6 Advanced B2B Lead Conversion Tracking Methods
One of the more loaded questions we hear from execs at our SaaS company is, “How is Marketing doing this month?” Fair question.
For B2B marketers who work with lead generation and conversion tracking, the answer beyond “great” may be tricky to communicate, based on whom we’re talking to and all the factors involved.
Ideally, your lead conversion-tracking data is presented in a way that can answer any sophisticated marketing performance question in less than two minutes without overloading the recipient. They need it this way.
Let’s dive into some key B2B lead conversion-tracking methods for win-win clarity.
1. Lifecycle Stages
Every B2B company is unique. More often than not, your funnel is unique too, making it extra important to clearly define the lifecycle stages of your leads based on the interactions they’ve had with your business (not only for marketing purposes, but for tracking as well).
For example, the way you communicate with and measure leads that have a contract in hand vs. leads that have downloaded an eBook should be much different. Lifecycle stages are the base of strong lead conversion tracking.
Here’s one way to define your lifecycle stages, from awareness to enlightenment:
- Subscriber: Those who have read some of your blog content and opted to hear from you via one of your various email sign-up strategies. They might not know what it is you sell or do, but they find your content valuable.
- Lead: Those who have shown interest in a general, top-of-the-funnel offer.
- Marketing Qualified Lead (MQL): Those who have provided detailed information such as company name, job title, etc., to receive gated content (depending on your form fields) like whitepapers, data studies, etc.
- Sales Qualified Lead (SQL): Those who have shown interest in your product or service by requesting a live demonstration.
- Deal: Real sales opportunities, where their company and yours appear to be a great match.
- Customer: Anyone with an active closed won deal.
- Evangelist: Strong advocates of your business that mention your business in conversations and content.
When defining your lifecycle stages, make sure they’re documented, known by all stakeholders and consistent. Once you have your lifecycle stages defined, you can then measure how many leads of each type you have and the conversion rates associated with them.
2. Source & Cost Attribution
Ideally your analytics and CRM are set up in a way that easily displays where leads come from and when. Source (or channel) attribution and the breakdown (by months) of where the leads were generated is key to understanding campaign performance from various sources. Traffic times conversion rate equals success.
Knowing which channels your leads originated from and how much money was spent in each channel can be represented in something like this (we break up the cost of content creation in thirds across Direct, Referral & Organic, since it affects each):
fake numbers btw 🙂
From a cost perspective, it is equally important to match up the dollars spent with the month the leads were generated to measure the cost effectiveness of your …read more
Source:: Kiss Metrics Blog