The Most Important Lead Generation Metrics for Growing Businesses
When we hear the term "lead generation," we assume we know what it means, even if we have no experience with it. It just seems like a simple concept. In reality, there's a lot of work that goes into it. While you may be able to generate leads easily, it often takes a strategy and continuous optimization to achieve a reasonable monetary return on your investment. Don't forget that time is an investment, just as money is!
We're going to stick to the basic metrics in this article because the basics are crucial parts of the lead gen process. Arguably, these metrics are the most important ones. They can be reported in Google Analytics and various other applications.
This is the number of visitors to your website. You can't generate leads online without visitors. Think of visits as the swings a batter takes in a baseball game. Many of them won't connect with the baseball but if no swing is made, there will be no hit.
It might take a while to start generating visitors, so get started as soon as you can. Create relevant content, share it on social media and encourage people to link their pages to yours. You might also look into SEO more generally. Consider hiring some help to get you on the right track.
To increase your visitors, another option is to begin running PPC (or SEM) ad campaigns. This costs money but it is a painless way to start generating traffic in a short period of time, whereas SEO is not. At isotree, PPC is our specialty. We use our proprietary OptimalAd technology to maximize leads while keeping costs down.
When a visitor bounces, they leave the site before navigating to another page. You can also define a minimum time period (in Google Analytics) visitors must stay on the landing page before they are counted as non-bouncing visitors. That way they can stay on one page without being counted as bounces.
Find out how long visitors tend to remain on your site before they take an action you want them to take. For example, you might notice that very few visitors fill out your contact form before spending one minute on your site. If that's the case, you might tell Analytics to count anything below one minute as a bounce.
When your bounce rate is really high, there's a problem somewhere. You should try new content, in that case. Try including a video or some testimonials to help hold your visitors' attention.
A conversion is a completion of a task. It could be filling out a contact form, downloading a white paper, or anything else you want your visitors to do. What you define as a conversion and which conversions you follow more closely will depend on your business. For businesses engaging in lead generation, conversions are usually contact form submissions because they transfer the lead's contact information to the business's sales team.
Like bounce rate, a low conversion rate could be a sign of poor content or site layout. It could also mean there is low demand for your product or service.
What's Your Next Step?
Deciding on the time and energy you allocate to lead gen is something only you can do. If you haven't learned anything by reading this article, you're probably engaging in a fairly well-developed lead generation process already. There's always an opportunity to scale it, however. You can even outsource your lead gen. Sometimes all you have to do is decide if the price per lead is worth the investment. Many digital marketing companies can estimate the price per lead, with surprising precision, before the campaigns even begin.
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