How to determine your lead generation goals

As a business owner, you have many different goals. For starters, there are the expected revenue, number of closed deals,  and anticipated growth. And then you also have more specific purposes. For example, when you wonder how to increase your lead conversion rate or boost your online presence, you need to set goals and outline strategies to accomplish them. However, learning how to determine your lead generation goals is one of the most critical things for your business. Why is it so important?

Because businesses rely on customers, the number of customers will affect your revenue, growth, and many other aspects. But to have customers, you need to generate the leads first. It’s a vital task for your marketing team – the more tips, the more potential customers, and therefore more significant revenue. You must know how to set the right goals and what metrics to use to achieve this.

But first, what is a lead generation goal?

Your sales generation goal is the total number of potential customers that your team will generate. However, this number is more than just a number. It encompasses many other values based on math, calculation, and strategies. For example, not all leads are created equal; having people subscribe to your email list is not enough. On the contrary, the lead generation goal should include tools, resources, and strategies your team will use during the set period. It also focuses on metrics for tracking progress and assessing your success.

The benefits of determining your lead generation goal

First, it’s vital to calculate this goal. Just choosing a random number won’t do – it’s unrealistic, and you’ll hurt your business. Instead, you need to know where you stand at the moment. Analyzing your current situation will show you what needs improvement and what works well.

For example, learning how to increase user engagement on your website to generate more leads can become a part of your goals for the future. Or maybe you’ll find out your marketing campaigns are not targeting the right audience. All insight you gain during the process will be valuable.

How to determine your lead generation goals?

So, let’s do the math. First, work with your sales team to determine your overall monthly revenue. Next, consider the revenue targets for each region per month. Then find out the value of your average deal size. That will give you an idea of how many deals you need to close to reach your revenue target.

Next, find out the percentage of deals you get through marketing and direct sales. While these teams should work together with the same goals in mind, sometimes this is not the case, and your analysis will show that.

Lastly, find out the percentage of leads that turn into customers. This is an important metric that will show whether you attract the right leads in the right way. Having all this data in front of you will give you an accurate picture of where you stand and make informed plans and decisions from that point on.

Steps for setting the right goals

Once you gather the data, it’s time to set the goals. Here’s where to start.

Firstly, decide what you want to focus on. Quality or quantity? Both are important. A large number of leads is undoubtedly going to lead to some sales. But are you making the most of the tips you generate if you focus on sheer numbers? Probably not. On the other hand, fewer but qualified leads are going to ensure higher conversion rates and revenues.

Ensure these goals align with your larger company goals

Of course, every business is like a living organism. For it to thrive, all parts must work as one. Therefore, don’t lose broader company goals out of sight when trying to determine your lead generation purposes. Keep in mind that everything is connected. Take this situation. The company’s goal is to boost user engagement and reduce bounce rates. Make it your lead generation goal to do the same. Then consider the tools, such as the all in one callback widget, that help you do that. This approach is likely to create benefits for your business on the whole.

Ensure quality communication and motivation

Now, you may have the best of plans. But you won’t get far if you don’t have people willing to work on it. So, ensure there is enough communication between different teams and sectors. And, of course, do what you can to boost everyone’s motivation to work toward these goals.

Keep track of progress and regularly assess your goals

Lastly, once you set the goals, keep track of your progress. That will enable you to adjust and tweak when necessary and provide further valuable insights.

What are some of the most common lead generation goals?

Naturally, your goals are going to be unique to your business situation. There are plenty of factors at play. From the type and size of your business to things out of your control, such as the current market situation and similar factors. However, there are some ‘core’ goals that most companies share:

• Boost people’s interest and awareness of your brand – this is a priority for your marketing team; it’s a long journey from attracting the audience’s attention to closing the deal
• quality over quantity – focus on targeting better leads instead of wasting your resources on generating and nurturing leads that are not likely to turn into customers
• use the most effective marketing strategies to create good tips – when you compare the data about the number of leads generated through marketing with the percentage of converted leads, you’ll see which marketing strategies have been effective; double down on them instead of investing in unsuccessful campaigns further
• generate more quality leads – once you ensure quality, focus on quantity; the more tips you have, the better
• boost your online game – ensure your goals include all your marketing and sales channels.

In any situation, having a clear goal in front of you will boost your motivation and enable you to move in the right direction. It’s no different when it comes to your business. Finding and attracting leads is the first stage of a long funnel that leads to closing a deal. So, determine your lead generation goals well and help your business grow.