How to measure and document your lead generation Channel Success
If you have been following along, we have now covered how you can track your performance and cost metrics in lead generation management. In the previous article we’ve explained how it’s important to track your conversion rates for turning visitors into leads. But it’s also important to do this for each channel individually. So, we will now be informing you on how to track your channel metrics as well as a few other tips and tricks you may not be aware of!
What are channel metrics?
Channel metrics show you how each of your channels are performing, these being social media, your search engine optimization etc. Here are the lead generation metrics you should be tracking:
- Lead generation rate by channel
The lead generation rate captures the total number of leads which is then divided by the number of visitors coming through a certain channel. For example, if you had a campaign running on various channels, this is the metric you would use to give an overall view of how each channels performance. It is also important to remember that lead generation rates are different for every traffic source.
Usually the channel you will be using are social media, organic search (SEO), paid and referral. You can get more accurate details by checking each sources metrics like, Facebook, LinkedIn and Instagram for social media to see what bring sin the most traffic. For example, if you converted 150 of your 15 000 visitors from organic search into leads your lead generation rate is 1% and if you converted 50 of your 1000 organic search visitors to leads your SEO channel rate is 5%.
- Month-to-date (MTD) channel goals
The month-to-date metric shows you how close (or not) you are to achieving your lead generation goals for each channel in any month. Companies can use this metric to see if you are on the right path to meeting our goals and if not, you can adapt and readjust things, so you can. The best way to do this is on a monthly basis because you get a clearer picture of your performance. However, if you get more leads it may be an idea to do this on a weekly basis so that you can constantly be improving.
In order to measure this metric, you need to start by working out a target for your monthly leads. You need to base this on your experience and keep it realistic. Based on what the number is you should be able to define what your daily lead target is and then if you meet that target you will know if you are achieving your MTD channel goals.
For example, if your target is 60 leads through LinkedIn, your daily target would be 2 leads per day. So, you know if you are getting more then that you should meet your goal.
That concludes our channel metrics and our series on what you need to measure in lead generation campaigns, however, there are measurements after this flow as well, because in the end - success is not just generating leads - but converting them into sales.
Next week, we will get into how you can convert leads into customers because ultimately that is the real goal and one of the most important measurements of success – while it is essential to have leads coming in, you absolutely have to convert them to sales in order to have a viable and sustainable business.