Regardless of the size of your marketing department, there are certain metrics that should be measured regularly in order to achieve your online lead generation goals. Gone are the days of getting by with viewing monthly Google Analytics reporting. CEOs, VPs of Sales & Marketing, and other executive leadership require more than that to reach growth goals. They want to know what visitors are doing on your foodservice website, what they are interested in, and how many of these visits turn into customers.
The following are the top high-level metrics your foodservice business (whether you are a factory or a manufacturer rep) should be monitoring:
1) Overall Website Visits
This one is pretty simple. We are going to assume that you have Google Analytics added to your website. GA is the easiest way to track overall website visits. Looking at the number of visits per month/quarter/year is key to determining if your website is being found. The more website visitors, the more potential to turn them into leads.
For marketers, the number of visits is key in determining a strategy. If you have a low number of visits per month (say 1000-2000), you want to publish more awareness-type content to drive new visitors to your website (for more information, see our post about the Buyer's Journey). conversely, if you have 40,000 visits per month, you want to focus on getting more of them to convert into opportunity.
Think of it as top/middle/bottom of the funnel. Do you need to fill the funnel at the top? Or do you have so much in the middle of the funnel that needs nurturing?
2) Number of Net New Contacts Per Month
How many new contacts are you generating online per month? We are not just talking about your "Contact Us" form. Which landing pages are converting those website visits into actual leads (or contacts)? Net new contacts come in all varieties - top of the funnel searching for answers to their questions, middle of the funnel considering your solutions, and bottom of the funnel ready to buy. Knowing how may new contacts you are generating on a monthly basis helps you set goals for the coming quarter and year. The more net new contacts, the more opportunity leading to revenue.
3) Number of Conversions Per Month
This coincides with the number of net new contacts per month but also takes into account current contacts/leads who are already familiar with your company, your website content, and who are "opting in" to engaging with you online. When a website visitor converts, they fill out a short form to receive an offer (gated content) or submit information to receive a quote, specs, a demo, etc., depending where they are in their Buyer's Journey. The more conversions, the more contacts/leads. The more conversions, the more trust you are building with your current and future customers. The more conversions, the more your company is helping to solve foodservice challenges.
4) Number of MQLs and SQLs Per Month
An MQL is a Marketing Qualified Lead. This is an ideal customer - someone your company wants to target and sell to. Marketers should identify what an MQL looks like and should track them. Ultimately, marketers should nurture them into becoming an SQL, or Sales Qualified Lead. An SQL (as defined by Sales) is a most qualified lead that is ready to buy, ready to talk specs, ready for a demo, or ready to talk to sales and be closed.
How many MQLs and SQLs are you generating on a monthly basis? How many do you want to generate? At the end of the day, MQLs and SQLs turn into customers, which equals revenue.
(reference: more information about the Lifecycle Stages of a Lead here)
5) Number of New Customers Per Month
Your business grows because visitors become leads; they become SQLs that eventually pay you money for your solutions. Marketers and sales executives should work closely to track all net new customers on a monthly basis. But what are you tracking? Revenue, of course. But just as important, the source of the new customer. Where did the opportunity come from? Was it from a print campaign? Was it from a tradeshow? What is from a Google search?
This is 'closing the loop' on your marketing and sales efforts. How can someone create a marketing budget without knowing a return on investment? BUT, this is the most challenging piece of the puzzle that requires the right systems (software) in place.
Ask yourself: Do I have these metrics mentioned above at my fingertips? Why not? Shouldn't I?
TMC Digital Media specializes in helping manufacturers drive new sales leads. Isn't it time to learn how industry leaders are adapting to the new marketing and sales playbook? Schedule your free inbound marketing webinar now.
