want to see that Return on Investment (ROI)). So, how do you measure the success of your campaign? Which metrics should you be looking at?
It’s easy to set up your campaign and perhaps even keep an eye on some of the metrics without fully understanding what you’re looking at, or more importantly, why they’re so important. Chances are when you first start out, your campaigns aren’t going to be spot on the money leading to overnight success. You’re going to need to fine tune your strategy - whether it’s redefining your target audience or shifting channels from email marketing to social selling. Either way, the metrics are pretty crucial to understanding the path to success.
There a quite a number of metrics out there to look at ranging from clicks to impressions and conversions, but which ones should you focus on? And why should you focus on them? SalesGig has put together a list of some of the most important metrics to keep your eye on as they can be indicative that your lead generation campaign is a success or that perhaps you need to adjust your strategy.
· Number of Leads - An increase in the number of leads that you receive can be indicative of a successful campaign but is not always. If only a small percentage of those leads are converting, then the campaign should be adjusted.
· Click Through Rates (CTR) - A higher CTR can mean that you’re on the right track, but you’ll want to pay attention to whether those that are clicking to your website are 1) resulting in a higher bounce rate (they’re not spending time on your website) and 2) are they converting to customers? If the individuals clicking to your website aren’t converting, this could be a sign that you are targeting the wrong audience.
· Conversion Rate - To determine your conversion rate, you would take the number of people who have come into contact with your marketing efforts (PPC, social ads, email, etc.) and divide that by the number of conversions.
· Cost Per Lead (CPL) - The average CPL will vary based on industry. This metric is important as it can help you ensure that you’re using the best value solution to gain positive revenue return (a higher ROI). Understanding the value of a lead is an important metric to keep track of.
· Leads to Qualified Leads - If you’re getting a large amount of leads, that’s awesome right? Well, not totally. If those leads aren’t qualified leads that go on to convert, you’ve just wasted money, time and effort.
1. Pinpoint the KPIs - What are you measuring and why do those numbers matter? Understanding that will help you to figure out how they impact your bottom line and whether your campaign was actually successful.
2. Measure Changes - Once you’ve established your initial KPI measurements, you’ll want to compare your prior results with your current results to identify any progress you’ve made. You may be converting more, but are you also spending more on those conversions?
3. Determine the Effective Channels - Your target audience may be more prevalent in certain areas over others. For instance, your target audience may be more active on social media and less likely to open emails from your company. One marketing method may come at a higher cost than others.
When it comes to lead generation, SalesGig can help you expertly navigate your way to success. With our proven strategy, let us help your business achieve more with SalesGig Pro. From cold calling and appointment setting to social selling, we are primed and ready to assist. Send us an email today to get started: email@example.com.
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For the people who work in B2B sales, “churn” and “retention” are two words that need to stay on the top of your head.