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You can’t just do lead generation – you need to do trackable lead generation.
How else are you going to grow and know what is wise use of resources?
Check out these advice and 5 trackable lead generation tactics and start getting the most out of your lead gen process.
KPIs to Track
Let’s first see what kind of Key Performance Indicators you should follow when determining the success of your lead generation strategy.
Remember that relevant KPIs vary between different industries and companies.
Click Through Rate
Click Through Rate (CTR) tells you how many people have viewed your advertisement or other online campaign and how many have actually clicked on it.
CTR helps you track the number of visitors that go to your website through a specific campaign.
By tracking Click Through Rate you learn how your current advertising campaign is doing. In the long run you will start noticing what works for your company.
Conversion Rate
Conversion rate tells you how many people (or rather what percent of people) have taken desired action after seeing your ad or CTA.
You get to define what is the conversion event that you want to track.
In lead generation a conversion event is something that converts a visitor into a lead (Visit-to-lead conversion rate).
Those can be e.g.
- Signing up for a newsletter
- Starting a free trial
- Leaving contact information
- Downloading your content
- Starting a conversation with chatbot or live chat
In a nutshell, conversion rate tells you how successful your lead generation tactic is.
A “good” conversion rate depends on the industry your company is in. Generally speaking, you should always strive to improve your own conversion rate rather than focus too much on others.
You can try to increase conversion rates by implementing conversion rate optimization strategies.
ROI
ROI aka Return of Investment is an important KPI that tells you how much profit you get from your marketing campaign.
The ROI is used in many different business contexts, but in the world of marketing it is used to measure the return of an advertising investment.
Here’s how it’s calculated:
When you know how much you spend on the campaigns and how much profit you actually make, you can make more educated decisions about which campaigns you should implement in the future.
Cost Per Lead
Cost per Lead tells you how much money you have spent per one lead.
It takes into account the cost of the whole lead generation campaign, which is then divided by the number of leads it has generated.
Basically it tells you how cost efficient your campaigns are and what is the price tag of each lead.
Whatever Feels Relevant to You!
If I listed all possible KPIs, I could spend the rest of the month doing so.
Moreover, some KPIs are more relevant to certain businesses, while other industries rely on different indicators.
Find your key performance indicators by thinking about what your goals are:
- Are you looking for a lot of new customers, or are you focusing on the quality of leads?
- What is your budget? How much does budget matter?
- What is your business model and marketing strategy?
- Are you doing digital marketing or perhaps something completely else?
- Which lead generation channels are you using?
- What are your own skills and resources?
- How many employees can and will be part of lead generation efforts?
- Etc
5 Trackable Lead Generation Tactics
Here are 5 trackable lead generation tactics that you can apply to your regime.
I must warn you, though: Implementing these strategies might lead to increased sales! Hope you are ready for that.
Trackable Lead Gen Tactic #1: Social Proof Lead Generation
Social proof, such as reviews, testimonials and video testimonials, are an effective way to increase conversions and generate leads.
The idea of social proof popups and widgets is to showcase positive feedback from your existing clients and create peer pressure.
When you place social proof near CTAs, you can reach higher conversion rates. One of our clients experienced a 32% increase in sales after showcasing a video testimonial on the checkout page!
Since collecting testimonials and reviews is cost-effective, your average cost per lead can decrease when you implement social proof popups and widgets on your website.
When you collect testimonials and reviews with Trustmary, you can also conduct A/B and multivariate tests to figure out what works best for your company!
Trackable Lead Gen Tactic #2: Lead Generation Forms and Chatbots
Lead generation forms are extremely easy to use for tracking leads.
In a lead gen form, you ask for the potential lead’s contact information and other relevant details.
You can supercharge your lead generation form with social proof for extra effect.
Sometimes the lead gen form can be used as an exchange for an action. The customer must e.g. submit their email address for full access to your site.
On top of traditional forms, chats and chatbots are especially effective.
They are more dynamic and interactive, and cater to the needs of busy contemporary people.
Lead gen forms and chats are not only good for lead capture – they also help with lead qualification and other parts of the lead gen process.
Some tools for lead capture forms include:
Trackable Lead Gen Tactic #3: Email Lead Generation
One of the classics! You are most likely already using this tactic or at least have tried it in the past.
Email campaigns are a great and inexpensive way to generate leads especially for small businesses.
It is easy to track click-through rates with email campaigns. You are always on top of the situation and know which emails work best.
According to recent email marketing statistics, email marketing has one of the highest ROI of all digital marketing channels. Impressive, right?
Here are some email finders and email marketing tools:
Trackable Lead Gen Tactic #4: Social Media Ads
Another classic is social media advertising.
Unlike more traditional advertising in TV or radio, which might lead to unknown return, social media advertising lets you know exactly how many people clicked through the ads.
It is a bit more costly than e.g. utilizing reviews and testimonials, but it reaches more cold leads that might not yet know about your business.
Best results come when you figure out which social media platform is the one where your potential customers hang out the most.
You can also make use of multiple channels if you have the means to do so.
Linkedin is the best channel for reaching business leads, but in B2C marketing you can also find leads on e.g. TikTok or Instagram.
On top of advertisements, great content can bring you new leads.
Here’s the top 5 platforms for B2B marketers, according to Content Marketing Institute:
Trackable Lead Gen Tactic #5: Use CRM to Track Contacts
Alright, the previous tactics lean more towards inbound marketing, meaning that the leads most likely already know about you, search for your content and have e.g. visited your website.
But how about when that is not the case?
Cold calling, cold emailing and cold messaging are still a big part of B2B marketing and sales.
Tracking the calls and other contacts and their outcome can be complicated. If you are still doing it by hand with post-it notes or Excel sheets, consider changing to a CRM system.
A Customer Relationship Management (CRM) program such as Pipedrive or HubSpot helps you store all data regarding each touchpoint that you have with potential customers.
You can track how many leads you have collected with your efforts and also eventually see how much each lead was worth (=how many and how big purchases they made).
Conclusion
If you are doing lead generation blindly, you are missing out on profit.
Tracking your performance with KPIs helps you improve your lead generation campaigns and save money in the long run.
KPIs that you should follow are e.g. ROI, Click Through Rate, Cost per lead, conversion rate, and other relevant metrics.
We looked into 5 different trackable lead generation tactics that you can try. We focused on digital marketing but also looked at how you can ease tracking the success of your outbound lead generation efforts.
Mix and match them together and with other lead gen strategies and see what works best!
If you want to start collecting social proof and using lead generation forms for free, sign up for a free trial at Trustmary.
The software gets you
- Review, testimonial and video testimonial forms
- Lead generation forms
- Lead generation chatbot
- Social proof popups
- Feedback survey tools and templates
- Elegant and dynamic testimonial widgets
- And more!
Trustmary is available all over the world – whether you are a small business owner in Louisiana or CMO of a startup in New York, you can get the same benefits.
FAQ
How do I track lead generation?
Lead generation performance can be tracked e.g. by calculating relationship between costs and generated leads, tracking the Click Through Rate and measuring conversion rates. There are many metrics you can use and they depend on your objectives.
What is a trackable lead generation tactic?
For example social media ads, email campaigns, social proof popups and lead generation forms are examples of trackable lead generation tactics. Basically trackability means that you know where the leads are coming from and how many leads are generated.
How do I improve my lead generation strategy?
You can improve the performance of your lead generation campaigns by following the key performance indicators and trying to better them. Over time you will learn what works best for your company.
