Online Lead Generation Part 1 of 3: Defining Key Online Behaviors and KPI's

Post 1 of 3: Online Lead Generation - Defining Key Online Behaviors and KPI's

This is the first post in a three-article series designed to educate and train you on how to properly conduct a test in the digital marketing world. From defining key performance indicators to identifying data validity threats and distilling learnings, we'll take you through the entire journey over the next four posts in this series.

If I've heard it once, I've heard it a thousand times:

 
We need more leads!!!
— Every business owner and sales person who ever lived
 

Sales are the lifeblood of business. Sales are what makes having, running, owning, and growing a business a real, sustainable endeavor. The unfortunate reality many businesses deal with today looks like this (insert smart comic that exemplifies a sales person saying they don’t have any leads or anyone to sell to).

Sound familiar? Yeah… I thought so. I was in that situation as well, until I discovered the best kept secret to generating leads I never knew. What is it? Conversion Rate Optimization.

Buzzword? Sure. Digital marketing pseudoscience pumped full of hype with no real value? ABSOLUTELY NOT.

Conversion rate optimization is the result of the execution of strategic initiatives that are designed to optimize the performance of your website. Before we get too deep… “What do you mean ‘performance of your website?’ I thought you’d never ask.

Defining Your KPI’s

If you’re serious about growing your business, you have a website. If you’re really serious about the growth of your business, you’re collecting analytics on your website. If you’re really, really, REALLY serious about growing your business, you’re analyzing those metrics, and using them to make decisions on future business decisions; hell, you’ve probably hired someone to do it for you. But what metrics are the ones that truly matter?

I am getting ready to drop the most over-used, cop-out business answer you’ve already heard: It depends on your business. What most people fail to realize is that there are some pretty easily defined KPI’s that you can use that are directly tied to your business and sales model. See a few examples below:

Situation A: You’re part of a Software-as-a-Service tech company that sells subscriptions to access your platform online.

Question: What types of online interactions are meaningful to your business?

Answer: Your business is driven by adoption of your tech solution. You need to get people to experience the value your tool brings to the table. There are several options in this scenario: Free Trials Signups, Webinar Signups, Demo Requests, plain ‘ol Contact Us requests – all of these are very valuable to growing your business, and therefore should be measured online.

Situation B: You’re part of a B2B manufacturing company that sells widgets through multiple channels including wholesale, OEM, and an eCommerce store.

Question: What types of online interactions are meaningful to your business?

Answer: First and foremost, the easiest type of value to articulate and measure is eCommerce transactions. There is no disputing real revenue being driven through an online store. It gets a bit more tricky when it comes to B2B and other channel-specific sales strategies. First, we’ll want to identify the online interactions that we can derive the most meaningful intent. For instance, usage of a Distributor or Wholesaler lookup tool. Then, we’ll want to measure the growth of our audience as a way to gather additional metrics to regression test against key business growth indicators, such as revenue, number of customers, or average order/transaction value.

The Truth About Website Optimization

Most businesses are missing the mark when it comes to building meaningful interaction points on websites and in social media that are designed to drive profitable interactions online that are value-adding for the business offline.

Conversion rate optimization is predicated on the understanding that you have a clear perspective of how your target audiences can possibly interact with your digital properties (website, social media, blog, etc…) to drive meaningful interactions with your business. If you know what you want people coming to your website to do, that is half the battle.

There are pretty standard interaction points that result in lead generation (manna for your business):

·      Contact Us Form

·      White Paper or Article Download Form

·      Webinar or Event Signup

·      Free Trial of Service

·      Free Sample of Product

·      Request a Quote

·      Request a Demo

·      Sign Up for Email Newsletter

·      Sign Up to Receive Special Promotions

Of course, these aren’t all equal. I’ve yet to meet a marketer who would rather see a PDF download than a Request a Quote, so it’s important to understand that while there are lots of types of interactions, there are absolutely preferred interactions. Preferred interactions are those online behaviors that are easily tied to the profitable growth of your business.

Be sure to check out Part 2 of this blog series about utilizing analytics to gain a clear perspective on what exactly people are doing on your website. Can't wait that long? Get a free marketing analysis worth $1500 by clicking below!