Marketers out there are crazy about generating leads for their businesses and clients, and they assume it can bring in more sales and profit. What if your Lead Quality is not up to the level of conversion, the lead generated is in fact wasted, right?
Here, in this case, you can measure the Lead Quality to identify the potential of the leads generated and get more conversions. But how do we measure the Lead Quality?
How To Measure Lead Quality?
There are some of the important metrics that marketers need to focus on to identify the quality and potential of the leads generated. It’s wise to make use of such metrics in the early stage rather than struggling with low-quality leads in the future.
Bonus: You can get the important Lead Quality metrics of your site with MonsterInsights, one of the best Google Analytics plugins out there. Install and activate the MonsterInsights plugin and you can make use of the metrics right from your WordPress dashboard to make advanced predictions and identify the Lead Quality.
1. Click-Through Rate (CTR)
Click-Through Rate measure the number of clicks or submissions a call-to-action received. You can find the CTR by dividing the number of clicks by the total number of impressions and then multiplying it by 100. This is your Click-Through Rate in percentage.
This way of identifying the Lead Quality is possible in campaigns with links in the email as links are being tracked here. If you send an email to your leads and you can identify your Lead Quality by the percentage of your Click-Through Rate.
2. Tracking the Downloads
You can measure your Lead Quality by tracking the number of downloads on your lead magnet. By tracking the downloads, you can find the ones which perform well and some may be a waste of time.
To track the number of downloads, you can get it on your event reports on Google Analytics. Also, tracking the downloads in MonsterInsights is quite easy and beginner-friendly.
3. Important Pages Visit
You can track your visitors to see if they are visiting important pages on your site. In Google Analytics, you can set up goals to track if they visit your important pages. If they’re visiting the important pages, you can conclude they’re some of the qualified leads for your marketing.
If your leads skip the important pages, they may not be of high lead quality and you won’t benefit much from that lead generated. Once you’ve identified the quality leads, you can deliver personalized messages to boost conversions.
4. Time to Conversion
Time to conversion is an easy metric that plays a vital role in calculating your Lead Quality. You can calculate this by looking at the time taken for that lead to complete the successful conversion. This simple metric allows you to find out how much time (days, weeks, or months) to discover your brand or product.
This metric can tell you how long it took for a lead to inquire about your brand/product. You can make use of this metric to improve your way of convincing and remove distractions that cause the delay in conversion.
5. Cost per Lead
Cost per Lead (CPL) is the amount of money spent on each lead generated. As everyone knows, a low CPL is a positive aspect and is a great return on investment. Also, the CPL depends on a lot of factors and varies from industry to industry.
You can calculate this by dividing the total money spent on lead generation by the total number of leads generated. If you have a high CPL value, then you need to focus on getting positive returns by making sure they give back high conversions on campaigns.
Finding the Lead Quality is a wise move in terms of marketing of your brand or product. Giving more importance in generating high quality leads can provide you with better conversion and profit.
You can make use of MonsterInsights, the best Google Analytics plugin to see the reports in a user-friendly way and make insights from the reports. With MonsterInsights, you get a lot of metrics that can help you determine your lead quality.