5 Ways to Determine which Types of Leads are Driving Revenue
Which Leads are Converting to Sales?
Lead qualification and attribution are at the root of all revenue analyses. But how do you know which campaigns are working best, where you should spend your time and marketing dollars, and which channels are reaching your customers and actually bringing in revenue?
Fortunately, technology has come a long way in making marketing more measurable, but there’s still a need to fill the gap between what you could measure and what you’re actually measuring. If you’re scoring a campaign based solely on the number of conversions it produces, you may be missing an important piece of the puzzle.
So what do you do? How do you close that gap and gather the data that reveals which leads are really converting to sales?
5 Ways to Find the Sources of Converting Leads
In order to paint a better picture of your quality leads, you’ll need to set up some tools to track the origins of your sales and leads. Once you acquire the data you need, you can compare conversion rates between various campaigns and tweak your budget allocations for the maximum return on investment.
Knowing which specific marketing efforts resulted in sales – and what those sales are worth – is extremely important. It can make a huge difference in your marketing strategy, so how do you track that?
Google Analytics allows you to create different “goals” and “events” to track various actions. Depending on your objective, there could be different types of actions you are trying to get people to complete on your site. Perhaps you’re trying to capture someone’s personal information (like an email address) by offering a “gated” piece of content such as a white paper. Or, someone might be ready to contact your sales representative for a discussion, or sign up for a service by giving you their credit card information.
By creating goals and events, you can track a lead throughout its life cycle. You can measure things like bookmarking, watching a video, downloading and printing pages, commenting, adding an item to a cart, and more.
Tracking your campaigns as goals or events can assist you in measuring individual visitor actions, which helps you better understand your user’s engagement and ultimately discover your high quality leads.
Marketing Automation Platforms Like HubSpot
HubSpot is a very popular platform for inbound marketing. It helps companies not only attract new customers, but convert leads and close transactions by streamlining and optimizing inbound marketing efforts.
Using a marketing automation platform allows you to track which leads are driving revenue from your email marketing efforts, from full campaigns you’ve built (content, email, landing pages and forms combined), and through the website analytics in the platform. By honing in and truly getting a grasp on where your quality leads originate, you can tweak your marketing efforts to drive more revenue more efficiently.
PPC: Pay per Click
Pay per click makes it easy to track interactions online such as downloads, web forms, and e-commerce sales PPC tools such as Google Ads help you to determine keywords for your ad campaigns, measure the success of your campaigns, and easily tweak your campaigns as needed to better suit your needs. Tracking is so thorough that you’re able to see which ads are directly resulting in sales. Best of all? It’s free – you’ll only pay when someone clicks on your ad.
The goal is to keep attracting potential customers with tightly curated ad groups, so it’s important to frequently test your ad copy and keywords to determine which ones generate the most conversions. That way, you’ll have a better understanding of what captures the attention of your converting leads.
Dashboards are a quick way to pull data from multiple sources and display them together in one location. It’s an “at-a-glance” summary of the data you need to track in real-time and draws your attention to your key performance indicators (KPI’s) such as:
- Follow-up dates and activities
- Conversion rates
- Pipeline reports
- Source tracking (online and offline)
- Attribution channels (the path your customer took to buy)
For maximum efficiency, companies employ automated data capture and lead management tools to prevent missing an opportunity and to screen for high quality leads. Customer Relationship Management (CRM) software stores all prior communications, reveals the path the customer has taken to reach their current status, and scores the leads that are likely to convert sooner rather than later.
This type of lead management helps refine your sales process, identify channels and campaigns that are the most productive, and track the lead lifecycle to identify areas you can optimize.
The missing link in all of this is call tracking. Call tracking not only integrates with all of the aforementioned tools, but also stands out as a way for you to truly determine which leads are generating interest and driving revenue. For example, you can take your PPC efforts one step further by tracking which ads are making your phone ring through Multichannel Call Attribution.
CallRail can help you determine which marketing efforts drive calls. With the addition of our new HubSpot plugin, CallRail automatically sends call tracking data into HubSpot and draws HubSpot lead data back into our Lead Center feature, providing you with detailed, relevant caller information before and during a call. Having this background information available in real-time makes this the perfect tool for phone tracking and allows your sales and customer service teams to be more effective.
Campaign level call tracking and call recording are effective ways to identify which campaigns are driving traffic and what questions visitors ask when they interact with your sales staff. CallRail’s call tracking software traces the origin of a call from a variety of online (search results, directory sites, Facebook) or offline (Yellow Pages, print ads, TV or radio, direct mail) sources.
By assigning a unique phone number to each campaign, you’ll know exactly where your prospect found you. CallRail’s Call Analytics Dashboard allows you to measure your converting leads by your most important metrics. You can track your response time, how many calls it takes to convert, where your high quality leads originate, and create custom reports. Use your call recordings to train sales staff and share information with your marketing team to continuously work on increasing lead conversion.
Using today’s technology and tracking tools to identify and qualify leads affords you the real-time data you need to optimize your marketing campaigns and increase revenue. CallRail offers multi-channel attribution, call tracking and recording along with seamless integration with HubSpot, Google Analytics/Ads, KISSmetrics, Salesforce, and our personal favorite, Marketo.
Learn more about which lead sources are really driving revenue, what channels and campaigns are most effective, and how you can further support your sales team to convert leads.Call 888.907.4718 or contact CallRail for more information.