Lead Quality: What Is It and How to Measure It
Lead quality is an estimate of how likely a lead is to result in a conversion, or better yet, a loyal customer. Therefore, a high-quality lead is a lead that is very likely to result in a conversion. While it is, of course, important to ensure that news of your business and its offerings reach many potential customers, it is even more important that you ensure that your efforts are being directed strategically, both in terms of what audience you are targeting, and how you are reaching out to them. In short, you should prioritize lead quality over lead quantity — or partner with a professional lead generation company that can qualify high quality leads on your behalf.
How to Measure the Lead Quality
While it is impossible to precisely predict whether or not a lead will become a conversion, there are strategies that can help you gauge the likelihood. It is also important to keep in mind that many of these strategies involve trial-and-error, and therefore by necessity must be long-term efforts. You have to make some assumptions about who your audience is and how they will respond to different outreach methods through both direct feedback and analysis of competitors in your field. From there, you can test the waters with the outreach strategy you develop based on that information, observe how successful the gambit is, and then adjust as necessary. This should be an ongoing process.
The most tried-and-true means of measuring lead quality is by tracking conversion rates and traffic on your website. Conversion rates are often easy to track, as they typically occur through a transaction or a subscription. Meanwhile, in the case of tracking website traffic, you will need to monitor page visits. This can be easily done with the help of Google Analytics. Google Analytics gives you the option to monitor page visits, which will then be ranked by frequency in the overview provided.
By tracking conversions and page visits on your website, you can determine what pages are receiving the most traffic, which in turn can give you an idea of what content, products, and outreach methods are most effective so far.
Types of Leads
There are three major types of leads. Each should be handled differently when you are reimagining your outreach strategy to improve lead quality.
Direct Marketing Leads
Direct marketing involves reaching out to an individual who has been specifically identified as a potential customer. Direct marketing strategies include:
- Warm calling;
- Cold calling;
- Email outreach;
- Direct message outreach;
- Mail outreach;
- Home visits.
In the case of direct marketing leads, the most important ways that you can promote lead quality are through your choice of outreach targets, and an understanding of how those targets will feel most comfortable communicating.
Online Marketing Leads
Online marketing covers a wide swath of marketing efforts directed toward online users. These efforts include:
- Social media posts;
- Pop-up ads;
- Banner ads;
- Affiliate promotions;
- SEO efforts;
- Pay-Per-Click advertisement.
You can improve the quality of your online marketing leads by determining what websites your target audience frequents, and how they interact with the online world. For example, if your target audience is middle-aged business professionals, you will likely have better luck advertising on LinkedIn than you will on Instagram.
Traditional Media Leads
Traditional media are platforms such as print, radio, and TV. These options are still viable to this day, although the efficacy of employing these platforms will depend largely on who your audience is and how the information is presented. For example, if your primary target audience is teenagers, a newspaper ad is likely not a good option.
How to Improve Lead Quality
Steps to improve lead quality include:
- Identifying your target audience;
- Developing an understanding of your target audience;
- Determining what channels your target audience typically communicates through;
- Analyzing the marketing efforts of competitors in your field;
- Creating a detailed marketing plan;
- Ensuring the quality of your product or service;
- Allocating appropriate marketing resources;
- Establishing customer service touch-points and protocols;
- Implementing experimental marketing campaign strategies;
- Reviewing the results of your campaign efforts;
- Adjusting your efforts based on data gathered from your campaign efforts.
General Tips for the improvement of lead quality include:
- Not overdoing it: While you need to ensure that your leads notice you, and recognize your willingness to communicate, it is important to not inundate them with communications to the point that they become annoyed.
- Using a lead generation company: A company that specializes in lead generation can save you a lot of hassle in terms of building and sustaining an effective outreach strategy.
- Engaging: Create marketing outreach opportunities that allow you to interact directly with your audience, or even allow them to participate in company initiatives. Social media and social events are particularly great opportunities for this kind of outreach.
- Creating a marketing funnel: A marketing funnel allows you to reach out to a large audience, and then encourage quality leads from that large swath to become conversions over time.
- Requesting feedback: One of the simplest things you can do to improve your outreach methods — and by extension, your lead quality — is to just ask. Make it easy to contact your company with concerns, and provide a feedback form following a conversion.
- Running targeted ads: The value of quality over quantity also applies to your advertisements. The use of targeted ads can improve the chance that a particular consumer will respond favorably.
- Lead nurturing: Lead nurturing is the ongoing process of developing your company’s relationship with the lead, and building a favorable impression.
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