One of the biggest questions we have to answer as marketers is how do we generate more qualified leads for our sales teams in the most cost-effective way? Cost per Lead (CPL) is the metric at the center of that question. In short, it’s equivalent to the cost of generating all of your leads divided by the total leads acquired. The metric’s main purpose is to provide marketers with a tangible dollar figure so we know how much money we can spend on acquiring new leads. The CPL metric also provides valuable data that enables you to fully track your return on marketing investment. More importantly, knowing your CPL means that you can start to optimize your lead generation strategy so that you’re receiving leads by the leanest means possible. If you receive leads over the phone, call tracking is a necessary tool when it comes to lowering your CPL. BIA/Kelsey reported that 61% of businesses rate their inbound phone calls as excellent leads meaning that optimizing to receive more quality leads from this channel can ultimately result in more conversions and lower cost than spending money on lower converting channels. Focus on Quality over Quantity: You might be running an click-to-call advertising campaign that is driving clicks, but what about conversions? Without context surrounding how leads are handled over the phone, you wont be able to know for sure if an ad is driving quality leads and if you should be putting money behind that advertisement. Call analytics stop you from giving underperforming channels the benefit of the…
Read More: How Search Marketers Reduce Cost Per Lead with Call Analytics
