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4 ways to use data to identify the most valuable leads, while reducing costs

Kate Cox talks about how lead generation can be achieved more efficiently by tracking the source of leads and focusing on the channels that are delivering the most, rather than by simply throwing money at the problem.

Lead generation has always been a key focus for us at

Moneypenny

as we handle inbound marketing activity and customer enquiries for business of all shapes and sizes – from sole traders right up to multinational corporations.  We ensure all phone calls and live chats are captured for our clients 24/7, either acting as a fully outsourced support, or as overflow to a client’s in-house team and if it’s a new business enquiry we can integrate these into their customers own CRM systems as a key route to growth.

In terms of our own marketing, we operate across most digital channels as well as non digital ones such as DM, events and advertising in radio and newspapers, with multiple campaigns driving leads to our website, who then typically engage with the sales team via phone, live chat or web form, converting them offline.

1. Knowledge is power – ensure visibility in your sales leads through to conversion

We had a reporting challenge for our marketing team, who lost visibility once a lead was handed to the sales team. We knew we were missing data on a large number of leads via paid search, particularly for those that came in via the phone. While we could cross reference leads in CRM, there was no way of accurately tracking the leads from phone calls or live chat back to a traffic source.  This black hole in our reporting made it impossible to discern what separates a great lead from the crowd.

We came across

Ruler Analytics

whose software made it possible for us to track not only calls, but leads from live chat and web forms too.  It meant we can accurately track all visitors to our website and match lead data back to the original source. This enriched data is then pushed to Google Analytics and AdWords where our team can see leads,

qualified leads

and clients won, attributed to specific campaigns and keywords, which has removed time consuming tasks from our digital team’s to-do list.

2. Better lead tracking can help optimise key words to attract the best new customer response

Better tracking of the source of, and triggers behind leads, can help you identify the keywords that stimulate the best response for a specific audience.  Ruler’s conversion tracking solution has helped us to get data into Google Ads quickly and frequently, meaning we can spend more time on account optimisation to improve lead volumes and Cost Per Lead. Ruler has become imperative to our paid search reporting.  We quickly identified we were losing visibility on around 20% of leads that came in via phone, meaning our view of overall CPL’s were too high and we were able to reduce reported CPL’ s which in turn increased ROAS. With Ruler’s data we’re now able to optimise campaigns based on actual business won, as opposed to web conversions.

3. Understand what drives a high quality lead

Once you’re armed with data you can trust, the understanding of what drives a high quality lead will allow you to reap the benefits. Being able to surface our data has allowed us to be more intelligent in the way we optimise our paid search activity. For example, we have been able to reduce our spend on keyword groups that drive web conversions, but don’t result in genuine leads and change our bids on keywords that drive

high value leads over low value ones

.

4. It’s all about being smarter about how you use your data to optimise leads.  The cost savings will then follow.

With significant budget placed behind PPC and Paid Social, we’ve been able to use our data to protect our budgets and identify both cost savings and performance increases.  Our spend has stayed consistent year on year, but now that we’re able to optimise based on all leads rather than just web conversions, we’ve seen an 8% increase in leads and our cost per lead has reduced by 11%.

Now that we’ve got a good handle on how our digital spend works, we are able to more accurately see the impact of our offline spend. The insight that better lead tracking and marketing attribution provides is invaluable to marketing teams like ours at Moneypenny, who can gain the full picture of the effectiveness of their campaigns, optimise performance and become more efficient and effective with marketing spend.


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