Tracking and analyzing the data is vital for businesses. Why is that so? Maybe you’re putting in your best effort. You think you’re doing everything in the best way possible. And yet, your business isn’t thriving. Of course, there may be plenty of reasons. But, analyzing your strategies and performance will show you exactly where the problem is.
Similarly, if your business is doing well, the analysis will show you what can be improved, so you’ll be doing even better. Where to start with assessing your business? The best place to start is correct at the core – your lead generation strategies. Leads are at the heart of every business. After all, your sales and profit depend on them. If you’re wondering how to increase lead conversion rate, it’s time to assess your ways of creating and nurturing leads. Let’s explore how and when to analyze your lead generating efforts!
First, let’s briefly define lead generation
Lead generation refers to attracting prospects to your business to turn them into customers. Of course, you need to have many leads and qualified leads. In addition, you need to nurture your leads and guide them through your sales funnel.
But, as we’ve said, this is a process. That means it takes time, planning, and skill. Marketing campaigns and brand reputation play a vital role. Also, social media presence and word of mouth will help you increase sales on your website and in-store. But, to plan effective campaigns, you need some know-how and insight. Analyzing data concerning lead generation will provide you with precisely what you need.
When is the best time to analyze your lead generating efforts?
When should you start if you haven’t done this type of analysis? The best answer is right now. Having a clear idea of where you are will guide you. It will inform your planning and the actions you take. The sooner you start, the better.
Once you have this initial assessment under your belt, it’s essential to keep tracking all the relevant data throughout the year. Then do the analysis regularly. You can do it quarterly, semiannually, or annually depending on the data involved. In addition, you may need an extra analysis, for example, after a vital campaign (either marketing or sales). That will help you to gauge how effective it was and how you can improve it.
Why is lead generation analysis important?
In a nutshell, lead generation analysis is relevant for many reasons. It:
- helps you assess your marketing and sales campaigns
- enables you to identify qualified leads
- provides valuable insights
- informs future strategies and tactics
- boosts your performance and results
- saves your business precious time and resources.
How to analyze your lead generating efforts?
First, you need to collect all the lead generation-related data. Of course, what is most valuable to you will depend on your needs and goals. However, there are some critical metrics that most businesses share. Also, keep in mind that gathering data never stops. Some common mistakes include not tracking data through the entire funnel or neglecting your leads after conversion. Making these mistakes will minimize your opportunities.
Quality over quantity
Another widespread mistake is focusing on the number of leads. Naturally, more leads mean more chances to eventually close the deal. However, you should avoid wasting your time, energy, and resources on leads that will likely go nowhere. Instead, identify and focus on qualified leads most likely to turn into customers.
The best strategies for analyzing your lead generation process
Here are some ideas on how to start analyzing your lead-generating process.
Automate the data collection of your business
A lot of data collecting is a tedious and routine process. Plus, collecting it manually runs the risk of making an error. Instead, it’s better to automate the data collecting in your business. You can streamline the process using a CRM software or tools like ConvertMore callback software, that help connect with your customers in a more efficient way.
Track the vital KPI (key performance indicator) metrics
Again, the metrics you need to track will vary based on the type of business, target audience, goals, and general market. However, some of the most relevant metrics are:
- MQLs and SQLs (marketing and sales qualified leads)
- the number of sales
- conversion rate
- bounce rate
- ROI (return on investment)
- website traffic and engagement
- customer lifetime value
- average deal size
- cost per lead, etc.
Review and compare your recently closed deals
What should you look for when you review recent deals? Firstly, focus primarily on your high-value deals. See what they can show you. Where did these customers enter your sales funnel? What do they have in common? Are they in the same industry or at the same growth stage? This data will show you what channels and campaigns do well and which ones don’t. That way, you’ll be better able to qualify your leads. Then, you can focus your resources on where they’ll have the most significant ROI.
Marketing vs. sales qualified leads
Ideally, all your MQLs should turn into SQLs. In reality, that doesn’t always happen. Comparing these metrics will show you where the disconnect is. Which MQLs almost always become SQLs? At what funnel stage do others bounce? If marketing leads turn into SQLs, does it always lead to a close? Why or why not? This leads us to our next point.
Ensure your marketing and sales teams are on the same page
If there’s a glitch somewhere in your funnel, it’s most likely because your marketing and sales teams are not working together. While these teams are separate, they have common goals and often use similar data. Therefore, they should have cohesive, complementary strategies and exchange info and ideas regularly.
Optimize your social media for lead generation
In today’s day and age, no business can thrive without a solid online presence. Many lead generating and converting leads into customers happen through social media channels. And while finding the best conversion rate optimization software may seem challenging, it’s well worth your time and effort.
Nurture your leads
Lastly, many leads fail to become customers due to neglect or lack of communication at critical times. For that reason, it’s vital to nurture your leads and follow their journey from start to finish. Be consistent with your messaging and create amazing offers for all marketing and sales funnel stages. Keep the communication going to ensure more conversions.
Let’s sum it up. When do you analyze your lead generating efforts? In short, always – keep track of data and progress regularly. How do you do that? Track vital metrics and ensure your marketing and sales teams work as one toward the same goals. Lead generation is the most important aspect of every business, and analysis will give you valuable insights and boost your business’s growth.
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