Given that marketing is an ongoing and evolving process, your methods for evaluating results require as much planning as your promotional campaigns with the best KPIs (key performance indicators). Knowing the KPIs to track helps you compare progress to goals and revise objectives and strategies moving forward.
The following are some of the most critical KPIs to track in your marketing campaigns as you seek to optimize your lead generation process.
1. Profit Margin per Customer Acquisition Source
Profit and profit margin actually culminate from tracking your cost of acquisition and revenue for customers. By identifying the referral source for a customer in your database, you are able to divide your marketing spend by channel to determine your per-channel cost of acquisition.
Compare your costs to the revenue you gain for customers at each given channel. Those channels that earn the most profitable customers are the ones in which you want to scale your investment to grow your business.
2. Conversion Rates
Know the channels that drive conversions the most efficiently. Though you still want to track customer profitably, conversion rates are vital to understanding the success of your campaigns aimed at increasing sales leads. Those channels that convert most efficiently suggest the best routes to communicate with interested prospects.
3. Social Media Engagement
Social selling through Facebook, Twitter, and LinkedIn, other social media channels has increased in importance. The majority of your marketplace is active on social networks. Therefore, your reps should have a presence on them.
Beyond growing a following, social engagement metrics point to your success in delivering effective social campaigns and engaging other users. Specific terminology varies somewhat by channel, but three key social engagement metrics are followers, likes, and shares. Prioritize growth in these KPIs to improve social campaign strategies.
4. Traffic-to-Lead Ratio
It is a shame to execute effective digital, direct mail or email campaigns that drive traffic to your website, only to lose a prospect’s interest at that point. Your traffic-to-lead ratio tells a story about how successful you are at turning initial curiosity into serious interest at your website.
A low traffic-to-lead ratio suggests improvement is necessary on your landing pages. Perhaps you need more dedicated landing pages targeted to precise customer types and needs. Videos and other proof devices are also beneficial to your efforts at motivating visitors to complete lead forms.
5. Organic Referral Traffic
You want to track the best KPIs across all outbound and inbound marketing methods; however, it is especially important to track your search engine optimization success. SEO is a powerful marketing method as it enables you to attract sales leads without ongoing investment.
There is some upfront investment required to create and publish content for SEO. After your content is in place, though, effective SEO strategies provide the possibility for achieving an ongoing organic referral pipeline.
These are some of the key performance indicators to watch as you assess your success at attracting sales leads. Look for gaps in your actual versus desired outcomes and review strategies when you discover shortfalls.
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