The Ultimate Guide to Marketing Measurement: Lead Generation
Posted On 04/04/2019
Nowadays, 66% of marketing data is used to better focus on targeting offers, messages and content. New emerging marketing technologies, popularly referred to as MarTech, can be of great help to set up this improved targeting in a data-driven way.
But which data or information do marketers need the most? What are the KPIs they track in different stages of the marketing funnel? And how can their favorite marketing automation or MarTech tools help them to analyze that data?
In this new blog post series, we’ll deep-dive into the KPIs that are important in different disciplines & stages in the marketing process. To make it more concrete, we’ll add interactive examples of marketing dashboards.
Getting started with measuring marketing performance
Many marketers struggle with the amount of marketing data that is available. Tracking & measuring too many metrics will lead to more confusion, rather than finding clear insights. To make a selection of useful marketing data, you can follow this rule of thumb:
Decide on your most important marketing goals first. Then, select the numbers & metrics that reflect how you’re achieving those marketing goals.
Before diving into the niche KPIs for your specific marketing objectives, it’s helpful to have a kind of framework to structure all your marketing efforts. This is why we’ll focus on 3 general marketing disciplines:
Lead Generation: how to get potential buyers to your website and convert them from unknown visitor to known lead?
Lead Nurturing: how to engage leads with your marketing content or messages up to the point of marketing qualified lead (MQL)?
Revenue & marketing ROI: how to turn marketing spend into revenue?
Across our blog series, we’ll show the main KPIs in each domain and how to use them in a marketing dashboard. Let’s start with the first one!
How to measure lead generation?
The first discipline we’ll look at is lead generation. In terms of the inbound marketing funnel below, this means we’re starting at the top. How do you attract people to your website and drive them to take a valuable action?
Typical challenges for top-of-funnel marketing include:
Increasing volume of visitors via multiple marketing channels
Increasing the number of conversions, which could be a sale, a content download, a contact form, a free trial,…
Improving conversion rate from a visit to an action you specified – typically an action where the prospect leaves his or her data
To overcome these challenges, have a look at your data to see what’s blocking the funnel. By analyzing what’s working well and what’s not, you can optimize the way in which you attract new people to your website.
What are the key metrics for lead generation?
To optimize how visitors are finding their way to your website and on your website, there are a number of metrics to track.
Which sources are bringing the most traffic to our website? Of those sources, which ones have the highest conversion rate to lead? What do they do on your website before converting?
In the end, lead generation is about finding levers to grow a steady amount of traffic and optimizing your website to convert these visitors into leads.
Below, you’ll find a table with key lead generation metrics to help you identify those levers. It contains key metrics like visitors and conversions, but also a couple of categories to drill down on each of those metrics. For example, you can first look at the total number of visitors & then drill down on the number of visitors per marketing channel.
# CTA clicks
Website conversion rate
How to build a lead generation dashboard?
Once you know which data you want to monitor, you’ll want to gather it into some type of report. The best way to do this is by creating an interactive dashboard on your traffic & lead generation data. There are quite some advantages to this approach:
You’ll win time, because you don’t have to waste time on building manual reports each time in Excel or other statistical tools
You can report much faster on your marketing performance: the dashboards update automatically with the most recent information
Dashboards are visually attractive: analyze the data in one glance, and tell your story with visuals that prove your reasoning
Below, you can find an example dashboard for traffic & lead generation. Explore the data by simply clicking & filtering in the dashboard.
How to use a lead generation dashboard?
Dashboards like the one above serve as a working instrument to improve your marketing activities. They are helpful on different levels of reporting.
Keep a global overview of your top-of-funnel marketing activities
Analyze in detail how specific aspects of your marketing perform
Easily report marketing results to your manager
Make data-driven decisions to spread your marketing budget
Let’s dive into how you can use the example dashboard for each of those goals.
1. How to maintain a high-level overview
To see in one glance if you’re steadily bringing leads into the pipeline, the first chart in the dashboard is a perfect example.
You can easily compare the amount of visitors and leads over time. In this case for example, you see that the number of visitors & leads has dropped since January 2019. This can be an indication to search for the cause of this drop and how to fix it.
2. How to drill down on specific data
Continuing the example, let’s say you want to know why traffic dropped. A good reflex would be to see what happened in January 2019 when there was a good amount of traffic. What was different in the period after?
By filtering the dashboard interactively, you can see that in Jan 2019, you ran a highly successful television campaign. Based on this, you can take action and run a campaign similar to the television campaign.
3. Reporting to management or customers
You can simply share the dashboard with your manager, so he or she can interact and filter to find the information they would like to see. Instead of creating a manual report in Excel, your manager can consult the real-time dashboard whenever he or she wants.
The same goes in case of reporting towards clients or other stakeholders. If you integrate this dashboard into your customer portal or application, customers will always have access to the latest information.
4. Making data-driven marketing decisions
You can use the dashboard for marketing budget distribution. Let’s look at the conversion of different marketing acquisition channels.
In terms of paid marketing channels, paid search has a better conversion rate than social media. This could help you decide to spend more budget on paid search compared to social media.
Build your own lead generation dashboards
If you’re using Google Analytics or any other website tracking, you can quite easily build a traffic & lead generation dashboard for your business.
Are you running a marketing SaaS platform and interested to learn more about dashboards for your platform? You can have your first embedded dashboard up and running in just a few days! Get in touch and we’re happy to give you a demo.