Lead generation is one of the most important aspects of any digital marketing initiative, and an effective way for business-to-business companies to increase revenue through the continuous generation of prospective customers.
Although businesses employ various lead generation strategies and expend a lot of time, effort and resources to gain new leads, it can be difficult to determine if these strategies are worth the trouble. The best way to determine the success of these strategies is by measuring the right key performance indicators (KPIs).
These indicators are specific metrics that tie your overall business and lead generation goals to measurable values. They can help you determine whether you’re going in the right direction and achieving the results you want.
To help determine the efficacy of your lead generation efforts, let’s examine some of the lead generation KPIs you should be monitoring.
Your website’s conversion rate is a good indicator of the success of your digital marketing and lead generation efforts. Conversions occur when a site visitor takes a specific action. The action taken could be the outright purchase of your product/service, newsletter sign-ups, whitepaper or eBook downloads, request for proposals, form submissions or other actions that brings the visitor one step closer to becoming a paying customer.
To obtain your website’s conversion rate, you’ll need to total the number of website visitors within a particular time period and divide it by the number of conversions for the same period. So, if you have a high conversion rate, you should review your site, determine what you’re doing right and replicate it for future success.
However, if it’s less than your expectations, it may be time to revamp your lead generation strategy. You should note that you may have different conversion rates for every page on your website.
Average session duration
The amount of time that visitors spend on your website is known as average session duration. Higher durations indicate that site visitors find your content engaging and are more likely to convert. Lower durations usually mean a high bounce and exit rate.
However, there’s an exception. If you have pages with lots of images and a few paragraphs of text, visitors will tend to consume the information quickly, leading to low session durations. Pages with high word counts should have significantly higher session durations.
A bounce rate is the measure of the number of visitors who come to a page on your website and exit your site without proceeding to other pages or going down your sales funnel. A bounce is when someone is directed to your homepage via a search engine result and moves back to the results without navigating to another page or clicking any of the links on your site.
Your website’s bounce rate is calculated by dividing the number of visitors who “bounced” away from your site within a certain time period by the total number of site visitors within that period. High bounce rates are usually indicative of low conversion rates and remedial action should be taken immediately.
Other KPIs to monitor include:
- Exit rate
- Reach and number of impressions
- Click-through rate
- Prospect, lead and sales conversion rate
- Cost per lead
At DemandWorks Media, we are experts at measuring and improving the KPIs that matter the most to your lead generation efforts. Contact a team member today to learn how we can help you create a winning lead gen strategy and reach new levels of success.