Tracking KPIs - Vital Metrics for Your Business
Digital marketing has set up an advanced medium for marketers to generate leads and grow their businesses. However, your marketing methods will not run optimized if you don’t keep a tab on the metrics vital to your business.
To thrive among the competition, putting in efforts to capture leads is not enough. You need the Key Performance Indicators ( KPIs) to measure your actions, analyze, manage, and improve them to consistently get better results. The KPIs help you determine the success-defining metrics of your business.
After learning about the concepts of a lead-generating website, it’s time to know the critical metrics to measure for a lead-generating website. Let’s go!
5 Lead Generation Metrics You Need to Track
Conversion rate is the metric of measuring the buyers of your website. It isn’t restricted to just sales. It involves any specific action you need your users to take, for instance, downloading to your ebook, or subscribing to your newsletter.
It is essentially that percentage of your incoming leads that contributes to the end goal of your website. It involves other analytics to measure such as -
Visitors-to-lead - the number of visitors who convert into leads.
Leads-to-opportunity - the number of leads that become opportunities.
Opportunity-to-win - the number of opportunities that convert to customers.
Click-Through Rate ( CTR )
CTR is a crucial metric in paid advertising. It measures the percentage of viewers that click through your CTA - Call-to-Action.
You can calculate the percentage of CTR by dividing the total number of clicks by the total number of visitors. Since a website or a campaign consists of various CTAs, measure each of them separately.
Return on Investment ( ROI )
ROI is single-handedly the most essential metric no business can afford to avoid. It measures the analytics under a big umbrella - whether your financial efforts into your business investment yield profitable results or not.
The ROI measures the value-profit of every lead. It involves measuring the total cost of a lead, costs of stages of the sales funnel, and your potential income from every customer.
Cost per Click ( CPC )
Since PPC ads give quick, high-quality leads, marketers indulge in them for specific purposes. In such cases, measuring CPC is a must-analyzed metric.
It is the cost of the click when a user views the ad and clicks on it. The CPC measures the cost of acquiring traffic for a campaign. You can calculate it by dividing the total cost of your clicks by the total number of clicks. It is necessary to track since the clicks can quickly add up your cost. Moreover, it measures the financial performance of your ad campaigns.
Time to Conversion
The length of your sales cycle should be as minimum as possible since 56% of leads abandon their shopping carts in case of a complex checkout process. The time to conversion metric helps you to measure the time taken by a buyer to get through the conversion process. It helps you know the touchpoints where buyers face issues, and you can eliminate them for a smoother process.
The lead generation process takes a huge part of your budget allocation. Therefore, embrace a robust approach to not only measure the KPIs of the process but also use the results to improve your business performance.
If you need help with understanding the holistic view of such marketing analytics, get in touch with Iron Marketers. We can assist you to make smarter business decisions by improving your lead generation metrics.