Generating leads is a crucial part of a firm’s life cycle. However, the challenge is that you may be speaking in analytical terms while they listener wants business terms. It’s an age-old issue.
So, how to you provide the information in business terms? And, how do you make that jump from analytics data to the information your firm’s leaders expect?
One of the easiest ways to substantiate a lead using analytics is by defining goals in your analytics tool. For example, if you use Google Analytics, consider setting a goal based on a website activity, such as whitepaper or ebook download, call to action, or click. Assign a dollar value to that activity. This will help determine the proper goal value for each lead that is generated.
If you find that you get more leads via online ad phone calls rather than website emails, consider a phone call tracking goal aligned with your online ads. Accomplish this by working with a phone call tracking service and creating tracking numbers by campaign. It sounds more complicated than it is. You can then track calls via the website or online ads and provide metrics and dollar figures aligned with those campaigns.
You might even use tradeshow or event marketing efforts to generate leads for your firm, but are unsure how to effectively track them. Begin by:
- Creating vanity URLs for each campaign.
- Developing a tracking URL for that campaign URL with identifiable elements to track the medium, source, and campaign. Read more about URL builders. See the URL building example shown here.
- Implementing a 301 Redirect from the vanity URL to the tracking URL created in step 2.
- Assigning a dollar value to each activity.
- Reviewing the analytics report by referral traffic source, medium, and/or campaign.
If your firm generates leads daily, consider a Customer Relationship Management (CRM) tool to assist with conversion tracking. Many of them, however, can be tricky to align with marketing and sales goals. The good news is there’s a solution. What you’ll need to do is extract the data provided by cookies and align that information with the lead record generated within the CRM system.
What to Avoid
When it comes to sharing data, marketers often fall into the trap of sharing the wrong data in terms of ROI. In fact, using marketing or analytics jargon might be a turn off to your firm’s leadership. They want to hear about conversion and dollar amounts.
Here are some tips when providing the data to leadership.
- Refrain from speaking in analytical or social media jargon with your firm’s leadership, unless they’ve asked for those metrics. For example, you may be excited about visitors, attrition, pageviews, etc., but the firm’s leadership is concerned with money, customer satisfaction, competition, image, and/or ROI. Be prepared to provide your analysis in those terms.
- Focus your report on the current issues, the firm’s objectives, trends, and how the information is impacting the bottom line. Consider adding reports that share insight on:
- Business issues discussed;
- Impact on the business;
- Expected business outcomes;
- Business decision requirements;
- Risk assessment;
- Budget and resources;
- Timing; and
- Align the website contribution to the bottom line, either via more sales/conversions or reduction in processes. Here’s how:
- List activities that visitors can do that either adds value or lower costs for the firm.
- Evaluate the added value or cost savings, e.g., saved the customer from calling to complete a transaction, gained a new lead, reduced the process to connect with the sales staff, etc.
- Track the activity and number of times each activity is completed. Tie it to a dollar figure, and you’re talking ROI!
It boils down to this.
Today’s marketing professionals need to clearly understand how to implement goals, track activity, read analytics, and tie them to a firm’s objectives. When you have accomplished those goals, you should begin to become a member at the strategic table rather than simply a resource within the firm.
Let us help you become a strategic member at the business table. Contact us if you’d like a training session.