Having a steady flow of leads is a constant challenge even for the most established brands. Studying retail marketing measurements can be the key to understanding what really drives leads for your health brand. The key is to go beyond the “vanity metrics” and get deeper into what can explode lead generation across all product or service categories.
Many health marketers focus on clickthrough rates which can help to signify which traffic sources may send the largest amount of traffic. This falls short if the clicks do not equate to an increase in leads or sales in the long-term. Additionally, tracking cost-per-lead and lead volume can give you surface-level information to pinpoint which campaigns may be generating more leads in comparison to others. But, these metrics do very little to help you identify if that campaign is producing the highest quality of leads ready to purchase.
Here are the most important marketing metrics for health brands to track.
- Conversion rates – getting leads is one thing, but if they’re not buying, then they quickly become expensive and wasted opportunities. You’ll want to compare clickthrough rates with conversion rates to see how many people who are clicking are actually becoming customers. If there is a large disparity, then it’s time to determine where the disconnect arises when they click.
- Page load speed – slow website loads are one of the biggest sales killers. For every second of page load speed, the number of leads often decreases by 32%. If your page load speed is slow, then this could negatively impact the number and quality of leads you’re generating.
- Customer acquisition cost – getting a flow of new customers often comes at a cost. The goal is to reduce customer acquisition costs by using lead generation campaigns that bring in high-quality leads that convert. To determine the most appropriate customer acquisition cost, you’ll need to get clear on the lifetime value of each customer in comparison to the campaign cost for new leads.
- Lifetime value – how much is each customer spending when they buy? Lead generation is more about quality than quantity, especially when it comes to increasing the customer lifetime value. If new customers are more likely to be one-time buyers, then you’ll want to see how you can increase their shopping cart purchase and become repeat purchasers.
- Lead source – it’s important to know where your largest source of leads is coming from. Whether that is through email, phone, or social media, you’ll want to be clear on where the highest quality leads are. The easiest way to do this is to implement some form of lead tracking or specialized promo code that can easily identify where each lead was generated from.
Creating winning campaigns to effectively generate high-quality, high-converting leads must take a strategic approach. If you could benefit from having expert support in increasing your retail lead generation, feel free to reach out. I’d love to connect and share insights on how you can use marketing metrics to take your lead gen to the next level.