Tracking Lead Engagement Over Time
Lead engagement best practices emphasize concentrating your efforts on marketing, SEO, and social media. However, if you are to achieve your desired results, you must start with a comprehensive strategy for effective lead generation.
In a previous article we talked about the elements necessary to craft a winning B2B lead strategy and discussed the importance of sales and marketing alignment. This article goes further, exploring lead engagement and why it is vital that your company has the ability to track it.
Read on or navigate to the headings listed below:
- What Is Lead Tracking?
- Tracking Lead Engagement: Important for Multiple Reasons
- Findings From a Lead Generation Survey
- Best Practices for Tracking and Boosting Lead Engagement
- Why Using a CRM Is Best for Lead Tracking
- Lead Tracking Via Lead Scoring
What Is Lead Tracking?
Lead tracking is a detailed process that enables you to identify the source of your leads and monitor lead activity in your marketing funnel. It also involves storing and processing lead data, tracking potential customer behavior, and employing appropriate strategies to convert a lead into a successful sale.
Having a well-thought-out plan of action is only half the battle. You also need to follow potential customers through prospecting and sales cycles, nurturing them until you close the sale. In this digital age, information reaches people instantaneously, which means companies must continually adapt.
Tracking Lead Engagement: Important for Multiple Reasons
Effective lead tracking enables sales and marketing teams to collaborate efficiently. When marketing and sales data are combined, identifying high-quality leads becomes easier. This allows both the sales and marketing divisions to focus their time and energy on the leads that are most likely to convert.
Other benefits of effective lead tracking include:
- It ensures you analyze current data to better predict and prepare for future trends.
- The collection of valuable information on each lead guides you to design a buying cycle that results in a smooth sales process. Map each customer’s journey so you know exactly where they lose engagement with the product.
- Increase customer retention and reduce your churn rate by better understanding how you can engage more people. Lead tracking can provide you with important data regarding customer preferences. Having this information allows you to come up with customized solutions to offer a better, more personalized experience.
- It confirms which of your lead generation strategies are most effective. The data collected from successful and failed leads is crucial for creating more accurate marketing plans and engagement strategies for the future.
- It improves your social proofing and SEO efforts because of the “positive feedback loop” that you have initiated.
Findings of a Lead Generation Survey
There is an insightful report by GetApp, which you can find here, about top lead generation channels that drive quality and quantity leads.
In 2017, GetApp extensively surveyed 300 companies in North America to ascertain their lead generation strategies and challenges. The research shows that close to 18.4% of salespeople stated the model they use to measure return on investment (ROI) is inaccurate. 69% of the companies surveyed said they were likely to invest in predictive analytics to achieve better lead scoring.
These numbers are significant as they demonstrate that companies realize the importance of focusing on lead generation. However, the leaders of these organizations do not understand their leads. Therefore, they fail to pinpoint the precise moment in the sales cycle when customer engagement is lost.
Karen McCandless, the researcher who wrote the GetApp report, summarized the survey and its findings in this way:
“In May 2017, we conducted a survey of 300 businesses based in North America to find out their main lead generation challenges, the best channels for generating high quantity and quality leads, new lead gen trends, and the effect of software.
Generating high quality leads was cited by 28% of our respondents’ biggest challenge, followed by generating a high volume of leads at 22%. Reasons behind this include lack of budget assigned to lead generation, as well as not knowing or understanding the audience you are targeting. This means that any lead generation efforts will be more generic and less targeted to your target buyers.
The survey also revealed that many sales and marketers are still not tracking their lead generation campaigns. This can be attributed to the complexity of tracking different metrics across different channels, as well as a confusion over whose responsibility it is to do this. The lead generation experts who contributed to this report suggested that the marketing department should be tracking campaigns, rather than salespeople. However, businesses are often held back by the manual processes they have in place, or the wrong piece of technology for the job.“
In short, businesses need the right information at the right time to improve the ROI of their lead generation efforts. Following the engagement levels of leads from prospects to including them in your sales cycle to converting them into paying customers is not an easy task for every company.
The GetApp report and McCandless’ comments reveal the most common reasons for not tracking a lead’s engagement successfully boils down to the complexity of tracking different metrics across a multitude of channels, confusion over who is responsible for that, and using the wrong technology.
Best Practices for Tracking and Boosting Lead Engagement
Tracking lead engagement for a brand is not an overnight process. Numerous resources and planning go into developing an effective lead tracking system for your business. There are multiple elements that work together to inform your understanding of how a lead attracts to your business and what it will take to successfully convert prospects into satisfied customers.
- Marketing Automation Tools
Marketing automation applications enable businesses to streamline the various marketing tasks they employ for lead generation. You can conveniently manage and automate your marketing process through these tools. Using these applications also allows you to analyze the lead engagement, sales readiness, and lead scoring of your business over time.
Automation let’s your team reuse content on a different channel when required. Many marketing automation software applications also provide features for IP-based tracking and customer advocacy.
- Manage The Funnel
A marketing funnel is a passage for your leads that takes them straight to your brand. Through the funnel, your business is able to offer relevant content to its leads and you get to know the factors necessary for effective lead engagement.
It is also important to review your funnel in a consistent manner, so that you may have better insight into your leads’ movement. Funnel reviewing lessens the risk of customer alienation and serves as an important means to test the efficiency of your current marketing strategies.
- UTM Tracking
If you want to know exactly where a lead is introduced to your business, you must understand how to utilize the Urchin Tracking Module (UTM) parameters. They can be added to any URL and help you identify the types of content that are most effective in generating leads for your business.
UTM incorporates five variants of URL parameters that aid marketers in successful customer segmentation. They also deliver valuable information on referrals and marketing campaigns used by your team as a part of your lead engagement strategy.
- Use CRM Software
CRM (customer relationship management) software is a must-have tool for effectively managing lead engagement. With the help of a CRM, your team can track all its lead interactions, store potential customer data, and automate repetitive operations.
When combined with marketing automation tools, CRM software can offer more accurate information on leads. This intelligent data further helps the sales team to achieve a better conversion rate for your business.
Why Using a CRM Is Best for Lead Tracking
Given all the information that we have, it becomes obvious that the only way going forward is investing into a CRM that tracks a lead’s engagement over time. This will not only allow you to guide potential buyers across all of your lead generation channels but it will also pinpoint the weakest touchpoints along the way.
The latter is probably even more vital as it can ultimately lead to improving customer retention and churn rates of your product/service. If you are still not convinced, here are some of the most eye-opening, CRM statistics for 2021:
- In the upcoming years, the CRM market is expected to grow at a CAGR of 14%. It is likely to be the fastest-growing enterprise application software category with an estimated market valuation of $82 billion by 2025.
- CRM is used by more than 90% of brands and companies that are run by 11 or more employees.
- The yearly sales of 75% of companies that look forward to buying CRM software lie between $1 and $50 million.
- The ROI for CRM stands at an impressive $8.71 for every $1 spent.
- Report accuracy improves by 42% and company sales go up by 29% for brands that use CRM.
- 78% of companies that didn’t use mobile CRM couldn’t meet their sales goals. 65% of companies with mobile CRM successfully achieved their desired sales.
Lead Tracking Via Lead Scoring
Lead scoring is a way to evaluate your leads whenever they interact with your team. A positive or negative score is assigned to each lead based on its response to your marketing team’s actions.
However, there is no fixed pattern that companies use to assign lead scores to prospects. The score can be influenced by the information a lead provides, the source of its engagement with your business, and the way it interacts with your team.
The higher the score, the higher the chances of making a sale. Therefore, lead scores received by different prospects guide the marketing team to prioritize their actions on the basis of the probability a lead shows of being converted into a customer.
It is an important element of lead tracking that allows you to analyze the behavior of potential customers in the form of numerical values. Once a lead has entered the funnel, lead scoring serves as an effective means to identify the most valuable prospects for your business.
Fast track the growth of your business by tracking lead engagement effectively with LeadBoxer’s lead scoring solutions.