Why Metrics Matter
Effective lead generation hinges upon meticulous tracking and data-driven decisions. Does your plan involve focusing on amassing a large number of leads, or honing in on improving the intrinsic quality of each? Perhaps it’s a combination of both.
With 61% of marketers ranking lead generation as their number one challenge, this is no easy feat. The chance of success for achieving either of these well, will be improved with real data. Through tracking relevant key performance indicators, you can highlight the efficacy of your marketing and sales strategies.
A staggering 53% of marketers allocate over half their budget to lead generation. To guarantee the optimal utilization of resources, it’s imperative to consistently evaluate the associated metrics. This analysis provides businesses with the insights needed to discern and refine the most effective lead generation channels.
Quick Overview Of Popular Lead Gen Metrics
Organic search – the number of visitors that come to your site through unpaid search results
How to track – Total website visits from search engines – Total visits from paid ads
Paid search – the number of visitors that come to your site through paid advertisements on search engines
How to track – Total website visits from paid search ads
Social media engagement – the interactions users have with your social media posts, including likes, comments, shares, and clicks
How to track – Total website visits from search engines – Total visits from paid ads
Lead conversion rate (total no. of conversions on your site) – the percentage of visitors to your site that take a desired action, such as signing up or making a purchase
How to track – (Total number of conversions / Total website visitors) x 100%
Content performance – A measurement of how effective your content is at driving engagement and conversions
How to track -Typically depends on the objective, but a general formula might be: (Number of engagements or conversions from content / Total content views) x 100%
Customer acquisition cost also known as (cost per acquisition CPA) – The average cost to acquire a customer, including marketing expenses and other related costs
How to track -Total marketing and advertising spend / Number of customers acquired
Average Revenue Per Customer (ARPC) – The average amount of revenue generated from each customer
How to track – Total revenue / Total number of customers
Website Traffic – The total number of visitors to your website over a specified period
How to track – Sum of daily unique visitors over a specified period
Customer lifetime value (CLTV) – The predicted net profit from the entire future relationship with a customer
How to track – Average purchase value x Purchase frequency) x Average customer lifespan – Customer acquisition cost
Commonly Overlooked Metrics
Leads Acquisition via Live Chat
This involves monitoring the number of leads generated through a website’s live chat feature. The significance of this lies in the fact that live chat often indicates an immediate need or query from a potential lead, allowing businesses to gauge the immediacy of inbound interest and the efficiency of their chat support.
By tracking this metric, a client can refine their chat support approach, improve response times, and ensure chat agents are adept in lead capture techniques.
How to track – Number of leads captured through live chat / Total number of live chat interactions
Qualifying Leads (defining & segmenting type of leads)
Beyond the basic lead capture, Qualified Leads are those that match certain criteria, making them more likely to convert. The importance of this metric stems from the reality that not all leads are created equal; by segmenting and defining them, businesses can prioritize efforts towards those with a higher likelihood of bringing revenue.
Clients can then optimize resources by focusing more on leads closer to conversion, ensuring a higher efficiency in their nurturing process.
How to track – Number of leads meeting X criteria / Total leads captured
Capture versus conversion rate
This differentiates between acquiring a lead’s information (capture) and the lead taking a desired action, such as making a purchase (conversion). The critical nature of this metric is in revealing the disparity between those showing initial interest and those actually taking subsequent action.
For clients, understanding this difference can help identify bottlenecks in the nurturing process; a high capture but low conversion rate might suggest challenges in the follow-up stages.
How to track – Capture Rate = (Number of leads captured / Total website visitors) x 100% and Conversion Rate = (Number of leads that convert / Total leads captured) x 100%
Connection rate (efficiency in connecting with the leads)
This measures the efficiency of actually making contact with a captured lead. Its significance arises from the fact that merely having a lead’s details doesn’t guarantee further engagement; this metric ensures that initial momentum isn’t lost. In fact, leads are 9x more likely to convert when businesses follow up within 5 minutes.
For clients, a keen understanding of their connection rate can spotlight issues in communication methods, timing, or the relevancy of their outreach, helping improve post-capture engagements.
How to track – (Number of leads successfully connected with / Number of leads attempted to connect with) x 100%
Most Popular Lead Generation Tools For Businesses
Best Suited For – Both SMBs (small to mid-sized businesses) starting with the free version and larger enterprises that need a robust all-in-one platform
- Comprehensive suite of tools including CRM, email marketing, landing pages, and more
- Intuitive interface and easy to use
- Offers a free version with basic tools
- Advanced features can get pricey
- Some integrations might require technical expertise
Best Suited For: SMBs and e-commerce platforms looking to grow their email lists and improve on-site conversions
- Powerful pop-up and opt-in form builder
- A/B testing capabilities to optimize conversion
- Integrates with most email marketing tools
- No built-in CRM
- Can be viewed as intrusive by some site visitors
Best Suited For: B2B businesses and enterprises looking to track and engage potential business clients
- Shows companies that visited your site, even if they didn’t fill out a form
- Integrates with popular CRM systems
- Provides contact details for company employees
- Limited functionality without integrations.
- Can be on the pricier side for small businesses
LinkedIn Sales Navigator
Best Suited For: B2B businesses, recruiters, and sales professionals aiming to leverage LinkedIn’s network
- Direct access to LinkedIn’s vast professional network
- Advanced search and lead recommendation
- Integrates with some CRMs
- Monthly subscription can be costly for individual users
- Limited to the LinkedIn platform
Best Suited For: SMBs, online coaches, and e-commerce businesses looking for an all-in-one sales funnel solution
- Easy drag-and-drop funnel builder
- Comprehensive tools for landing pages, webinars, and payment processing
- Community support and resources
- Limited advanced customization
- Some users find it a bit pricey
Best Suited For: Startups to mid-sized businesses focusing on immediate visitor engagement and customer support
- Real-time chat and messaging to engage visitors
- Customizable bots for automation
- Integrated help desk and knowledge base
- Can become expensive as you scale
- Steeper learning curve compared to similar tools
Best Suited For: SMBs and digital marketers focusing on driving and converting paid traffic through optimized landing pages
- Powerful landing page builder with drag-and-drop functionality
- A/B testing and conversion optimization tools
- Integrates with most marketing tools
- Focused mainly on landing pages, not a comprehensive marketing tool
- Some advanced features require a learning curve
Looking For More Advanced Conversions?
As we’ve explored various strategies to boost your website conversions, remember that seeing tangible results takes time and consistent effort. Effective implementation not only requires future planning, but will also benefit if you look back on your data beforehand. This way, your decisions will not be derived from guesswork, but instead be targeted to areas that genuinely need refinement.
Successful conversion comes from prioritizing the customer’s needs, and meeting their needs at different stages of the sales funnel. Having the right tools can make this complex process both seamless and effective. That’s where our SAaS tool, ConversionCow can really make a difference in improving your conversion rate.
Designed specifically for businesses serious about improving their conversion rate, this plug-and-play solution integrates easily into your existing website, no developer experience needed. With its user-friendly interface, you can easily set up A/B tests to determine what strategies work best for your audience.
It’s not just a quick fix, but a tool designed for your long-term growth. You can continually tweak your strategies based on real-time data, making it an invaluable asset for any small business committed to improving their online conversions and overall digital strategy.
Ready to optimise your website with ConversionCow? Sign up for a free trial, and see how easy it is to make measurable improvements to your website conversions.