After you’ve done the hard work of generating leads, sending them to sales, and counting the revenue that comes back, you’re sure to have some certain questions about your lead revenue.
For example, how successful were you at generating leads based on your efforts?
How often did you convert those leads into sales? What kind of revenue did you earn from those sales?
These are important questions to know the answer to since they will directly affect your ability to optimize your marketing process for maximum efficiency. Therefore, your company’s ability to measure lead revenue can be just as important as your ability to generate them in the first place.
Let’s discuss ways to track your leads and ensure they’re translating into revenue in the most efficient way possible.
Key Takeaways
- Your lead conversion rate represents the efficiency of your sales funnel. Tracking it is of the utmost importance.
- There are great ways to increase your lead-to-revenue ratio with some simple optimizations.
- MXTR’s automated platform can do the hard work of optimizing lead capture, nurture, and conversion, so you can focus on other things.
How to Determine Your Lead Revenue Ratio
The first step to determining your lead revenue ratio is counting lead captures. You can just count lead captures based on volume. Quality will come in later in the process.
Once you’ve found out how many leads you’re generating, you need to find out how frequently those leads are becoming customers. This can be more complicated since it involves tracking customer data through the buying process, but it’s an absolutely crucial piece of information.
Finally, you’ll need to determine how much money each of those customers is spending. Once you’ve found this, you’re at the bottom of your funnel.
For more on increasing lead conversion rates, check out this video by Geckoboard.
So, how much revenue did those leads generate for you?
If you answered “not enough” or are simply interested in converting more leads no matter what, read on.
How to Increase Your Lead Revenue
On average, leads only convert about 20% of the time. If you’re well below this number, try these steps to increase your lead conversion rate and lead revenue.
1. Optimize Your Lead Capture Forms
A lead capture form is not just your opportunity to obtain valuable customer information. They also represent an important moment in the customer experience lifecycle.
Keep lead capture forms simple and ever-present. They should be in convenient places on your website. Also, remember to never ask for excessive information. Lead capture forms should be short and sweet.
Source: MXTR Automation
2. Build a Lead Quality Program
To keep it straightforward: You really need a lead quality program to maximize your marketing cycle efficiency.
Lead quality refers to the likelihood of each lead you generate becoming a customer.
You can score leads in many ways. For example, you could rank leads by how likely they are to convert into customers. Or you could devise a ranking based on how much revenue you expect the lead to generate.
There are an endless number of ways to score leads. The most relevant metric will come down to your specific industry and business.
3. Automate Lead Follow-Up
Did you know that you’re 100x more likely to make initial contact with a lead when you respond to them within five minutes of receiving their information, compared to waiting one hour or more?
That’s a great number, and by itself, is a perfect reason to consider automating your lead follow-up.
However, it comes with a caveat: Up to 50% of leads you generate are quality leads but just aren’t ready to convert right now.
You need to nurture a lead like this, and that brings us to the second major benefit of automated lead follow-up: The ability to keep leads on the hook while they consider their options without a sales rep having to invest time and resources for a maybe sale.
5. Synchronize Messages Across All Locations and Platforms
A major key to generating more revenue from leads is to present a consistent, high-quality, and personalized face across all communications. This is especially true for brands with multiple locations.
Creating this type of consistent brand experience takes a lot of time and experience when you’re working on your own, but the effort is sure to generate more revenue from your existing leads.
6. Collect and Analyze Data
No process is perfect. Optimization is something that should be continually happening at all levels of the lead generation, scoring, and conversion processes.
Ideally, you’ll form a closed loop of data attribution that captures customer information along every step of their experience:
- Lead capture forms (pre-initial contact): Get each customer’s name and a way to contact them.
- During initial contact: The most crucial step for lead scoring. What needs do your customers have that you can meet?
- Customer browsing data: How long are your customers spending on your webpage or in your store? What items do they look at, add to cart, and buy most frequently?
- At checkout: You’ll need to know which customers bought what items, when, and how much they spent.
- After purchases: Customer feedback can be an invaluable data point. How satisfied are they with the product, your brand, and the experience they had while shopping?
This is by no means an exhaustive list of the data that will be useful for optimizing lead-to-revenue operations, but it can form a solid baseline to start with.
MXTR’s Marketing Automation Platform Can Help You Increase Lead Revenue
Our state-of-the-art platform is ready to help you generate more leads, keep better track of them, nurture them, and convert more leads into sales.
We can do this by following a simple marketing principle: Sending the right message to the right person at the right time is how you sell a product.
Source: Medium
MXTR takes this basic idea and elevates it to the next level by automating the process. MXTR makes it easy to produce high-quality, consistent brand advertising across any platform or any number of channels. It’s the best way to reliably increase lead revenue and give you the tools you need to optimize your lead capture, nurturing, and conversions.
Ready to scale up your advertising and increase efficiency using automation? Schedule a demo of our system.
Featured Image: istockphoto
