Thursday, December 18, 2008

The Various Aspects of Lead Analytics

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Lead analytics doesn’t just happen overnight. It is composed of a series of processes, which are also considered to be essential when it comes to lead management. Unless you’re going to perform the rest of the functions right, it will be difficult for you to say that the reports generated from lead analytics are correct and thus can be helpful to your business.

Functions of Lead Analytics

There are three known important areas of lead analytics. These include lead generation, conversion, and management. Each of them is interrelated, and failing with one of them might equate to inappropriate lead analytics. Understanding how each one works therefore will be essential.

Lead Generation. This mainly focuses on the different methods of how businesses generate their leads, and there are a lot of them. You can get leads through trade shows and expos, surveys, opt-in lists, your business website—and the list goes on. When it comes to lead analytics, it’s very important that you can determine where the leads are coming from so you can also identify which of your marketing strategies are working out well for your business. For those who seem so weak, you will be given time to modify them. You can also have a very good idea of your conversion rate. After all, of the leads that you can come up with, the best ones are actually those that visit your website because they are highly interested of your products or services.

Lead Conversion. Now the process of lead analytics doesn’t end with high traffic or level of interested prospects. The most important thing is that you can convert these leads into sale, which means you are able to convince them to purchase a product or avail of the service from your company. Unless this stage is reached, leads will remain to be worthless for the company.

On the other hand, lead analytics can be used to determine your success sales rate. If you are able to convert a huge percentage of your captured leads to customers of your business, then it means that you have implemented your sales strategies accurately. If you don’t, then it will give you time to realize that you do have mistakes along the way, and you need to eliminate or correct them right away to avoid worsening the problems.

Lead Management. This is considered to be the secret for better lead analytics, as this practically covers the two mentioned areas. Lead management isn’t just about creating a database of all your sales leads. It also means tracking them to ensure that they know that your business exists. It will also provide you a way of how to increase your sales conversion rate through proper lead scoring and nurturing processes.

Using a Lead Analytics Software

Today, a number of software is available to use for lead analytics. To give you an easy example, we have Google Analytics. It’s for free, which is just ideal for those who are in start-up businesses. All you need to do is to sign up and generate a code that you can attach to your website. It will then generate figures for your traffic as well as reports that can tell you where people are coming from, how they found your website, and a lot more helpful information.

You can also make use of lead management program, which is more comprehensive than Google Analytics. For one, you don’t only get to generate the leads and identify where they are coming from, but you can also easily come up with a database of all your leads, classify, and score them.

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