Tracking your leads can be a complex process, but when done right, you'll definitely benefit from it. In fact, many companies that know how to generate leads may still fail at converting those leads to interested prospects, simply because they have not learned how to track them.
So, let's explore lead generation tracking.
Why Is Lead Tracking Essential?
Generating leads or lead generation is the lifeline of any business, including yours. Leads may not increase your sales yet, but they are ripe to become clients in the future. When you implement successful strategies to track your leads, you improve your probability of converting them into interested prospects and ultimately into paying clients down the line. But why is it essential? Well, the measure of success of any business is often found in metrics related to growth and profitability. If you invest significant time and resources in generating leads, a wise business owner does not want those efforts to be in vain.
Benefits Of Lead Tracking
When you have a strategy and process to track them, you can keep your sales funnel sharp and prevent lead leakage and lead stagnation. Lead leakage is when a particular lead falls out of your marketing funnel and is not follow-up with by you or any member of your team. Lead stagnation, on the other hand, is when a lead just stays within one particular segment of your sales cycle and does not progress forward, often due to a lack of follow-up on your part. That's why monitoring your leads from time to time will help you knowingly target the best-fitted prospects at just the right time. Here are some additional benefits that come from tracking your leads:
Optimize your lead generation strategies & conversion techniques. Remember, not all generated leads transform into prospects or clients. With that, tracking which of your leads progress or fail to progress through your sales cycle is vital to helping you to optimize lead generation and conversion techniques. You can dive into the date that you acquire by tracking your leads so that you'll understand trends, successful strategies, and not so successful strategies. You then take that information and iterate your marketing.
A Golden Rule of Marketing: People don't like the idea of being sold, but they like to buy.
● Overview of lead generation & conversion process. Just like a mosaic, it is often best to step back and take a high level view of things to get an idea of what you’re seeing. From attracting your audience to transforming them into interested prospects, and eventually into paying clients, tracking your leads helps you to gain an overview of what happens at each stage. That insight can be used to mitigate frictions that may cause lead leakage or stagnation.
● A better understanding of your financial status. Lead tracking provides the insight to better understand your progress toward monthly and yearly goals. With tracking, you can begin to gain early insight into what are the best performing lead generation strategies measured by improvements in conversion rates and ROI. You'll also be provided with information that can help you better determine how much the budget should be given certain goals, and plan better financial forecasts.
● Saves you time in your journey toward sales goals. Some 65% of all businesses in the US say that lead generation is the biggest marketing challenge they face each year. Imagine a tool that provides the insight at helping you make faster decisions with regard to what’s working and what’s not working when it comes to your marketing efforts.
5 Killer Tips for Successful Tracking Leads Online
Now that you know why lead tracking is so important, let's discuss the 5 killer tips for successful lead tracking online.
1. Identify From Where Your Leads Come
This is the most crucial part of tracking leads. If you would like to improve your conversion rates and ROI, it's best to identify from where your leads are coming. In this way, you'll understand what marketing efforts that are bringing in the most leads are. The Vimagery Team has developed this simple list to assist.
● Unique Tracking Links or UTMs are links that are assigned to a specific marketing campaign which has content and/or assets that include links bringing people to your website or specific landing page. UTM's are mostly used in online ads, social media, email, and any marketing assets and help to identify exactly how the lead first learned of your message.
Takeaway: While this is effective in determining from where your leads are coming, the downside of this method is that it will not provide any detailed lead information like addresses and phone numbers.
● Call Tracker Technology enables businesses to uniquely track phone numbers and from where the calls are coming.
Takeaway: Call Tracker is more helpful when paired with other tracking methods such as UTMs and lead tracking software.
● Lead Tracking Software will help you monitor lead generation and conversion events such as calls, clicks, and submission. The software also uses unique codes that identify from where the lead source originated. Further, some of these software packages give you other essential features like recording of calls, lead's contact information, and interests.
Takeaway: Lead Tracking Software might cost you a lot of money, but that might be a worthwhile investment as this software often can automatically track your leads without much user interaction. Also, some software packages will give you a gauge on what marketing tactics you should be using to attract more traffic.
2. Choose The Best Lead CRM Tool
The best thing about having a Customer Relationship Management (CRM) tool is that it allows you to organize your workflows. You can track the whole customer journey of a lead in just one tool – a great example is the Monday.com tool.
Moreover, if you have a hard time remembering your appointments or follow up emails, most CRM tools have features that will automatically remind you of scheduled items. Don't forget that failure to contact might cause you to lose leads. With that, choose a CRM tool wisely because it will greatly impact your lead tracking system.
3. Email Marketing Campaign Tools
An average of 59% of marketers say that email is still their biggest source of ROI. As a matter of fact, many email marketing tools allow you to create entire campaigns, email sequences, save your leads' contact info, and send general emails as well. Through these tools, not only can you track your emails but you can also see who opens each one and what links and/or call to action elements within those emails get clicked by the recipient.
Takeaway: Even though a lead may have passed on a specific offer, make sure to use email to continue to nurture that lead as you may have an opportunity to convert them into prospects and paying clients in the future.
Tip: When subscribers receive an irrelevant email, they might mark you as spam. So to avoid this, make sure to create a compelling email sequence with content that actually matters to your leads.
4. Monitor Leads' Placement In The Funnel
Consistent monitoring helps you track your leads according to their placement in the funnel. For example, a cold lead needs to be nurtured with information about your company and your services offered so that she will have a better understanding of your business. In this method, you will have a standard process on how to approach leads. As a result, you'll be able to reduce effort and more time on building relationships with your leads.
Tip: Create and identify the best content for your leads to ensure conversion.
5. Lead Scoring
This is a quantitative way of determining the value of a lead. With this technique, leads are scored(0-10) to identify how "interested" and "ready to avail" of your product or service. The higher a lead gets, the higher chance they become your qualified lead or qualified interested prospect if your message resonates with them.
Takeaway: This is an important step to take if you own a small business. Why? Because lead scoring guides you to the most qualified leads that are worth pursuing.
If you want your professional services business to improve even during tough times, you should track your leads online and use these killer tips to boost conversion rates. But there are tons of ways to work on your lead generation and conversion strategies. We are here to help.
If you're feeling a bit overwhelmed about the steps you need to take to Tracking Leads Online, allow us to help you. Click here to see if you qualify for a Vimagery Strategy Session. Together, we can help you to gain an unfair advantage regarding your efforts to cultivate, convert, and close new clients in the weeks and months ahead.