The role of lead generation key performance indicators (KPIs) and metrics performs a crucial part to showcase the 360-degree view of the brand’s customer journey. These KPIs provide a deeper insight into the true performance of a startup's marketing and sales strategies. Evaluating these metrics from time to time can help business owners leverage intelligent insights and expand business operations. This article will cover 7 vital lead generation core metrics that every start-up needs to pay attention to.
Top 7 Lead Generation KPIs of 2022- Website traffic: your website traffic says a lot about your internet popularity as a start-up. High website traffic is one of the KPIs used for success, but the metrics can give you further insight into it. For instance, looking at the inbound traffic through various channels can show you where the most lucrative leads come from so you can double down on those avenues. You can also take a look at the site retention rates, bounce rates, and clickthrough rates for a better assessment of the visitors' behavior towards the brand.
- Average revenue per customer: ARPC is a metric that can help you see the value each customer brings to your company per month. The formula for the average revenue per customer is dividing the total revenue earned in a month by the total number of customers. This can help you compare your spending on lead generation and conversion and understand whether you’re in profit or loss.
- Lead conversion rate: One of the hallmarks of getting professional help with lead strategizing is how well they can quantify the number of new customers they acquire. Each lead turned into a customer is called a conversion. To put it simply, your lead conversion rate is the pace at which business-to-business lead generation services can convert potential leads into customers. Track the number of visitors that come to your website versus the ones who get converted and buy your products and services. This metric shows you whether or not you’re providing all the necessary information to visitors on the site to make a purchase.
- Social media engagement: Your social media account can help you bring similar audiences to the brand for conversion. You can check out how your campaigns are doing with the number of upvotes, downvotes, and interactions. This can also help you reach out to high-engagement audiences personally to convert them.
- Cost per acquisition: If you want to check the effect of your marketing strategies pertaining to lead generations, this is the key financial metric you need to look up. The cost per acquisition metric is meant to show you the return on your investment that you put into acquiring a lead and converting them. This can also help you understand where most of your leads are getting channeled from, and the way you can monetize these specific channels based on their effectiveness. The CPA is calculated by the total cost spent on lead conversion divided by the number of customers acquired in a given strategy.
- Lead acquisition with live chat: Live chat is one of the best things to happen to business websites. By using live chats, you can turn your website into a lead-generating and conversion machine since your service agents can have a one-on-one conversation with prospects in real-time. This also helps in shortening the sales cycle and funnel by adding modalities like providing personalized solutions, quick response timings, and other traits like proactive triggers. Metrics to keep in mind while taking into account live chats are:
New leads from live chats ,
First-time response or FTR,
Sales velocity
- Qualified leads: Qualified leads refer to the individuals who have shown some interest in your product and have the potential to become recurring customers in the long run. This could be in the form of three qualified lead sections where some engage with the marketing team, buy one product or show interest in becoming a paying customer. This can help you enhance your marketing approach to multiple customer personas.
Wrapping Up:
As per a study by Forrester, the average data-based company is expanding at a rate of 30% every year and were projected to reach $1.8 trillion annually before 2022. With the competitive marketing tactics that all budding and established businesses are resorting to, startups need to be smart enough to recognize and keep tabs on the lead generation KPIs and metrics that concern their goals.
