Are you looking to increase sales leads but don’t know where to start? Defining goals and key performance indicators (KPIs) is a great place to begin. In this blog post, we’ll discuss what goals and KPIs you should consider when planning your lead generation strategy. We’ll also provide tips for measuring progress and reaching your goals. Let’s get started!
If you’re still struggling to figure out your lead generation strategies, read Lead Generation Strategies from Sales Experts can make a Big Difference.
1. The Importance of Defining Goals and KPIs
The first step in any successful lead generation campaign is to define clear goals and KPIs. Without these, it will be difficult to measure progress and determine whether the campaign is successful or not.
2. How to Define Goals for Lead Generation
There are a few different factors to consider when defining goals for lead generation. First, you need to consider what you hope to achieve with the campaign. Are you looking to increase brand awareness, generate new leads, or convert more leads into customers? Once you have a general idea of the overall goal, you can break it down into more specific goals.
For example, if your goal is to increase brand awareness, you might set a goal to reach a certain number of people with your message. If your goal is to generate new leads, you’ll need to set a target for the number of new leads you hope to gain. And if your goal is to convert more leads into customers, you’ll need to set a goal for the conversion rate you hope to achieve.
3. How to Define KPIs for Lead Generation
Once you have defined your goals, you’ll need to identify the KPI’s that will help you measure progress. KPI’s, or key performance indicators, are specific metrics that you can track to gauge the success of your campaign.
There are several different KPIs that you can track, but some common ones for lead generation include the number of leads generated, the conversion rate, and the cost per lead.
The KPIs vary depending on what stage of the process you’re measuring.
- Call, email, etc. volume (outreach volume)
- Bounce rate
- Session duration
- Return visitors
- Level of intent to purchase
- Response to follow-ups
- Reach back from leads
- Sales to lead
- Sales to outreach volume
- Revenue per lead
- Retention of lead
- Atrophy rate of lead
These can be KPIs at different stages of the sales process. In fact, measure many of these indicators throughout the lifecycle of every lead. Since each of these can be measured at the place where the lead is, it will give you a clearer picture of how your sales funnel is working and if the leads provided are actually quality or simply volume.
Remember: A close look at your numbers can tell you where in the process you might lose leads. For example, you may generate qualified leads, but your sales team loses them after the first phone call. Or the sales team succeeds, but the lead cancels because of poor performance by the fulfillment team. Having measuring points at each stage of the process allows you to diagnose weaknesses better than a single KPI, such as leads to sales ratio.
4. Measuring Progress Against Goals and KPIs
Once you have defined your goals and KPIs, you’ll need to track progress to see how well you’re doing. There are several ways to do this, but one simple way is to create a spreadsheet with your goals and KPIs listed in columns. Then, as you progress through your campaign, you can update the spreadsheet with your actual results.
The better way: Use a CRM (customer relationship management) program to track the entire evolution of your leads’ lifecycles. This can mean that you need to start with a CRM now or you have to clean up the one you have.
5. Adjusting Goals and KPIs as Necessary
As you track progress against your goals and KPIs, you may find that you need to adjust them. This is normal, and it’s actually a good thing! It means that you’re constantly fine-tuning your campaign to get the best results possible.
This is important: you might find that one plan isn’t working. Look closely at your KPIs to make sure they’re measuring what really matters. If they are, it’s time to change the plan.
Warning: If you’re using a ruler to measure the temperature of the water, you’re going to get burned. Make sure your KPIs are measuring the right things and that those things are the numbers that will help you reach your goals.
Defining goals and KPIs is essential for any successful lead generation campaign. By taking the time to do this upfront, you’ll be able to track progress, adjust your course as needed, and ultimately achieve the results you’re looking for.