Lead Planning and Tracking
Lead planning and tracking are a vital part of any marketing plan. Lead planning and tracking enable you to determine the effectiveness of each of your marketing campaigns so that you can spend your marketing dollars as wisely as possible.
If you're already doing lead planning and tracking, great! You now own some extremely useful information that will enable you to plan a well-targeted marketing budget.
When we suggest lead planning and tracking to smaller service companies that aren't currently doing it, they ask:
- How do we do lead planning?
- Who in our company is going to do the lead tracking?
- How can we afford to do lead tracking?
Our answer is:
- How can you afford not to plan and track your leads?
Lead planning and tracking might be the single most cost-effective marketing activities you do. They will help you focus your marketing budget on what works, and stop wasting your money on what doesn't.
And, doing it is often very easy and inexpensive, requiring only slight adjustments to your current business process.
Lead planning and tracking will help you to determine the following:
- How many leads you need to sustain your business
- How many leads each department needs to generate
- How many leads you get by type of advertising medium
- How many of those leads were from existing customers versus new customers
- What the company spent per lead for each advertising medium
- How much you need to invest to create the leads you need, based on a cost-per-lead approach
Many advertising agencies want you to focus on the cost per thousand you reach. That's a useful number for assessing how successful you were in creating brand awareness for your company.
An even more useful advertising statistic, however, is the cost-per-lead-generated. Cost-per-lead is the number that tells you how your marketing and advertising are directly contributing to your company's growth and profitability.
Once you know that number, you should track the closure rates for the leads generated through each of your different marketing activities. You will find that closure rates are much better for some media than for others.
Getting into even more detail, you should record the characteristics of each different marketing campaign you do, and compare the effectiveness of your various campaigns to see which channels, designs, messages, and calls to action work best for each medium and each audience.
If you track leads to this level, you will have a much more precise idea of how to spend your marketing dollars going forward.
Lead planning and tracking also give you extremely useful metrics for business planning. If you track all the leads that come into your company from internal and external lead generation processes, you'll be able to see how many leads you need from each lead source in order to maintain profitability and growth. You can use your lead forecast to better allocate training, marketing, and other resources within your company. You'll also be able to set lead generation and closure goals for each department in your company.
iMarket can help you set up effective and unobtrusive lead tracking systems to help you understand how your marketing activities are working for you.
Before you start, though, you should begin with lead planning. Our downloadable worksheet on Lead Planning will help you get started. Once you have this number, you can go to our Free Marketing Plan and continue to develop your marketing strategy.
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