WHAT IS A LEAD?
A lead is an enquiry about your product or service. It’s someone who has engaged with your business in some small way. Below are some of the methods by which a lead could come into your business:
- A telephone call
- A walk in
- An enquiry form being filled in on your website
- A Facebook comment or private message
- An email
WHAT IS A LEAD SOURCE?
A lead source is the event that triggered the prospective customer to enquire in the first place.
Some possible lead sources that trigger customers to enquire, are:
- A Google AdWords or any pay-per-click ad
- Organic search on your website
- A Facebook post
- An Instagram Post
- A radio or TV advertisement
- A billboard or bus advertisement
- A magazine or newspaper advertisement (whether online or offline)
- A referral from a friend, acquaintance, supplier
- Walking past and seeing your sign
Some lead sources cost you money – for example, advertising or sponsorship. Some may be cost-free, for example, referrals, outbound emails, organic social media/website and walk-ins.
THE IMPORTANCE OF TRACKING YOUR LEADS CONSISTENTLY
Many business owners don’t track the source of the leads that come into their business. The few that do track them, often don’t do it consistently. To get meaningful data, so that you can make decisions about how to best market your business, it’s very important to track your lead sources.
For example, you may be running some form of broadcast advertising to ‘get your name out there’. If you don’t find a way to measure how effectively this is working you could be wasting thousands of dollars.
Many business owners don’t track their leads because they feel that it’s too hard to do so or that the data won’t be 100% correct. Don’t fall into this trap. Don’t worry if the data isn’t 100% correct. The important thing is to be consistent in the way you track your leads and then make decisions based on the averages.
It’s easier for some businesses to track leads than others. For example, a law firm can easily ask all new clients how they found out about the firm. A busy hamburger shop may find this impractical. Don’t let that stop you. For example, the hamburger shop could have simple survey forms for customers to submit in exchange for the chance to win a prize. The results from these surveys could then help guide marketing decisions.
Often customers won’t know how they found out about you. For example, they may have heard your advertisement on the radio and then looked you up on the internet and thus told you that they found you online. Don’t worry too much about this. The important thing is to track every enquiry that comes in (where possible).
The tables below are examples of lead tracking sheets. Choose a format most appropriate to your business, customise it to suit you and commence tracking your leads.
Example: Fast-Paced Retail
|Lead Source||Enquiries Tally||Totals|
|Saw our sign and walked in|||||| |||| ||||12|
|Heard our radio advertisement||||||||4|
|Referred by a friend|||||||3|
|Received our outbound email||||||2|
|Saw us on Facebook|||||| ||||7|
|Other|||||| |||| ||||12|
If you would like an example tracking sheet for a professional services firm, please contact us and we will send you one free of charge.
Remember, this module is designed to merely help you understand where your current leads are coming from and to cull out any marketing strategies that you may be wasting money on. Future modules will go into detail about how to build marketing campaigns and maximise your marketing results.