Generating qualified leads is no easy task. With so much raw data available at any given time, marketers are having a tough time not getting bogged down by the things that should have enabled them to do better.
Ergo, we must understand that data isn’t worth anything unless it can help you enhance your demand creation strategy. To ace your lead generation, you must understand the right metrics necessary for lead generation.
Understanding The Importance of Lead Generation
Lead generation is the process of acquiring new customers or clients. It is a crucial part of any business and is achievable using digital marketing strategies. A lead has expressed an interest in your product or service but hasn’t yet completed a purchase.
There are many ways to generate leads for your business, and all methods have their pros and cons. But to generate high-quality leads, every company needs to understand its lead generation strategy.
To understand which lead generation method will work best for your company, you need to understand your goals before implementing any lead generation strategy or tracking particular metrics.
What Are Lead Generation Metrics?
Lead generation metrics are a way to measure the effectiveness of your lead generation strategies. These metrics can help you identify where to improve and which tactics work best.
Lead generation tools help businesses collect and qualify leads and track their progress. They provide a wide range of features, including lead scoring, email marketing, database management, etc.
Leads are the first step in converting prospects into paying customers. That’s why it is essential to have a database of leads that you can use for future marketing campaigns.
Top 7 Lead Generation Metrics You Need To Track Today
Lead generation is the process of collecting details of potential customers and listing them as leads. It can be done by different search engine optimization, social media marketing, website traffic, and email marketing.
Lead generation metrics are essential to a company’s success because they help it achieve several business goals like sales and conversions.
Hence, here are the top seven lead generation metrics you need to track today!
#1 Qualified Leads Generated
Typically, qualified leads are potential customers that are interested in your services. They may indicate their issue by downloading a specific resource or using a tool that is related to the point. The lead could also state that they have a problem with the form submission. Successful consultancies recognize that a new contact has little value until qualified against the proper criteria.
You can automate your lead generation process using chatbots. It’s recommended to use a multichannel bot to qualify leads from various communication channels. Omnichannel communication platforms like CommBox can provide you with these capabilities.
Find out how CommBox can help you master your lead generation and boost sales
#2 Landing Page Conversion Rate
Conversion rates let you understand how effective your landing pages are. You should aim for a conversion rate of at least ten percent on your landing pages. If it’s any lower, the landing page isn’t engaging enough, or the visitors aren’t the right ones. In either case, your conversion rate directly reflects the effectiveness of your landing pages.
#3 MQLs – Marketing Qualified Leads
The number of MQLs or Marketing Qualified Leads generated is perhaps the most crucial lead generation statistic. MQLs are defined by the consultancies we work with as qualified leads who have expressed an interest in speaking with you.
Your sales staff should have all the leads they need from people who want to speak with you if your marketing system is working correctly. Naturally, some people will get stuck in the system, and here is where your sales development reps can assist everyone in moving through it smoothly.
#4 Qualified Leads to MQL Conversion Rate
This system metric shows how well your marketing and lead nurturing systems perform. It’s their responsibility to turn the qualified leads you’re creating into marketing qualified leads – prospects who which to talk to you. The conversion rate provides a quick indication of how well your marketing is working.
#5 Cost per MQL
Cost per MQL is a metric that indicates the costs of generating MQLs. To determine the cost, you’ll need to know your total marketing costs and the number of MQLs caused to determine the cost.
However, the most important number is your cost per MQL, as it provides insight into performance. It also enables you to compare periods correctly, even if the parameters used to measure them alter month to month due to seasonality, tactical, or budget changes.
#6 SQLs Generated
SQLs or Sales Qualified Leads show whether your sales staff considers leads to be qualified. It is primarily a sales metric, but because the contact is still a lead, it can also be considered a lead generation metric.
You might have both sales-driven and marketing-driven lead generation efforts going on. If you have both, SQLs are an essential measure to track how well your lead generation efforts are working.
It’s also crucial for determining whether your lead generation is generating the proper leads. If your MQLs aren’t converting to SQLs, you probably have a problem.
#7 MQL to SQL conversion rate
Measuring your MQL to SQL conversion rates indicates how well this critical aspect of your lead generation is working.
Low conversion rates may indicate that your MQLs aren’t high-quality or your sales qualifying procedure isn’t working. In any case, this metric will assist you in measuring and managing the transition from marketing to sales.
The way businesses generate leads and convert them into sales has changed, as have the success metrics. Companies should use all available tools to measure their lead generation efforts and track their progress.
Contributed by Nandini Sharma, an Assistant Marketing Manager at ProofHub.
Enhance Your Lead Management Across All Digital Channels with CommBox
CommBox offers a unified inbox for customer interactions, allowing sales agents to communicate with customers through any digital channel they prefer: Facebook Messenger, Instagram, WhatsApp, Telegram, Email, SMS, and more. CommBox enables your sales agents to engage prospects and provide a personalized customer experience across all customer touchpoints, and increase your sales effortlessly.
Automate Your Lead Generation
The CommBox omnichannel customer communication solution provides lead generation chatbots that help you automate your lead generation and qualification processes.
Chatbots are virtual assistants that can help you generate and qualify leads. A sales chatbot can engage with customers and automatically ask them a series of predefined questions to understand their interest in your product and their scale of work.
Once the chatbot identifies a customer who might be interested in buying your products, the bot automatically creates a lead in your system with contact details. The chatbot can also schedule an appointment or route the potential customer to an available sales agent to speed up the selling process.
AI and Automation Rules at Your Service
A human sales agent can’t deal with a large scale of leads all at once, but an AI sure can. AI allows you to automate work processes by setting automation rules. You can automatically list a lead in your CRM, route calls, verify identification details, and much more.
CommBox offers powerful AI and automation rules that automate your repetitive tasks, helping you reduce SLA, improve your efficiency, and allow your sales agents to focus on selling your products. You can also use AI-powered chatbots to complete sales end-to-end in some industries. All you need for your bottom line.
Retain More Customers by Delivering an Exceptional Customer Experience
A successful sale is not the end of the sales process but only a part of a repeating cycle. Your relationship with your customers has only started, and to ensure future sales, you need to retain customers by constantly engaging with them and providing flawless customer service. Always keep pushing towards the best customer experience and continue selling your products.
You can use the CommBox omnichannel solution to serve your customer 24/7 from all channels, send personalized notifications and customer satisfaction surveys, and offer gifts and coupons; all will enhance your customer experience and increase your chances of retention. By analyzing customer data, you can monitor every part of the customer journey and improve your retention rates.
Pave Your Way to Success with Powerful Analytics
CommBox analyzes every customer interaction and presents valuable insights in a smart dashboard. You can see performance reports, overview successful and unsuccessful sales processes, and use customer data to improve your business strategy, generate more sales and retain more customers.
Selling takes more than a great product. You also need an efficient lead generation process that allows you to track leads across the funnel. In other words, you need to upgrade your sales teams with an omnichannel customer communication platform that will allow them to leverage your Upsell, Cross-Sell, and Post-Sell in no time.
CommBox lets you easily convert prospects to customers to achieve your business goals and sales targets with fast onboarding and lead generation features.
- A Smart omnichannel inbox for customer interactions and lead management.
- Automation rules for lead management and automated work.
- Chatbots for lead generation, Sales, Customer Service, and more.
- A Digital signature feature for remote transactions.
- Automated and personalized notifications.
- Complete data integration with your CRM.
- Customer data analysis and business insights.
You can use CommBox to collect leads and nurture them with a human-like bot that pops up in the right situations, asks the prospects the right questions, and seamlessly passes them on to live sales agents for further handling.
You can send customers targeted messages using business data with complete CRM integration. Using powerful insights, you can optimize your sales strategy and take your sales teams to the next level.
That’s just of glimpse of what CommBox can do for your business.
Schedule your CommBox free demo today and scale up your sales teams!