As a marketer, access to top-quality metrics is critical for your success. Because a lot of time and money is invested in building your company's brand awareness and generating leads, it's only logical that you want to know if every effort made is bearing fruit. You want to be confident that things are progressing according to expectations and if your investment has a higher chance of bringing returns.
Each marketer requires a different set of metrics depending on the type of lead generation campaign your company is currently running as well as the one that fulfills your marketing objectives. But no matter what lead generation activities you're engaging in, there are specific high-level lead generation metrics every marketer should track. These top-level metrics are listed in this article.
Marketing metrics are more like a key performance index which marketers use to track, record, and measure lead generation performance at any given time. These metrics are diverse and vary depending on each platform. Marketers need to understand their overall marketing objectives and pick the ideal metrics to best help them evaluate their successes and failures. And while there are several similar metrics to choose from, you need to select the most suitable tool for each marketing campaign. Here are the top lead generation metrics every marketer should monitor.
If you didn't know the average lead closing rate, then it's the first thing you need to monitor closely and monthly. This will help you monitor at which rate your leads close the most and at any given time. If the close rate is high, it means you're attracting a substantial number of leads and potential clients. If it's low, then you need to put more effort into attracting high-quality leads.
Most marketers tend to focus on tracking monthly growths. However, only a few understand the importance of monitoring leads per business day on a month-over-month basis. The reason why you should consider monitoring your leads per business day is because not two months are the same in terms of length and performance. This metric helps you measure your daily performance then compare it with your average monthly progress.
For example, if you managed about 500 leads in June and your boss recommended that you maintain that number in the subsequent months after that, would you grow comfortable and reduce your lead generation efforts? Of course not. You'll have to work extra harder, to generate 25% average growth leads per business day to attain that number in July or any other subsequent month. The bottom line is you need to ensure you achieve the same or more number of leads in the following months.
It's easy to feel confident and comfortable with the number of landing page visitors you receive each month or even those who go ahead to fill out the forms on the landing page. But how do you tell the repeat form fillers from new visitors? A great place to start is with new contact rates.
This metric helps you understand the average percentage of new visitors you attract on a given day or month. You'll be able to tell the rate at which only new visitors are filling out the forms. From there, you'll be able to establish whether you're working with relevant content and that the same content is fulfilling its intended purpose: attracting more prospects.
How do you tell if a blog post or ebook is impactful to your target audience? How do you tell if the efforts and time invested in creating that content will pay off? You can measure the effectiveness of your content by:
However, this doesn't mean you should focus on ranking. Instead, you should monitor keyword performance based on the volume of organic traffic coming to your website. If you're generating good leads from the keywords, it means your SEO skills are top-notch and bearing considerable fruit. With that in mind, work toward creating similar and better-keyworded content to boost performance.
Another crucial metric you need to focus on is marketing qualified leads or MQLs. This metric enables you to ascertain if you're doing an excellent job of helping your leads attain the marketing qualified leads with relevant, sales-focused content. From there, you can be able to tell how many of those MQLs leads are growing each month. It's even better if you can monitor this progress on each business day.
Most marketers work on a budget and usually have limited resources. If you're working on a lead generation project, ensure you get the most out of each lead you generate. And that's the reason why you should reduce the cost per MQL.
Before you can attract and acquire new customers, you must bring in new prospects or leads. The cost per lead (CPL) metric allows you to measure the cost of each lead generated or customer acquired plus your overall spending for all leads or customers. This is an effective sales and marketing metric that allows you to develop better objectives, track ROI estimates, and plan your budget accordingly. Paid ads and social media strategy are a few examples of CPL for which you can allocate a substantial budget.
Knowing how many leads you're generating from each marketing campaign is vital. Otherwise, you will not be able to tell how many leads eventually reach the bottom of the sales funnel, which is conversion. With this metric, you'll be able to determine which team to allocate more resources to, which team needs to put in extra effort, and which team needs additional support to close the deals.
The marketing world revolves around metrics. And there are other high-level metrics besides the ones listed here. So, regardless of your marketing strategy or objectives, there's always something to help you gauge your performance, make the necessary adjustments, and keep winning new prospects. We hope these examples will help you get started on steering your business in the right direction. You can also contact us for more information.