John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.”
This quote may be 100 yrs. old but the problem still exists today. In fact, I bet it’s that same lack of knowledge that’s preventing you from growing your business.
Maybe you realize it, maybe you don’t. The point is, if you want to propel your business forward, the easiest and quickest way to do that is to end wasteful spending on marketing that doesn’t work and invest more in what does work.
How? By tracking your leads.
How to grow your business in 3 steps with lead tracking
When you track your leads from source to sale you develop an efficient and effective marketing strategy that’s optimized to get you more sales for less money.
So, if you want to end the frustration and struggle, keep reading. If you want to increase your ROI, maximize performance and grow your business, also keep reading.
STEP 1 = Get the Whole Story with the Right Tools
The lead tracking story has a beginning, middle, and end. Like any good story, you have to tie it all together to make it work. So what are the right tools for each stage?
Thanks to the digital age, there are hundreds, if not thousands of tools and software to pick from. I prefer simplicity to complexity, so I’ll just stick to a few tools for each stage to keep it simple.
These are the tools we use that ended the same frustration and stress you’re feeling right now. If you don’t use the tools mentioned, that’s 100% okay. This is about getting the whole story and building that bridge.
BEGINNING Marketing and Advertising
Where did the lead come from? To track the source of leads, we recommend using Google Analytics, a landing page software (we use Leadpages) and an Email Marketing Software (we use Drip Marketing Automation software).
With just these three tools, you can track the source of each and every lead. As long as you set them up correctly.
The key is to drive traffic to a focused landing page with one singular offer. PLEASE don’t send traffic just to your homepage! You’re just throwing your money away when you do that. This applies to any paid advertising (AdWords, Facebook Ads), content marketing (blogging), and social media marketing.
Still with me? If not, I get it. I’ve been there. Just head over to our contact us page and email us or schedule a conversation. We’re here to help.
MIDDLE Lead Management / Sales Pipeline Management
Where is the lead now? We use Drip Marketing Automation to engage our leads and nurture them from “who the heck are you?” to “please take my money!” But there are other great tools like Salesforce CRM or Hubspot.
The key is to track each lead based on where they came from and personalize your follow up communications based on their stage in the sales cycle.
Head over to our Tools page for a list of the tools we use. We’ll even help you get started with each tool.
END Lifetime Value
Where is the lead going? Do you get repeat sales from customers? Do you get referrals? Hopefully, you get both, but are you tracking them? What type of customers are the most active in referring you business? Where did they come from? Who keeps buying from you over and over and where did you acquire that customer?
The key is to track your customers’ on-going behavior. For example, if a customer refers a ton of business to you, set up a tag that notifies you. If a customer buys everything you sell, look at their profile in your CRM and see where they came from. On the flip side, you can uncover those customers that have a high churn rate or a high return rate. Find out the source of those customers too.
Are you starting to see the power of getting the whole story? Keep reading because it gets better!
STEP 2 = Find out what’s working (hint: do more of that)
In every initial client discover call we have, we always ask two questions:
One = How are you currently generating leads, quotes, calls or sales appointments now?
Two = What’s working best for you in generating leads?
Perhaps you should ask yourself those two questions right now.
It’s ok…I’ll wait.
While the questions seem simple, digging deep to find the actual answers can get quite complex. With lead tracking, it doesn’t have to be. Check out the example below. This company spends money advertising on Facebook Ads and Google AdWords. Plus, they spend a LOT of time blogging and Social Media activity.
Now you tell me…check out the graphic below…what’s working?
It might not be clear at first, but here’s the answer…Google AdWords and Blogging. They are spending $1,000 per month on Google AdWords and getting $15,000 in revenue. That’s pretty good! And they’re spending 20 hours per week creating blogs and getting an astounding $20,000 in revenue directly attributed to those blogs.
So do more Google AdWords and create more blogs. (Thank you Captain Obvious)
STEP 3 = Find out what’s wasting money (hint: quit doing that)
Clearly, the Facebook Ads and their activity on Social Media is NOT working. So quit doing that!
How much money and money is inefficient marketing like this costing you now? Imagine if you knew what this company knows! You’d have an effective marketing plan, spend less money and get more sales!
Your next step is simple. Track your leads from source to sale! End the frustration and focus on what’s working with a proven marketing plan.
We can help you get started with a free Lead Tracking Template. It’s an easy to use Excel spreadsheet with four tabs (focus on the first two tabs: Lead Source and Sales Pipeline). We use it to connect the software tools we use for our leads and those for every one of our clients. The template builds a bridge from source to sale.
End wasteful spending and focus on what’s working with your free Lead Tracking Template.
To your continuous success,