How to Measure Success of your Lead Nurturing Campaigns
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Setting up your auto responders is most but not all of your lead nurturing campaign. Last, but by no means least, is measuring your campaign performance. To work out if the campaign has hit the mark, you need to decide the targets and set out the metrics to measure for success. Your metrics will vary depending on your campaign objectives and business sector, so this list is of a place to start with some of the most popular analytics.
The click-through rate or CTR measures the number of people who open your email. The rate is calculated by dividing the number of unique clicks or total number of clicks by the number of emails sent to leads.
Stick to whichever calculation you select so your click-through rate is consistent across the campaign. CTR will also tell you if leads are ready to buy. If they are not clicking on offers or trials, then the lead is not ready to buy.
Spreading the word
Measuring how many social media users like, forward or retweet your messages gives some idea of the popularity of your content.
Email conversion rates are about measuring how many leads clicked on a link to your web site and carried that action through – that could be downloading a report, signing up for a demo or buying a product.
The conversion rate also highlights the effectiveness of your lead nurturing. If the conversion rate is too low, then you will need to revise your content. An increased conversion rate shows that your campaign is a success.
You should also track how many leads who clicked links later went on to become customers.
All lead nurturing emails should have an unsubscribe link. Most software packages include them automatically because the requirement is law in the US and many other countries.
You need to track unsubscribes as an indicator of how much your leads like your campaign. The unsubscribe rate should be low – anything less than 1% is good because you are engaging well with your leads – but a high unsubscribe rate means they are unhappy at receiving your emails.
Don’t rest too much on the laurels of an ultra-low unsubscribe rate. Click-throughs are a better indicator because you do not know how many leads send your emails in to spam. Work from meaningful figures you can evidence rather than metrics that could mask the truth.
A spike in the unsubscribe rate indicates an unpopular message that needs reviewing.
Can you track lead nurturing benefits?
So far your lead nurturing campaign has been about helping a lead along a sales funnel and becoming a customer, but is there more to a campaign than that?
The answer is yes, because an effective lead nurturing campaign is one which engages with an audience, helps create interest and keeps your company in the minds of potential customers.
Remember your nurturing campaign isn’t just about money and sales – it’s also about profile and a positive business reputation. Monitoring social media and watching for referrals from outside your campaign is important. Ultimately your lead nurturing will drive customers to your business from unexpected quarters – and you’ll need to monitor these results.
Make data analysis easier
All sorts of providers offer free and paid-for web analytics. The best advice is keep analytics simple. You don’t want to wade through reams of data just because you can. Work out your key metrics and stick with them. You don’t need the rest unless they add value to qualifying your leads or honing your marketing.
Now it’s your turn
How do you measure the success of your lead nurturing campaigns?
What are your biggest marketing challenges?