As B2B marketers we are all aware of the importance of measuring, tracking and reporting on key metrics and goals. For ex- Your lead generation data, if you know what your marketing team can generate for new leads and you also know about your lead to customer conversion rate, predicting future sales for your business can be actually easier.
There are endless data available everywhere, but to use that information to accomplish your lead generation objectives would actually depend on establishing a right balance between the right amount and the right type of leads.
So, let’s discuss 4 simple steps to set effective lead generation goals for your marketing team:
1. Measure – Quantity, Quality or both:
There is two way to it: Start by the traditional method of measuring the number for leads generated each month or quarter.
Or, start measuring the lead quality. With the sole motive of bringing in more revenues, it is imperative to generate new leads as well as nurture the old ones.
Measuring marketing effectiveness:
Lead volume consistently is 10,000 leads per month
Decrease goal to 5000 leads per month, and
Create additional quality lead goals of 500 per month
If, regular conversion rate is 1% and quality conversion rate is 10%: you will achieve your goal without losing your efficiency.
2. Align – Lead generation goals with organizational goals:
Meet with your management team to understand the company goals and how marketing fits into the larger picture, then In order to determine how many leads you’ll need to produce to meet an increase in revenue goals, you’ll need to know the average sale price and close rates of your leads.
Generate $10,000 more in revenue
Average sale price of your product is $1,000,
Average close rate of your leads is 5%.
Each lead you generate is worth $50 (ASP x avg. close rate).
So to generate $10,000 in revenue, you’ll need to generate 200 more leads (revenue goal/value of a lead) to reach your goal.
3. Communicate – Goal: Motivate – To reach
Communication should be done form the top hierarchy by delivering the benefits the change in lead campaign can cause. Also try to set team based goals or individual based goals for contributing largely to the marketing goal.
4. Track – results
For understanding the impact of any campaign it is imperative to track progress against the goal set.
Lead generation objectives, can be easily accomplished if there is proper motivation, comfortable intervention of management and realistic goals. Participate and encourage and see all your revenues worries go away in a flash!!