Leads are your potential customers, so they are part of your target market. They differ from prospects because they want to learn more about your products or services. A simple nudge from marketing and sales teams can eventually turn them into sources of profits that help your business grow.
Although leads can encourage a significant return on investment, not all of them bring value. They are like nuggets, and you have to take a closer look to identify the actual gold among them. The best way to do this is to perform lead tracking. Learn more about it and how it can promote business growth through this guide.
What is Lead Tracking?
Lead tracking is the process of monitoring lead activity. It involves figuring out the source of leads and checking where they are in the sales and marketing funnel. It is important because it lets you manage and see leads across all marketing channels and guides you to do the appropriate actions to close the sale.
What Are the Benefits of Lead Tracking?
Marketing expenses require a significant allocation of your overall budget. With lead tracking, you understand what makes leads high quality and how marketing affects the sales cycle. It allows you to make more informed business decisions and allocate money into the areas with the potential to drive more revenue. To give a clear picture of how it can benefit your business, here are some of its advantages:
Develop data-driven marketing strategies and lead generation techniques
A seamless sales process is key to business success. Achieving this is easy with lead tracking by collecting vital information on leads to customize the buying cycle. This will help you develop marketing, sales, and engagement strategies based on facts and data. In addition, effective lead tracking can improve your lead generation techniques by identifying which ones have the best impact on your return on investment.
Create personalized customer experiences
Lead tracking provides you with the data about your leads. This information enables you to understand your customers on a deeper level and create better experiences for them.
What Are the Challenges to Lead Tracking?
Lead tracking provides benefits that can help meet business goals, but it has some limitations. Here are some challenges to it that can affect your results:
Marketing channels produce different revenues
Using as many channels as possible to promote your products and services means tapping more potential customers, but this strategy can also waste time, effort, and money. Instead, focus on the platforms and campaigns most likely to produce a return on investment.
When it comes to tracking leads, remember that ads, channels, and campaigns produce different revenue amounts. For example, Facebook and LinkedIn ads make a lower return on investment because they are mainly used to raise brand awareness. Meanwhile, PPC and SEO tend to generate higher-quality leads because they are likely ready to purchase.
Lack of offline capabilities
Tracking leads and revenue are typically performed on Google Analytics. This platform tracks on-site conversions and shows which marketing channels and campaigns generated them. However, industries providing high-value products, like vehicles and properties, cannot maximize the benefits offered by lead tracking because customers opt to reach out via the phone.
Because offline leads are often overlooked, attributing them back to their source is difficult. Thankfully, this can be addressed by opting for lead tracking software with offline capabilities.
Leads are crucial to scaling your business, so using them to measure your marketing performance through lead tracking is essential. To get started, keep the information above in mind and reach out to a company offering top-notch lead tracking services.
At LeadTrail, we offer a lead tracking system. It is a WordPress plugin that lets you sell leads by bringing you your form data from Elementor Pro, Contact Form 7, WP Forms, and more. Drop us an email to know more about how our plugin works!