Businesses that know how to track sales leads can make informed decisions to improve lead quality, and more importantly, scale profitability. For this article, we discuss why simple lead tracking alone isn’t enough, and show you the steps you should take to track and measure your sales leads more effectively.
Do you struggle to measure the ROI of your marketing, so you have to estimate?
If you’re nodding your head, then don’t worry, you’re not alone.
60% of marketers admitted that they feel pressure to prove the ROI of their marketing activity, as they lack the processes needed to measure success through analytics.
That said, marketers that track their sales leads throughout the entire customer journey can make informed decisions based on real revenue and report an accurate ROI to senior leaders and clients.
On that note, for this article, we’ll discuss:
- Why simple lead generation alone isn’t enough
- Steps to track your sales leads more effectively
Without further ado, let’s get stuck in.
Simple lead generation isn’t enough
Previously, simple lead generation was an acceptable way of measuring your performance.
Back when marketing teams paid less attention to CRM activity and attribution was just a premature concept.
It was a time when sales and marketing teams sat in silos, divided by language, goals systems and processes.
But “leads” don’t guarantee long-term value.
Your marketing team can have all the leads in the world, but that means nothing if your bottom line remains flat.
Typically, marketers will rely on tools like Google Analytics to track website traffic, visitor behaviour and conversions.
But Google Analytics handles your leads as a data point, and doesn’t provide much, if any, insight on whether or not your conversions transform into sales.
Focusing just on leads alone causes misaligned goals with sales and media teams optimising for cost per lead rather than true business growth.
Steps to track your sales leads more effectively
If you know the impact of your actions through the entirety of the customer’s lifetime, then it’s much easier to link revenue back to your initial investments.
By focusing on the entire funnel, and not just leads, you can make data-driven decisions to scale profitably, and secure additional budget to generate more lucrative opportunities.
Using the steps below, it’ll become easier to track your sales leads and you can gain a better understanding of what touchpoints are most important in transforming your opportunities into revenue.
Let’s dive in!
Step 1: Formalise your sales process
Some marketing teams will use a solution like Google Sheets to record and track each lead, but this approach is unproductive and ad hoc.
If you haven’t already, request access to your company CRM, as this will provide you with access to detailed reports on sales team interactions with leads and customers.
You can gain a better picture of how your sales team are moving leads through each stage, identify where they’re falling through the cracks and quantify them to determine your most valuable opportunities.
Step 2: Model out your sales process
The ability to run reports on customers and lead interactions with your sales team will allow you to identify your most crucial touchpoints in the buying cycle.
Speaking with our customers, the majority of them would consider the following stages the most critical in their sales cycle.
First marketing interaction: The very first engagement a user has with your business, such as a click on one of your ads or social posts.
Last marketing interaction: Whatever touchpoint a user engaged with before filling out a form on your website or contacting a sales representative via live chat or phone to become a known lead.
Opportunity created: The transition stage between a Marketing Qualified Lead (MQL) and Sales Qualified Lead (SQL). Your sales team are satisfied that the lead is a good fit, and they move them down the funnel.
Closed/Won: This is when the opportunity closes and becomes a customer.
Identifying the stages that matter most to your business will allow you to focus on the activities that bring the most impact.
Step 3: Segment your Leads by Source
If you want to effectively track your marketing leads, then you need to know where they’re coming from.
Most CRMs allow you to add custom segments, and using a tool like Ruler Analytics, you can automatically add source data to all your inbound leads and opportunities.
Here’s how it works:
1. Ruler tracks each anonymous visitor to the website over multiple sessions, traffic sources and keywords.
2. When a visitor converts, data is captured via form, call tracking or live chat on your website.
3. Ruler matches the real user’s details with their marketing touchpoints.
4. The marketing source and conversion data is sent to your CRM. While we’re on the topic, it’s worth mentioning that Ruler Analytics can pass on 60+ marketing variables across multiple touchpoints including first/last click, landing page, keyword data.
5. Ruler’s attribution solution allows you to analyse the impact throughout the entire sales cycle. Once the opportunity is won and closed into revenue, Ruler will pass this data back to your analytics and paid media tools so that you can report on actual revenue.
Connecting Ruler Analytics with your CRM allows you to seamlessly sync data captured from lead generation activity from web forms, phone calls or live chat to enrich your sales pipeline with marketing activity data.
One main benefit of using Ruler Analytics is that it allows you to identify what marketing initiatives are generating not only the most inbound leads but also the most won deals.
For so long, marketers have been focused on leads as a means to calculate ROI because that’s all they were able to track.
But now, there is no excuse.
It’s time to optimise your marketing based on what really matters to your business: revenue.
Want to learn more about marketing attribution? Book a call with one of our sales representatives and start focusing on the revenue impact of your marketing initiatives.