Tips to Measure B2B Lead Generation Progress
The purpose of this article is to share information about how can we measure B2B lead generation progress.
The B2B Marketer counters a distinctive challenge as compared to the traditional digital marketing. Generally conventional E-Commerce sites measure the lead status by few clicks when user browses the site and move through a series of web pages pay online and buy the product.
However B2B leads does not only need number of clicks but they also require one on one communication because they sell services not the product. Therefore trust requires follow ups on call, chat and other communication mediums to convert them from lead into a customer.
Lead is user or visitor who expresses interest in your services or premium memberships.
I will share various ways which can help us to understand lead measurement by different means. First we look at B2B site mechanics and glance over the key factors to consider:
Measuring visitors’ activity — Calculating clicks, impressions, signups and conversions. How many of them already know your website brand and how many are first users? Was this traffic already aware of your brand or are they truly first time visitors? You can develop analytics for registering these statistics on company automated software.
Visitor Demographics — Recording visitors, leads and prospects location. This will help us pinpointing the location of signups, conversions and healthy prospects. By using this measurement Alibaba, Tradekey and Madeinchina B2B portals have identified major target audience of B2B portal is Chinese Traders and Businessmen.
Ratio of visits on Key Pages — How many visitors browse key pages of your B2B site which offers useful information about premium memberships and your business services? How many visitors go to your Home Page or less important pages and leave your site? Record inventories and evaluate the website attractiveness to the target audience.
Bounce rate — How much is the bounce rate. Is your site visited by irrelevant traffic or visitors leave the site without spending time to visit more than a page? How rapidly visitors understand the working and pattern of your service delivery?
Visitor Sources — What sources are your fresh users/visitors entering from? Are they coming from Google, your PPC, SEO, etc? How many visitors are using new channel rather than traditional channels? How many of them are coming by positive word of mouth? Does your marketing department have successful in developing a new channel for new visitors?
Evaluating the effectiveness of your marketing channels: Let’s take a review on the framework of Lead generation marketing channels. This framework can be helpful in measuring status of leads progress.
This framework is helpful in determining measuring the lead status from the beginning when visitor enters the site, become a sign up and then all the way to close the deal. This framework shows channel their marketing efforts and cost per lead in first two columns. However, other two columns of owned asset and sales show conversion rate from lead to sale.
Measuring the Lead Progress from a Various Angles:
We can measure the lead status i.e. its cost and profit by various angles. Few images can be illustrated below with description states lead measurement.
The picture shows the lead progress shows levels of lead conversion. An assumed average cost of one customer and dollar value of one conversion. Such Statistics can also be measured from B2B CRM software.
The above is summary of cost per lead of B2B digital marketing channels
The above chart can be used by B2B CRM to track lead health statistics to measure lead progress in terms of monetary value.
Conclusion:
Heidi Cohen President, Riverside Marketing Strategies @heidicohen
Don’t track results. It’s critical to measure your results to appreciate where your process isn’t converting prospects.
Do you know 70% visitors who leave your site never return? It means around 90% of your marketing budget and resources can be wasted if lead measurement is not systematic.
One can design a scorecard to jot down the status of every lead. The lead health can be recorded from impressions, click, and sign up till the last activity. The sales team can do further emailing, chatting, calling and take further steps to convert the lead into customer. Thus calculating average cost and profit per lead. Therefore a CRM which is effectively integrated with its online marketing channels and database sources can go a long and easy way to make a task much efficient and easy.
