When it comes to B2B lead generation, there are a few tried and tested metrics that most businesses like to track.
Cost per lead, conversion rates, MQLs, SQLs, etc.
But if you really want to create a long-term lead generation strategy you need to go beyond these metrics.
So if you are not sure which lead generation metrics to measure for your B2B business, this blog has got you covered.
1) Number of Leads
The one metric that both sales and marketing focus on.
The marketing team focuses on the MQLs (Marketing Qualified Leads). To turn them in sales-ready leads through targeted nurturing.
Once these leads are sales-ready, the leads are handed over to the sales team for further interaction.
2) Organic Traffic
Organic traffic is one of the most important metrics while evaluating your B2B lead generation. If your SEO is on point, prospects find out your website on their own. And that means your cost per lead is low as you are not paying Google for pay-per-click campaigns. Leads from organic traffic are of high quality as a customer came to you searching for a solution.
3) Number of Sessions
The number of sessions refers to the percentage of new and old visitors to the website. You can find this metric in Google Analytics.
If you have repeated visitors, it means you have the potential to convert the audience into prospects and customers. A high number of new visitors indicate your content is successful in attracting new visitors.
4) Customer Acquisition Cost
Customer acquisition matters for the obvious reason – to know which platform to invest in – to determine which channels to invest in and the effectiveness of your lead generation campaigns.
If the marketing team is able to send qualified leads to the sales team, the customer acquisition cost would probably be on the lower side.
5) Engagement Rate
The engagement rate measures your customer’s engagement with your content (likes, shares, comments). It is often used on social media campaigns.
It is generally considered a vanity metric. But it depends on what context you are measuring it.
The number of likes and shares helps you understand what type of content is resonating with the audience.
6) Lead Quality
B2B marketers will agree that lead quality is one of the most important metrics of any lead generation campaign. Generating leads is tough, but vetting them is even tougher. You can have plenty of leads in your funnel, but it’s of no use if they aren’t valuable. Tracking lead quality allows you to dig deeper into leads that are beneficial for your business.
7) Conversion Rate
Conversion rate is the percentage of prospects that complete the desired action.
It is calculated by using the formula Number of conversions / total number of leads.
As you can see, the higher the conversion rate, the better is the lead generation campaign. If you see a low conversion rate, it’s probably because your audience is unable to connect with your lead generation ads.
8) New Leads in the Pipeline
It’s good that you are converting the leads, but what’s important is how many new leads are you able to generate new month. This way you make sure your business is always in a revenue-generating mode.
This also means that your content is able to attract new leads for your business.
9) Customer Lifetime Value
When tracking revenue, customer lifetime value is something most marketers tend to ignore. It helps you determine how much you can spend on your marketing budget to acquire a customer. Even if your customer acquisition cost is high, customer lifetime value helps you understand what revenue will the customer be generating over a period of time.
10) Time to Close
It’s not a metric that most marketers follow but it can be a barometer of the quality of leads. If the lead is of high quality, it won’t take much time to convert the leads.
The time to move the lead from nurturing to sales should be minimum as possible. If the time is above average, you need to find the gaps in your marketing strategy and see what’s making the customers take so long to trust your brand.
There are no shortage of KPIs that you could track to help measure lead generation. You just need to find out what works for your business and run with it.