Thursday, November 6, 2008

The Lowdown on What Lead Analytics Is and What It Can Do for Your Business

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When you define lead analytics, you can take the word lead and the word analytics and define each one separately then combine both meanings to come up with a pretty concise definition of this marketing tool. A lead, sales lead or leads, when translated into internet jargon essentially means a person who may be looking to buy something from you. Analytics means decisions being made on the merits of data that has been gathered on a subject or a topic. Therefore, if you were to define lead analytics, it could easily mean decisions being made on data gathered about a person who is looking to buy from you.

Lead performance, on the other hand, can be defined as how a lead generates revenue for the company over a period of time or how the lead can further be expected to generate sales for you in the future with the analysis of how the lead has been behaving. Lead analysis and lead performance work hand in hand to help you and your marketing team find out what other strategies can be used to not only keep your customers from going to your competitors, these can also be used to create tailor made campaigns and marketing programs that can draw in people who exhibit the same patterns as some of your working leads.

Increasing sales is essentially what every company wants as well as the goal that every marketing team and sales team sets. How this can happen is up to how well your marketing team analyses the lead movement that can be tracked with the use of software that can trace the movement of these leads that come to your website. Lead tracking software can help you come up with the data you need to analyze the movements certain leads make and the performance these leads make as well. You can then use the data you gather from these trackers and come up with the strategies you need to boost sales for your company.

With lead analytics, a sales boost is not an impossibility, however how you go about making marketing strategies that can increase interest in what you offer and how you can retain these leads and customers is another key to this equation. While you may have the best lead tracker installed on your site and you have the most comprehensive lead analytics information on hand, not knowing what to do with this information can mean the failure of such moves. Lead analytics, lead tracking and effective marketing strategies as well as efficient sales teams complete the package needed for the boost in sales you want. If one of these elements does not work right or is off the mark, your efforts at using analytics to help make a marketing strategy that works can go down the drain.

You can also incorporate in your analytics the performance of your sales teams in dealing with leads as part of the analysis of your company and how effectively you convert leads to paying customers. The problem of non-conversions could stem from wrong lead handling, ineffective lead distribution or even a lackluster marketing campaign. Any of these can be the cause of low sales and an analysis of the way these leads move from one page of your site to another as well as how they were handled when the follow up was being made or when a sale was being concluded. The analysis of all these steps will point to how you can restructure some things in your system, who needs to be retrained, and what strategies need to be junked.

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