How do you measure your marketing campaigns to generate leads? Are you looking for a better way to create and measure leads?
If you are serious about success and are spending your hard-earned cash on marketing campaigns to extend your reach, you need to understand a simple fact. Just ‘paying for views' without measuring any metrics is the closest thing to throwing away your money into a burning fire pit.
So, the question is, how do you know if your campaign is working?
There are several meaningful lead generation metrics or key performance indicators (KPIs) you can use to prove the effectiveness of your campaigns.
First, you have to have the capability to analyze the data. This can be done through simple analytics software plugins for your WordPress site. These plugins gather the relevant data and presents it in a way to help with analysis.
Here are some of the top KPIs you should be looking at to ensure that your campaign is on track, and you are not wasting your money on paying for views that aren't being converted.
Yes, this is the most basic. You need to ensure you can report that your sales revenue exceeds the expenses your marketing campaigns incur. This is a simple mistake that many people make when they first start out with lead generation.
It usually begins with attempting to save money by doing your own lead generation through Facebook or Instagram campaigns without any real knowledge or goals. It ends in frustration and lost money.
Conversions are the most critical data set when it comes to lead generation. You need to be able to ascertain how many conversions your website earns. A conversion is when a visitor on your site takes the next step to become a customer. This is usually whenever someone gives you their contact information – they become a lead.
Essentially, your number of conversions is the same as the number of leads you've generated.
This number is vital. If you don't have many conversions, you have to look at the other KPIs to determine potential issues with your site and work on how to fix them.
Regardless of how many conversions you have, this is the most important metric in lead generation.
Lead Conversion Rate
This is related to the conversions on your site. But it's expressed as a percentage of people who come to your website and become a lead.
To get the percentage, you look at the total number of visitors to your site in a specified time period and divide it by the number of conversions on your website in the same period. That gives your site an overall conversion rate.
Individual pages will have different conversion rates. The overall conversion rate is an average of all the pages on your site.
Your conversion rate speaks volumes. It tells you whether you're efficiently generating leads on your website, and which pages are successful at converting the leads.
A reasonable conversion rate is around 5%. This indicates you are supplying information people need to solve their problems. You are so convincing, they have given over their contact details.
A low conversion rate is around 0.1%. This essentially means you are not giving people what they desire to solve their issues. So, they are likely to leave the site and search out your competitors.
If your conversion rate is low, you must look at your pages and content to identify areas where you could improve. This may mean hiring someone to write better copy for you, including more visuals, or taking them off if they are slowing down your website loading time.
Another great KPI to know for lead generation is your website's bounce rate. This is the measurement of how many people come to the page then navigate away without looking at any other pages.
If someone arrives on your homepage from a search engine, then immediately returns back to the search results, instead of following one of your links – that counts as a bounce.
This number is calculated by collating your total number of visitors and dividing it by the number of visitors who leave the site immediately.
A high bounce rate is terrible. It indicates that a lot of people find your site, see the information then leave without converting.
An exit rate is comparable to the bounce rate, but it's only relevant to individual pages on your site. At some point, every person on your website will eventually leave. If you have a page with a high-ranking exit rate, it might mean that it's terrible for your conversions. People become bored with the information, so try to find the solution they need somewhere else.
Or conversely, it might mean that it is an actual exit point, such as a thank you page.
Average session duration
This metric indicates the typical amount of time a visitor spends on a page or your site as a whole. The higher the period, the more your visitors are interested and engaged in the information you're providing.
Lower durations indicate that visitors are diverting away from your page quickly.
When a page has a lower average session duration, a high bounce rate, and a high exit rate – these three KPIs may be telling you a page needs to be changed to convert your visitors.
You need to take a look at the pages that are generating the poor KPI. Then determine what you can do to improve the duration of time spent on the page as a whole to create more leads.
So, now you have some of the basic but essential KPIs that will help you track and improve your lead generation.
But here's the thing, there are plenty of articles out there that tell you to track up to 36 lead generation KPIs. That is a game of rapidly diminishing returns. It is so easy to overcomplicate marketing KPIs. Mainly because digital marketing offers us access to massive amounts of data points and metrics.
If you want to generate new leads, you don't have to be an expert. You just need to hire the experts to read your KPIs and devise strategies to move potential customers from attention to action.
Why don't you arrange a call to discover how we can help you generate more leads. We do the work for you. By establishing and generating quality traffic and regularly measuring your KPIs to ensure you have high level converting leads that buy and become raving fans.