Tracking the return of investment (ROI) of Marketing qualified leads (MQL) in marketing, is a need that fulfills a marketing department’s goal of generating quality leads. These leads often have a much higher chance of getting converted to consumers as compared to other leads which are considered simple leads
Simple leads are first-time visitors who do not interact as intensely. They are way off the conversion mark and will need nurturing to be brought close to being a customer.
MQL in marketing aims at two distinct goals: Creating awareness and generating interest. However what cannot be overlooked is the fact that efforts for MQL, made by the marketing team, eventually involve a cost. Tracking these costs is also a crucial aspect of tracking ROI in marketing.
Here are some tips to track ROI to ROI of MQL in Marketing:
Fix Up A Goal:
Why are you even interested in generating leads? This the first question you should ideally answer before you embark on the task of MQL. Understand that goals are measurable and hence setting and fixing your goals in generating marketing qualified leads lets you have an edge over your ROI tracking.
Calculating The ROI Of MQL In Marketing Via Lead Monitoring Month On Month:
Here the simple calculation is of the month-on-month tracking of the generated ROI of MQL. How is this done? By measuring the time and length of the month? Does this sound weird? Sample this. In the month of January, let’s say you have been able to generate about 500 leads. You will obviously want to continue the trend into February as well.
Hence here is where you will need to stop and think in terms of your goals for the next month and the time frame. If January yielded 500 leads, and February needs to at least deliver the same, then your resources will have to work the leads out in two days less. Reason? The calendar. After all February has two days less.
Website Traffic Monitoring:
Your website might not be able to attract and keep all the visitors interested and focused. In this case, you have to generate leads and measure the return of investment too. How will you do that though?
Understand that we are discussing a website. Hence it is obvious that the web traffic coming on to your website matters a great deal. So here is a list of some quick tips about what needs to be looked at:
- Website Traffic
- Increase Web traffic increases
- Increase in page views
- A decrease in bounce rates
- Shares in social media platforms
- Search engine rankings
Measure The Marketing Teams Efforts To Generate Lead:
If you have an internal marketing team you will probably understand this point better. A marketing team makes numerous efforts to build rapport and forge relationships that can be nurtured. More often then not, a recommendation works way better in generating leads that are already marketing qualified.
This is what experts say about the marketing teams: “Benchmarks: A company with an external sales team and internal sales support should look for 20–40%, whereas a company that has an inside sales team and a lead-focused marketing team should be between 40% and 80%”.
Create A MQL Persona
Understand the persona or target audience that you are aiming at. However, once a persona has been developed, you need to ensure that the leads generated are in sync with this persona.
Hit Gold With Conversion:
The crux of ROI of MQL in marketing and its measurement all boils down to conversion. Leads are good only as long as they can be nurtured into SQL. If not, its a waste of all the efforts.
A marketing lead converted to a customer or a lead from a website converted to a customer is where the buck stops.
Tracking your ROI of MQL marketing is not a one-parameter analysis. This is a multiple angel analysis and the mentioned 6 tips are crucial parameters that can help you with your ROI of MQL marketing analysis.