Creating Actionable Data that Ensures Lead Generation Success
One of the biggest mistakes I’ve found in my work with marketers is a lack of tracking lead performance at every step of its life cycle. I’m not just talking about how many leads made it over to the sales team, I’m referring to all of the actions that happened before your suspects became a lead, and what happened to them after they converted to a prospect. For marketers to be able to diagnose which parts of our campaigns are working and which ones are not, we need to look at every aspect of a programs and measure them against other programs. The reality is that some programs are going to perform well and some will not, but most marketers will need a mix of great programs and some that are just OK to be able to produce enough leads for the sales team. Here are some basic metrics that will help you derive enough historical data over time to predict how much you need to invest to hit a lead goal that matches what the sales team needs to hit their revenue goal.
Above is a very basic model that anyone can use to start tracking program performance. It seems very simple but, believe it or not, most organizations don’t track this level of detail mostly because they don’t have the right systems in place or there is a process breakdown where sales isn’t held accountable to scoring and qualifying leads. I can’t stress this point enough—don’t let your systems drive your business, business should drive systems and if you can’t get the data you need you won’t be able to make accurate predictions how your programs will work. Getting granular about your performance data is mission critical—there are so many moving parts involved with lead generation that a snag in any one single element can damage the entire campaign. If you are doing email marketing, you will need to add data related to emails opened, conversion from opened emails and completion of your registration forms.
To make the data actionable, I recommend that you update and review your data on a weekly basis with your sales leadership. You can talk about what’s working, what’s not and change course on programs that are not performing. It also holds sales leadership accountable to making sure their teams are following up, scoring, and moving leads through the pipeline. I also recommend that you measure all of your programs for each quarter together. It helps to compare performance, but it also build the data you need to demonstrate exactly what your budget has to be to support the sales effort.