5 Ways to Improve Lead Generation ROI
By Jenny Vance and published by our friends at TechPoint
Forget connect rates and appointments per lead. If you really want to improve lead generation programs, look to these early indicators that show if you’re on the right track.
1. “No interest,” invalid and “not a fit” trends.
Early in assessing how to improve lead generation programs, before traditional metrics are even available, there is a wealth of information being gathered on the individual call level. Among the most valuable is what prospects say when they aren’t interested. Within hours of a campaign starting, look at what prospects are saying. This is a great indication of a few things: if the message is resonating, if the team is effective in conveying it, and if the list is good. If there is a problem, it’s easy to pinpoint and resolve it early.
2. First appointment outcomes.
The first appointments that are set provide a lot of information that can make a big difference in a campaign. Look at where the appointments are coming from and what kind of feedback targets give to callers. This will provide insight into the title paths that are responding, competitive information that can help refine scripts, and even the best day and time to call.
3. Campaign and segment trends.
In the first 30 days, begin to overlay activity by campaign to look for trends. While it’s too early for true ROI analysis, you can see where most appointments are coming from and make changes to boost ROI. For example, certain verticals may be yielding higher results, and high referrals may indicate a problem with a dataset or title path. One of the most important changes that can be made to ensure the success of a campaign is rethinking who you target. Doing this early in the campaign leaves more time for results.
4. Opportunity data.
Once opportunity data is available, overlay this by campaign too. This is where most companies fall down because sales doesn’t update the data or the data isn’t visible to marketing. It’s not enough to look at the data in aggregate because cost per appointment and other metrics don’t tell the whole story and force wrong decisions. Perhaps campaigns with high costs per appointment also result in greater conversions and larger deal sizes. Looking at the whole picture will help you better understand what’s working.
5. Benchmark data.
Many companies are good at benchmarking their campaigns against each other. However, the best way to know if your results are good or could be better is to benchmark against others in your industry. A 2.5 percent response rate may seem low until compared to peers and competitors. Some lead generation partners can provide this information and help you understand how your campaigns fared against specific metrics, such as appointments and revenue by title path. Finally, these indicators have the added benefit of shining a big light on other potential problem areas. For example, if you’re meeting all your expected goals but revenue lags, perhaps the market isn’t ready, the product isn’t priced correctly or there’s a problem in the sales process.
Jenny Vance is president of LeadJen, a B2B sales lead generation company. She can be reached email@example.com or on Twitter @JennyVanceIndy.