7 B2B Lead Conversion Metrics You Need to Track

Your marketing team works hard, generating what they believe to be high-quality leads. It sends them in good faith to the sales department expecting a healthy or above-average lead conversion rate.

In an ideal world, your sales team could convert 100% of leads into sales, but everyone involved knows that isn’t happening. Instead, the sales team must first identify the most promising leads and spend time tracking them down.

In the worst case, your sales team can’t manage a decent conversion rate on their leads, and suddenly marketing and sales are blaming each other for lack of results.

How can you, as a manager, determine where the shortfalls lie and correct the processes in time for the next lead generation campaign?

Your only way through a situation like this is to dig into the numbers and uncover some secrets about how your company converts leads. To that end, we recommend a few key metrics that we’ll discuss in today’s guide.

What is Lead Conversion?

In sales and marketing, lead conversion refers to the rate at which leads (prospective customers) finish the buying process and become customers.

A higher lead conversion rate is better since it indicates that a higher percentage of your customers are spending money with your company. A low lead conversion rate is concerning and can directly impact your revenue stream.

Lead conversion is a job not just for salespeople but also marketers. The two work in tandem: marketing generating leads and salespeople converting them.

A low conversion rate is often caused by some combination of these two departments, if not some external process.

A Good Lead Conversion Rate Will Vary by Industry

Keep in mind that what constitutes a ‘good’ lead conversion rate will differ by industry. Some industries, like professional services, enjoy conversion rates over 7%. A real estate agent, however, would see conversion rates around 3%.

Why Tracking Your Lead Conversion Rate Matters

Your lead conversion rate is not just a reflection of how talented your sales team is; of course, they have a great deal of influence over the number.

It’s also a measure of the quality of the leads your marketing team is generating, as well as the strength of your product.

A high lead conversion rate is desirable. It means your marketing and sales are working in harmony, and customers are enjoying the experience of buying from you.

A low lead conversion rate is a problem in and of itself. It means your sales team wastes time on leads that aren’t converting regularly.

Properly tracking the raw lead conversion rate and other related metrics, like the ones listed below, can reveal a tremendous amount of information about your operation from end to end.

For example, low conversion rates could be due to poor sales performance. But it could also be because your demand generation operation is too focused on quantity instead of quality.

Increasing your lead conversion rate, in this case, could be as simple as pruning your lowest-quality leads from the stack before it makes it to sales: a simple solution only visible because you properly tracked and understood your lead conversion metrics.

How Hushly Can Help

Hushly can make the process of tracking lead conversion metrics something you don’t even have to think about it. We’ll do it for you.

Our proven, data-driven approach can help you track and improve your lead conversion metrics.

Hushly understands the myriad reasons that your lead conversion rate could be low. From content to page clicks and abandonment, we consider every aspect of your lead conversion to identify unoptimized processes and implement solutions.

7 Lead Conversion Metrics to Track

Here are 7 lead conversion metrics you can start using today to optimize your conversion rate.

1. Lead Conversion %

It’s crucial that you track your lead conversion rate.

Lead conversion is the ratio between leads who become customers and those who don’t.

2. Cost Per Conversion

This high-level metric tracks the total cost of advertising, marketing, and your sales operation against the number of conversions you’re completing.

Essentially, it’s how much you’re paying for each customer you gain from start to finish.

3. ROI Per Conversion

Related to cost per conversion, ROI per conversion measures how much you’re getting back for each new customer.

To find your ROI per conversion, subtract the cost of your conversions from the value generated by them. Then, divide that sum by your total number of conversions.

4. Cost Per Lead

Cost per lead is your lead generation operation’s budget divided by the number of leads they generate.

This is a metric where higher (or lower) is not always better. You may get lots of leads cheaply, but if their quality is consistently terrible, you won’t be converting much. Likewise, paying a lot per lead doesn’t mean you’re getting high-quality leads.

You’ll need to use this number in concert with other metrics to determine if you’re paying too much per lead.

5. Time to Conversion

Measuring how long it takes to convert a lead is extremely important, depending on your industry.

Though some industries may quickly convert leads naturally, others will move more slowly. It’s important to compare a metric like this to your industry competitors rather than across all businesses.

6. Revenue Contribution of Converted Leads

Take a look at how much total revenue your converted leads are generating. This information is useful on its own but can be broken down in several helpful ways.

You can look at the revenue contributed by converted leads per salesperson, department, and even advertising campaign.

7. Opportunity Win Rates

Win rates are a way of tracking how many deals close. Much like some of the other stats on this list, you can break down opportunity win rates in several creative ways.

We recommend taking a look at win rates and then breaking them down in the following ways:

  • by Opportunity Owner
  • from Converted Leads
  • by Lead Owner
  • by Lead Source
  • by Campaign

Combine Statistics for a Holistic Evaluation

When analyzing your lead conversion rate, the more helpful information you can work into the picture, the more comprehensive it will be.

Remember that your numbers are only as valid as the context they’re viewed in. In the example of raw lead conversion rates, low numbers could be due to several factors, and it would be shortsighted to simply assume that your sales team just isn’t as good as it used to be.

Instead, we recommend a complete and holistic approach to your review process. Start with some of the metrics on our list, and if you’re still unsure of where to start making improvements, remember that Hushly can take this job on for you.

If you’re interested in having Hushly keep track of your lead conversion metrics and maximize your lead conversion rate, contact us today!

A Guide to Visitor Behavior Analysis

Visitor behavior analysis is the process of understanding why users on your website make purchases, browse certain content, or click away. In essence, it’s examining every part of the user experience from the user’s perspective to find out what’s good about your website and what needs improvement.

Other than just understanding what customers are doing, behavior analysis has some significant benefits that your company should use. These include a better understanding of your website, your customers, and ultimately more conversions.

We’ve collected information about visitor behavior analysis in today’s guide so that you can get started using this concept to improve your website.

What is Visitor Behavior?

Visitor behavior in this context refers to how users interact with your website. When evaluating how well your website is performing and how much users like it, you’ll need to be aware of some essential information like:

  • How users find your website.
  • How long users stay on your website.
  • What users are doing while they’re on your website.
  • How often users return to your website.
  • What parts of your website are most popular among users.

There are a few ways to keep track of this information. In the following sections, we’ll go over these ways, as well as some details about how to analyze this behavior.

Visitor Behavior Analysis Explained

Now that you know what we mean by visitor behavior, we can talk about what it means to analyze it.

As with all evaluations within your company, measuring your website’s performance is best done through multiple perspectives.

Quantitative data like pageviews, clicks, content engagement, conversions, and other metrics are beneficial for uncovering shortcomings and what you’re doing right. However, they don’t paint a complete picture. Metrics don’t tell a story on their own, and they require additional context to determine root causes. This is where qualitative analysis, such as analysis of the user experience of your website, comes in.

The opposite of the quantitative approach would be a qualitative one, where the quality of the experience of a hypothetical user is measured directly. Visitor behavior analysis is like putting yourself in your customer’s shoes. By shifting the role and experiencing your company from an outsider’s perspective, you can better grasp how your website succeeds and where improvements need to be made.

Why Does Visitor Behavior Analysis Matter?

You can uncover some vital information through analysis of your visitor’s behavior.

Track Your Website’s Performance in Depth

You may already know how long users spend on your website before they click away. But is there something about your website causing them to click away? A holistic user experience analysis could reveal this for you.

Visitor behavior analysis is best at uncovering the user experience. Once you don the customer role and try your website out, you could quickly realize that some process or prompt is off-putting to customers or that your most popular products aren’t being recommended to shoppers the way they should be.

You could also discover more profound flaws like the usability of your website—i.e., loading times, aesthetics, and completeness.

Identify the Audience You Want

You may have multiple different audiences who appreciate the different products you offer. In this case, it’s helpful to know which potential customers will be the most valuable so you can funnel them into your sales pages or collect their information for follow-up.

On the other hand, you may have users who never buy anything and only come for the content. It’s essential to know the distinction between these two types of users, so you don’t waste time trying to sell to someone who isn’t buying.

By acting as either of these hypothetical types of customers, you can optimize your website and funnel the best prospects toward the products they might be interested in.

Understanding Your Best Customers Better

On the topic of your best customers, these are the people you need to know better than anyone else.

Tracking and analyzing the behavior of your best customers will reveal two important things:

  • What they do on your website.
  • Why they love your product(s).

These key pieces of information will help you create more of these kinds of customers and keep the ones you already have coming back for more.

Optimize Your Advertisements

You need to know which of your ads were most effective and on which users. This way, you’re not spending money on ads for the wrong platform, targeting the wrong audience, or promoting irrelevant products to people who don’t need them.

By tracking where users find your website and where they’re going when they get there, you can glean information on the effectiveness of your advertising content and platforms.

How to Analyze Visitor Behavior

Ultimately, visitor behavior analysis is a broad subject with countless legitimate methods. A good visitor behavior analysis should focus on things like time spent, clicks, mouse movements, and what kind of content is consumed.

Here are some ideas on how to begin analyzing visitor behavior:

Track Website Flow

You want to know how a user finds your website, where they start out, and where they go after they get there.

Users flow through your website through a natural progression of clicks and navigation. If you can identify the ideal flow to get customers to want your product more, then you’ve just performed valuable visitor behavior analysis.

Use Session Recording and Heatmaps

A session recording and heatmap is an excellent combination of quantitative and qualitative data that can paint a complete picture of the user experience.

With this data, you can track the user experience directly from beginning to end.

  • Are users receiving a consistent, quality experience?
  • Are they being prompted with the right messages at the right times?
  • Is your website’s flow natural and easy to follow for customers?

All of these questions and more can be answered with some high-quality heatmaps and session recordings.

Make Direct Inquiries

One direct way to measure how much users enjoy your website is just to ask them.

You can’t predict what kinds of responses you’ll get, so it’s important that you design questions that directly address what you want to know (such as: “Did you find what you were looking for?”), in addition to more general questions (like “how was your experience overall?”).

Use a Content Optimization Platform Like Hushly

One straightforward way to analyze your visitor behavior is to let Hushly do it for you.

Our end-to-end user experience platform keeps track of important quantitative data like lead conversions, pageviews, and bounce rates. It combines that with professional qualitative analyses that we’ve tested and proven across multiple industries.

We can then take this information and craft an improved customer content experience.

Know Your Website Better to Improve the Customer Experience

Customers will associate every experience they have with your company with their holistic user experience. A smooth, easy-to-navigate website is excellent, but if you aren’t directing customers to conversion opportunities or presenting value to them at the right time, all your investment in that great-looking website will be for nothing. By implementing the tips above, you can avoid this fate.

Want to learn more about how Hushly can take over your user experience optimization? Request your demo today!

3 Essentials Most B2B Online Marketing Plans Are Missing

B2B online marketing

In the Digital Age, no B2B company can survive without marketing themselves online.

Even organizations with reputations that go back generations or those that serve the most niche of audiences will struggle without a winning B2B online marketing plan. Many have even gone out of business without this essential strategy.

And yet, the vast majority of B2B companies’ online marketing plans are missing some very important features.

3 Elements Every B2B Online Marketing Plan Must Include

Don’t just settle for coming up with a B2B online marketing plan. If yours doesn’t align with the following essentials, it won’t fare well against any competitor that has invested in each of the following.

1. A Document B2B Online Marketing Plan

According to the Content Marketing Institute, only 37% of B2B marketers actually document their plans. That means more than half of your competitors probably don’t have a formal B2B online marketing plan that’s written down or otherwise documented.

Think about how that limits its results (or maybe you don’t need to).

Without a documented plan, you can’t share it with others in an effective way. Word of mouth is not effective.

You also can’t reference it if team members dispute what the actual plan was. You’ll have a hard time holding people accountable when nothing actually documented what they were supposed to be doing.

Lastly, there will be no formal record of what worked well and what you should avoid investing in going forward. In B2B, many of the best strategies require a long-term perspective. That’s almost impossible without a documented plan.

Don’t be one of the 63% of B2B companies that don’t have a documented plan for their online marketing efforts. Write down what your plan is, what tools it will entail, who owns which activities, what your goals are, and how you’re using your budget. Keep it in a secure place where authorized team members can see it and revise the strategy as necessary.

2. Lead Magnets for Capturing Leads’ Information

There are all kinds of ways to bring potential clients to your company’s website. SEO and paid ads are two of the most common among B2B companies, though social media is picking up speed, too.

The problem for most B2B companies isn’t necessarily getting traffic to their sites, though. It’s that once those leads show up, the companies have no way of reaching out to them later. They go to all the trouble of creating great content to attract and engage, but then they’re left simply hoping the lead will contact them to become a client.

Don’t be so passive.

Instead, invest in lead magnets. As the name suggests, lead magnets draw-in your visitors by offering them the promise of your absolute best content in return for their contact information.

For example, if your B2B company offers IT audits, you might have a blog post that discusses the best possible servers on the market for small businesses working in finance. Then, at the end of the post, you can offer your readers a case study that shows how a small finance company was able to increase their profits by 10% after making just one change to their IT setup.

If you don’t have lead magnets, you will always struggle to generate leads from your site. Good blog posts are no longer enough.

3. A Regular Content Audit to Keep Site’s on Google’s Good Side

Finally, if your company doesn’t currently have a content audit on the calendar, that needs to change.

This is when you literally go through every page on your website and decide if it’s legitimately contributing to your bottom line or not. If it’s not, delete those pages until all you have left is high-quality, high-converting content.

The first time you do a content audit, it will probably take a while. The more pages on your site, the more work you’ll have to do.

That’s why, going forward, it’s so important that you make content audits a regular practice. Consider doing them twice a year or even more often if your company is posting every single day.

Aside from the fact that this will make each audit much easier, it will also make them much more effective, ensuring you benefit from their effects ASAP.

Is Your B2B Online Marketing Plan Set Up to Convert?

At the end of the day, the ultimate test of any B2B online marketing is whether or not it adds to your profits. No matter what you add or do differently, it doesn’t matter if your plan doesn’t increase conversions.

That’s why so many B2B companies rely on Hushly. Our platform is guaranteed to increase your lead generation and ABM conversions by no less than 51%.

Would you like to know how?

Then, contact us today to schedule a demo.

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