When it comes to measuring marketing success, many companies are forced to admit that their strategy comes down to trial-and-error at best, and some are guilty of chasing whatever new marketing trick is being touted as the latest and greatest. When asked to produce a solid return on investment (ROI), though, it can be challenging to come up with a number for lead generation ROI.
In a recent Contentely article, the results of a study detailing beliefs and practices related to lead generation were published. The article highlighted some obvious problems with an unclear lead generation ROI. For instance, you could hire social media specialists to post four times a day on Twitter and produce blogs twice a week, only to eventually find out that your target audience hangs out on LinkedIn and prefers videos and infographics. Thatís a lot of time and resources wasted by writers, editors and social media specialists.
To correctly assess your lead generation ROI, you need a clear connection between your marketing activities and the number of leads you are acquiring. You also need to measure the quality of those leads, so that you arenít sending sales reps out to get a meeting with companies that arenít ready to buy.
A major disconnect between marketing and sales often comes in the form of defining leads. If youíre handing a list of names to your sales team, but theyíre not qualified leads, your sales team will spend a lot of time weeding through the list and nurturing leads. Agreeing on what counts as a lead will help you measure your return on your individual marketing activities.
Matching KPIs With Metrics
One of the challenges of measuring lead generation ROI is the agreement between KPIs and metrics. For instance, if youíre trying to increase the quality of your leads, then a metric like counting the number of ďlikesĒ on your Facebook page isnít going to help you assess your ROI. You need to be able to determine what counts as a lead and then determine how much you spent obtaining those leads.
In many social media and other digital methods, it can be challenging to measure your lead generation ROI. Determining how brand awareness and customer engagement contributed to converting a potential B2B buyer into a lead and then a customer is difficult to determine, but theyíre still important.
The Importance of a Balanced Lead Generation Strategy
Social media and eNewsletters may be newer forms of lead generation tools, but that doesnít mean theyíre superior to traditional methods. In fact, when it comes to lead generation, some traditional methods outperform digital.
Investing in only one form of marketing channel is unwise, particularly if you arenít sure how that activity is related to lead generation and sales growth. Itís important to balance your marketing tools to ensure that you are reaching your target audience and offering content that is valuable and informative in the right places.
Many companies find value in a balanced approach for lead generation. Mixing digital and traditional methods can help you capture the benefits of both and minimize the weaknesses found in each channel. They also help you capture the full range of preferences of your target audience.
How Telemarketing Helps with Lead Generation
There are many ways in which telemarketing makes lead generation a more predictable and measurable activity than with digital methods. Take a look at some of the benefits of using telemarketing:
Telemarketing provides immediate clarity and feedback. Lead generation shouldnít be a guessing game. When you use telemarketing, you can find out exactly who the decision-makers are, where they are in the buy cycle and whether they have any questions or reservations about doing business with you. While you can find out this information through digital methods, it wonít happen as easily or naturally.
Itís also a great way to find out how your social media marketing is being received. You can get valuable feedback about their experience with your brand. Do they like the blog series youíve been posting the last few weeks, or do they prefer to consume content in a different format?
You can nurture and qualify leads for your sales team.
Telemarketing helps you qualify and nurture leads until they are ready to have an in-person meeting with a sales rep. You develop trust and loyalty through personal conversation, so that by the time a sales rep calls on them, they already have a relationship with your company.
By contrast, you could provide your sales team with a list of contacts that clicked through on your email to your website, but that leaves a lot of gray area for sales reps to wade through. They donít know why the contact visited your website or what they were looking for during their visit.
Telemarketing provides a seamless transition to customer service. Youíve already developed a relationship by the time a buyer places their first order, so itís a natural step to a follow-up call. Youíll gain valuable feedback about their first impressions of doing business with you, and find out what types of services would improve their experience even further.
You know how your investment is tied to growth. When youíre working with telemarketing, you know how those leads progressed to convert to a customer. Youíll have a clear path between the resources you spent and the sales revenue resulting from that effort.
Blue Valley Telemarketing provides an ROI Calculator, where you can enter various fields with critical information to determine your return on investment for resources spent on telemarketing. Itís easy and convenient, taking only a couple of minutes to determine the return you can expect on your investment in telemarketing.
Once youíve determined that telemarketing provides the lead generation ROI youíve been looking for, give us a call. Weíve worked with many companies like yours, helping them integrate telemarketing into a comprehensive marketing plan that balances both digital and traditional methods for lead generation and revenue growth.