Your B2B prospects lie somewhere out there on the internet. Prospects who could turn your business profitable. You need to attract them using various strategies and make them visit your website.
But this isn’t so straightforward.
You don’t know exactly where your prospects hang out and need to create various strategies to attract them.
The best way to attract high-quality leads for your B2B business is to create a lead generation funnel that leverages your digital assets.
But attracting traffic is not enough. You need to make sure you are inviting the right kind of people into your lead generation funnel.
The lead you attract may not be ready to do business right away but needs nurturing for a certain period.
Leads that have the potential to convert into customers are called Marketing Qualified Leads (MQLs).
Having a marketing qualified lead ensures that you are spending your marketing budget on the right audience – those who have the potential to convert.
But how do you ensure that the marketing-qualified leads are of top quality?
This is where lead scoring and evaluation come into the picture.
In this blog article, we’ll discuss how to measure and evaluate your B2B marketing qualified leads.
Tips to Measure and Evaluate Marketing Qualified Leads for your B2B Business.
1) Have a Specific Goal for your Marketing Campaign
Yes, the ultimate goal of marketing is to increase revenue and brand image. But you need smaller milestones to reach the ultimate destination.
Most people talk about sales and revenue but fail to describe steps to reach there.
Once you have a clear and specific goal in mind, you will accurately create a lead generation sales funnel. If you have a fixed price and a fixed allocated marketing budget, you can create a roadmap to attract a specific number of leads to meet the revenue goal. Out of the total leads created, you can easily check what percentage of leads were marketing qualified and sales-ready.
2) Monitor Traffic
Hardly 2-10% of the website visitors will ever convert into your customer. But you still need to fill your sales funnel with prospects who may have an inclination to buy. To do that, you need to attract the right audience. Use indicators like page views, bounce rate, session views, the type of content consumed to analyze whether you are attracting the right audience.
3) Monitor Leads per Month
You will have different types of marketing campaigns running. At the end of the month, you should analyze what campaigns bring in the maximum sales conversions and maximum marketing qualified leads. The least effective ones should be discarded immediately. Not every month is going to be your best. To adjust your sales conversions, drill down how many marketing qualified leads you need to convert each month and try to reach that specific goal.
4) Customers Converted from MQL to SQL each Month
You definitely track customers acquired each month, but measuring the effectiveness of your marketing qualified leads, you need to check the customers converted from MQL to SQL each month. This tells that you are nurturing the right audience into the sales funnel. You don’t want to keep nurturing an audience that will never buy your product.
5) Marketing Qualified Lead by Buyer Persona
A good B2B marketing strategy will have several buyer personas defined. If we strategically define personas and map put their journey, we can easily evaluate marketing qualified leads. Having a buyer persona makes it easy to evaluate the characteristics of your leads and eliminates those who are less likely to purchase your product. The data collected here will dictate your content strategy. If a customer fits your buyer persona and yet refuses to convert, you need to tweak your marketing strategy to develop more trust with your brand.
6) Total Lead-to-Customer Conversion
As mentioned earlier, the ultimate goal of marketing is to generate more revenue. As you create marketing strategies, you’ll be attracting and nurturing a lot of people. You want the ratio of people you nurture to the people who become a customer to be higher.
Monitoring these numbers frequently will help you gauge the quality of the marketing-qualified leads. If the number is low, you need to change your strategies.
All the above metrics mentioned above need to be tracked frequently. Determining the return on investment in Marketing Qualified Leads means you need to collect various data points to ensure you are attracting the right audience.
By following the above method to measure and evaluate your marketing qualified leads, you will surely bring success to your B2B business.