Having robust Lead Management software is the first step you take to ensure sales growth and the success of your company. But how do you know if the approach you are using is right or not? Of course, sales are one parameter, but there are many other factors that contribute to it. Hence, it is imperative to track your lead-generating KPIs and stats. It will assist you in generating more qualified leads, improving conversion rates, increasing client lifetime values, and increasing your revenue.
Let's understand what these KPIs and metrics are that one should be aware of while handling lead management software. But before that, let's answer the central question:
How Do You Decide the Right Metrics and KPIs for Lead Management Software?
Well, the answer is experimentation. There is no ideal case scenario in all situations. You learn to move ahead with a little trial and error. Specific plans might return favorably and certain don't. Hence, those who don't notice the flaws change the tactic, and you might see some sales numbers roaring. The basic idea is comparing. Compare how many leads were generated through this campaign to the last one, if any. How did it affect the sales number? Such comparisons will give you an overall stock of the situation, allowing you room for improvement in your current lead management process.
Key Metrics for Evaluating Lead Management Software Performance
Cost Invested per Lead
If you are into paid advertising or campaigns, assessing your cost per lead is non-negotiable. It gives you a clear idea of which source is taking you towards profits, how precise your lead targeting is working, and how much more or less budget you can invest to generate more leads to this specific programme.
Website Traffic
Tracking the website landing page traffic now and then is crucial as it works as a critical indicator for determining the efficiency of your lead generation platform. It informs you about the amount of visitors to your website and how they perceive and interact with your content. It helps you gauge the depth and success of your marketing and sales campaign. Note what was the traffic rate, unique visitors, and page views before the campaign was launched and after, and you will get a clear analysis of the website traffic.
Conversion Rate
It is one of the crucial indicators that underlines the success of lead generation. It implies the percentage of visitors or leads who have the potential to be your long-time consumers. Such customers showcase interest in your website or services, by filling out a form, leaving a comment, or making a purchase. Moreover, there is a formula to find the conversion rate: divide the number of conversions by the total number of visits or leads and multiply by 100.
Return on Investment
If you want to know how your lead generation platform is working, assess the ROI. It can be done by doing simple math. All you need to do is compare the revenue generated with the overall cost incurred in your marketing campaign. And you have the result in your hand. By assessing ROI, you may identify the most profitable campaigns and allocate your resources accordingly.
We have a complete blog on it. You may read the same to know more about it.
Lead Velocity Rate (LVR)
This significant metric evaluates the rate at which your lead platform performs and shows growth. Tracing LVR helps you understand trends and patterns in your lead-generating approach. Based on that, you can improve your lead management efforts, such as marketing campaigns, content management, SEO, and other initiatives. Optimize these factors to achieve a positive and steady lead velocity rate, enabling long-term lead-generating success.
Lead Response Time
Ignoring your inbound lead creation efforts is never a good idea. Here, you can calculate the average response time to an inbound request and how much time these inbound queries are taking to yield an outcome. To make things easy, create a lead generation analytics dashboard or an Excel sheet that everyone can use to track results.
Quality of Lead
Never miss a chance to get hold of a quality lead. Quality leads are those that have the potential to become your long-term paying customers. To assess lead quality, you need a roadmap that establishes the criteria and qualities that characterize a high-quality lead for your company. It can be done by working on major details, such as demographic information, firmographic data, behavioral trends, or brand interaction. To prioritize follow-up and resource allocation, assign scores or labels to leads based on the criteria listed.
Final Thoughts,
The above-mentioned KPIs and metrics are crucial indicators that help you assess your lead management platform performance. If done right, they can do wonders in terms of revenue and growth. To get experts' help in your growth journey, you must explore BUOPSO. The company has a robust lead management platform that helps you get these metrics right and take them to new heights.
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