B2B Lead Gen and Nurturing are the gist of a successful B2B business.
Nobody’s randomly buying products after seeing a viral ad. You must put in the effort to open the doors for long-term success!
Lead generation is the process of gaining the interest of potential customers with the ultimate goal of increasing future sales. In assortment, lead nurturing develops and fosters relationships with existing customers through B2B marketing efforts.
To know what’s working well with your business, you need to track it. To see if you need improvement, you need to follow. You need the right key performance indicators (KPIs) and metrics that align with your business objectives.
All right! They provide a 360-degree view of customer experience.
So, a drum roll, please
Why Tracking B2B Lead Gen and Nurturing Performance is Crucial?
For B2B companies, the foremost goal is to acquire new leads and generate sales and revenue. Moreover, getting a large number of information isn’t the only solution, but the quality and value of each one are worth promising.
Choosing appropriate KPIs and metrics gives holistic insights into the actual performance of your marketing efforts.
Evaluating them timely helps you leverage data insights and expand your business to new horizons.
Ensure you clearly understand your products, objectives, pricing model, target audience, and sales process. It ultimately contributes to tracking, organizing, and analyzing that data.
Focusing on the list of solid KPIs helps brands in:
• Better decision making
• Building great marketing strategies
• Keeps the efforts aligned
5 Key Performance Metrics for B2B Lead Gen and Nurturing Start Tracking Right Now
There are different metrics you can track to understand the potential customer’s behaviour and evaluate your marketing campaign efforts. All of these can be easily tracked using Google Analytics. Here are some of the top metrics every B2B marketer should keep a log of:
1. Conversion Rate:
Conversion rate is the king for any sales role and is an important lead generation KPI. This metric gauges the percentage of leads that turn into actual sales. So, a high conversion rate is always good news. However, if this number is low, it’s time to evaluate your lead nurturing strategy.
2. Website Traffic:
The first metric you need to monitor is from where your leads are coming. Google Analytics can easily track your website’s source, such as organic searches, paid ads, emails, and referrals. By analyzing the source you’re getting the most leads, you can allocate your resources and budget accordingly and focus on a higher ROI.
3. Customer Acquisition Cost:
The money spent by the company to gain a new client. CAC includes all the expenses incurred for advertising, marketing, sales pitches, etc, to analyze the lead generation and nurturing campaign results. It’s a critical metric for businesses that need to understand their ROI and make data-driven decisions.
4. Customer Lifetime Value (CCLTV):
It’s the value or revenue a customer brings to the business during the relationship. A good indicator for forecasting the revenue and understanding what needs to be your ideal Customer Acquisition cost (CAC).
5. Email Marketing Performance:
Email marketing plays a vital role in lead generation and nurturing, so it has its KPIs. Closely monitoring these KPIs helps create better emails, CTA, and layouts.
1. What is the Open Rate in B2B Lead Gen and Nurturing?
It signifies how many subscribers are opening the email and going through them.
2. What is Click-Through-Rate in B2B Lead Gen and Nurturing?
The click-through rate of an email records the number of subscribers performing a particular action in the email.
3. What is the Unsubscribe Rate in B2B Lead Gen and Nurturing?
Measures the percentage of subscribers that are out from the mailing list.
Sales Cycle Length:
Sales cycle length represents the average time to convert a lead into paying customers. The calculation starts from the first touchpoint of the lead to the day the deal is finally closed.
B2B companies looking to boost their business goals must focus on their sales cycle length. The shorter, the faster a brand generates new clients.
Measuring the effectiveness of your B2B Lead Gen and Nurturing is vital for any business that wants to grow its customer base and boost its ROI. Continuous monitoring and analysis of data will empower you to make data-driven decisions and refine your lead-generation strategies to acquire quality leads and achieve your business goals.
You’re not on this journey alone! Reach out to Candorworks today and achieve sustainable growth in the competitive B2B business landscape.