As a B2B marketer, finding ways to generate new leads comes with the job. Since content helps your visitors act, tracking metrics play a vital role in measuring lead generation success by monitoring the performance of ads, emails, landing pages, and other online assets. But which metrics provide the most valuable insight?
With nearly countless analytics options, it may be hard to decipher the best marketing metrics to track. To ensure you get the most out of your marketing campaigns, here are the top 10 metrics you should use to measure lead generation success.
Click-through-rate measures the number of clicks you receive on an ad or call-to-action. CTRs are very useful for measuring the performance of pay-per-click (PPC) campaigns and are key indicators of their success. A high CTR confirms that you’re targeting the right people and that they find the ad information useful. Achieving a high click-through-rate is a great first step to generating leads.
Increasing website traffic is the first step for most marketers; the next is getting that traffic to convert. A conversion rate describes the percentage of visitors that come to your website and perform the desired action or goal you intended for that page. This can include downloading an asset, signing up for a subscription, or making a purchase. Conversion rates are versatile in that you can segment conversion rates by source, keywords, individual ads, or marketing channel.
Time to Conversion
Tracking the time to conversion means measuring how long it takes for a visitor to become a verified lead. Knowing this information can give you useful insight into the length of your buyer’s journey and sales cycle. Examples could include tracking how long it takes for a visitor to verify their email address, download an app, or purchase an item that’s been in their online shopping cart.
Return on Investment (ROI)
Many marketers would probably hail ROI as the most crucial metric of a marketing campaign. ROI is the value that answers the question, “Was this worth my investment?” Simply put, it measures the amount of return on an investment, relative to its cost. Measuring ROI is what helps justify your marketing budget and spend.
Cost Per Click (CPC)
Cost per click shows advertisers the price they pay for each click in a PPC campaign. Although the goal is to get people to click on your ad, the good thing is that you only get charged per interaction. That means the impressions are free! Several factors determine your CPC, but it’s important to continually track this metric to be sure that it doesn’t get too high and negatively affect your ROI.
Cost Per Lead (CPL)
It’s exactly what you’d expect. The cost per lead determines the average amount you spend to generate a lead. Staying on top of your CPL ensures that you’re acquiring customers in the best, most cost-efficient manner.
Number of Marketing Qualified Leads (MQLs)
An MQL monitors the number of qualified leads that can be passed on from the marketing team to the sales team. MQLs are visitors who have expressed interest in your products and given you information beyond their name and email address. An MQLs behavior would show deliberate interest in a company such as downloading assets on a particular topic, repeatedly visiting a product page, or opting into a segmented email program.
Customer Lifetime Value (CLV)
The customer lifetime value tends to be underutilized but gives great insight into a company’s overall marketing effort. The CLV is a metric that represents the total amount of money a customer is expected to spend on your business. It is a useful metric to promote company growth and is a direct reflection of the customer’s loyalty. CLV can be more beneficial to businesses with multi-year relationships with their customers. The higher the CLV, the greater the business profit. After evaluating your CLV, you may see that some customers cost more to acquire than others, or that there’s a drop in spending after a certain timeframe. Evaluating your CLV helps you determine your overall marketing strategy and allocate budget appropriately to areas in need.
Close Rate Per Channel
This metric determines which channels deliver the highest conversion rate. Knowing where you convert the most leads is a great way to reveal any strengths or weaknesses in your channel selections. It also allows you to continually assess your strategies and adjust funds in the future. Acquisition channels can include social media, email, paid marketing, organic, or others, depending on your industry. Overall, your close rate per channel can tell you where more potential customers may be.
Month-to-Date (MTD) Goal
Establishing a month-to-date goal gives you a 30-day update on how you’ve progressed toward your lead generation goals. It is the best way to put your predictions to the test, identify trends, and make any necessary real-time modifications to your strategy.
Your specific marketing goals may vary depending on your industry, but these 10 must-have metrics can help you stay on top of your campaigns and reach your target month-over-month.
Looking for more ways to grow your B2B leads? Take a look at this Marketing Survival Guide to set yourself up for success in 2020.