The Key Indicators of List Building Success
Building a B2B list takes time to master and involves keeping the best practices in List Building for every campaign. This also entails overcoming common mistakes and increasing prospects’ engagement through optimization. However, it is important to understand that these practices alone do not ensure success. It is also vital to know how to measure the outcomes of your work and effort.
Before doing so, take a step back and examine what your goals are in the first place for your B2B list building and marketing. Then, you can decide on how you will measure success.
To measure your success, tracking the right metrics is key. With longer cycles in sales and marketing, you can launch campaigns and come across different metrics to dive into.
Data and metrics are helpful when presented in the correct context. Knowing which metrics are directly impacting your B2B list building helps you improve the way you do your sales campaign.
Here are some popular metric categories and key terms that you need to know:
Engagement metrics give you insights into how prospects respond to your content and how they interact with your brand. These include impressions, subscriptions, click-through rates, and open rates.
Performance metrics are important in evaluating your demand generation funnel. These include metrics such as sales cycle length, sales qualified leads, and marketing qualified leads.
ROI metrics indicate value to your marketing efforts. These include converted leads, acquisition cost, customer lifetime value, and total revenue.
Considering all the important metrics is a good measurement strategy. The metrics you choose to track apparently depend on which campaign you run. There are instances when metrics overlap, and this is quite a common occurrence. Just go for the most relevant one to optimize your campaign.
Important Metrics to Measure Lead Generation Success:
This measures the number of clicks received on your ads. Click-through rates can be used to measure the performance of pay-per-click campaigns and can be key indicators of these. The higher the CTR, the more it confirms that you are reaching out to the right people and that they find your content useful. Having a high CTR is a great first step to building your list and generating leads.
Expanding website traffic is often the first step for most online marketers, the next step is converting that traffic to active customers. A conversion rate pertains to the percentage of visitors that come to your website and perform the desired action to reach your sales goal. Conversion rates can be segmented by keywords, source, marketing channels, and individual ads.
Time to Conversion
Keeping track of conversion time means measuring how long it takes for a visitor to become a qualified lead. This information can give you knowledge and insight into the length of that buyer’s sales cycle. This could include tracking how long it takes for a visitor to verify their email address, buy an item or download an app.
Customer Lifetime Value
Customer lifetime value is a metric that is often underutilized despite it being a great source of insight into the business’s general marketing effort. This metric represents the total amount of money a customer or client is expected to spend on your company. This is very helpful to know in order to promote company growth in relation to customer loyalty. High CLV reflects high business profit. Evaluating your CLV allows you to determine your overall sales and marketing strategy and appropriately allocate a budget to improve areas of need.
Email List Growth Rate
Most B2B marketers consider email marketing as the most effective channel to reach prospects. This is one of the reasons why marketers leverage email for content distribution.
Email list growth rate tracks the rate at which your email list is growing. This can be calculated by subtracting the number of people who unsubscribe from the number of new subscribers. Then, divide the result by the total number of email addresses in your B2B list. Finally, multiply the result by 100.
Email list growth is often assessed along with churn. This is because it is vital to understand whether your email send list is growing or not, and at what rate. If the list growth rate is less than your churn rate, this implies that you need to reassess your lead generation strategies. On the other hand, if your list growth is bigger than your churn, you must evaluate your engagement metrics and make sure that they remain high. Tracking unengaged subscribers in your list is also important as this can have a negative impact on your engagement and delivery rate.
Social Media Metrics
Social media is a massive and fertile avenue for B2B marketers looking to attract new leads. Thus, B2B marketers need to keep track of a few social media metrics which can be helpful in leveraging this platform effectively.
The number of social shares is an important indicator of success. This indicates how social media users find your posts relevant and enjoyable.
A consistently growing number of followers show that your audience finds your content engaging. This engagement is measured through the number of likes, shares and comments.
Marketing Qualifying Leads
Marketing Qualifying Leads are the prospects who have shown the appropriate level of buying intent to be passed on to the sales team. It is important to track MQLs because it enables the sales and marketing teams to work collaboratively to generate leads and convert them to customers.
Knowledge of this metric is important as it shows the quality of the inbound inquiries. It also indicates how efficient your lead qualification process is.
Lead to Close Conversion
Just tracking the number of generated leads is not enough. There is a need for marketers to determine whether these are quality leads or not. Lead-to-close conversion rate indicates the average of leads that end up as customers.
To get this metric, you have to divide the number of sales by the number of leads generated within a specific period. For example, if your business made 20 sales during the first quarter and generated 100 leads, your CVR is 20%.
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