Businesses constantly try new methods to acquire more customers and improve their sales. For many, the lead generation strategies become the main area for improvement. Why Leads? Leads meaning for business is about growth and development in the long run. Importantly, it is what marketers struggle with the most. That’s why every company should consider buying quality over quantity, especially when it relates to contacts of potential companies.
However, not all of the leads are bought; many of them are generated with the help of in-house teams. The marketing specialists work with potential customers, and it is in their interests to improve the quality and save efforts or costs.
In this post, you will know how to measure leads, what are the good leads in terms of quality and what are the options for making them better.
How to Measure Quality of Leads
Before all, the quality of marketing leads is to present the likelihood of contact or prospect to buy a product or service of the company. How to measure lead quality, then? The answer lies within the concepts and quality metrics behind lead generation. For instance, one of them contemplates asking whether the customer has a budget, authority, time, or need to complete a purchase. If the answer is yes to all of the questions, then the lead is likely to be successful and bring money.
The next idea contemplates that the interested prospect can become a lead and is likely to spend funds for the purchase. In this regard, the quality lead should show their interest. There may be a response to the offer, sharing some personal info, or the display of their necessity to buy a product.
The latter contemplates that a person would not ignore the possible purchase if having urgent matters. In this regard, the quality is good and can be generated by the direct call. Simultaneously, if a person shares their contacts, there is a process of consideration of the product. For marketers, it is the most significant part of all of the leads.
In the end, the high quality leads result either in revenues or new customers. Thus, measuring the marketing leads is about identifying the factors improving the likeability of this event.
What Makes a Good Lead?
As far as you know what the components of the quality leads are, it is easier to understand the good leads’ meaning. One should match the target audience and the prospects in terms of interests and preferences. In this regard, what makes a good lead for you is information about the prospects. The more details you have, the better offer you can make.
The categories mentioned above referring to budget and buying preferences are likely to have no effect if not backed by the demographics data. In this regard, the good leads are the ones the specialists know information about. Their quality derives from matching ideal customers and the prospects, making adjustments and special offers if necessary.
Therefore, improving the quality of leads is about getting more information about prospects and improving the likelihood of their purchase. How can one do this? There are specific ways.
Doing a solid research
The proper research is usually about the buying power of the potential customer, measuring their needs, and getting in contact with them. In B2C marketing, lead generation involves attracting leads and targeting. There are tracking tools, for instance, Google Analytics, helping to gather data on traffic, and targeted ads in social media that offer messages and promotions. The results upon each of these activities provide data that can improve leads.
Simultaneously, in the B2B niche, the lead generation can start in Linkedin by collecting the data and continue with sending a cold email to their email address. Yes, cold research is not the most quality one. However, many small companies start with it due to absence of the contacts. Thus, the main goal for marketers is to find business contacts, while some tools even provide contacts databases (https://getprospect.com/b2b-contact-database). Such a program can have a CRM system and be very useful in email marketing.
The quality leads depend on the research, and whether it is data collection or contact enrichment, the tools can help.
Lead Scoring: Defining areas for improvement
Lead scoring is a widely used technique to identify whether the customers are ready to make a purchase. Some use it to find an answer to the question “how to measure lead generation”. Why? It has a customer’s interest and profiles at its foundation. To put it simply, the higher the involvement of the prospect, the bigger the chance to close the deal.
If a marketer can rank and group the prospects based on interest and behavior, then they can improve their leads. The hot leads are already qualified, as they are likely to bring revenue due to the urgency of buying from prospects. At the same time, with lead scoring, the marketers can see the quality of other leads and group them for development, identifying the issues and blank spots. Notably, the latter will be filled by the marketing team via emails campaigns, CTAs, additional content, analysis, or calling for the business profit.
Nurturing the leads
Leads nurturing is another concept that can contribute to the quality of the leads. The particular tactic contemplates the engagement with the customers depending on the stage of the sales funnel. The latter is divided into awareness, interest, evaluation, and decision phases. In other words, it is an automation strategy that helps a marketer to accompany the prospect to the moment of buying. It means that with tools and personalized messages within marketing tools, a business can develop a need and interest of the buyer.
It is a more complicated method for improving the quality of leads where the marketing department affects leads and nurtures them. In this case, it is not buying quality over quantity but developing quality with automation.
