The Internet is one of the best ways to get those leads. But how can you tell if you’re successfully getting new business online?
The answer is to look at the right key performance indicators (KPIs).
KPIs are specific metrics in your analytics software that are directly related to your goals. They tell you how successful you are, and they help you understand whether or not you’re getting the results you want.
These are the KPIs you need to watch the most if you want to generate new leads. If you'd like to speak with a specialist about KPI, you can reach us at 888-601-5359.
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KPI #1: Conversions
When it comes to lead generation, you need to know how many conversions your website earns.
A conversion occurs whenever a visitor on your website takes their next step to becoming your customer. In most cases, it’s whenever someone gives you their contact information and becomes a lead.
That means your number of conversions is the same as the number of leads you’ve generated on your site.
It’s important to know this number so you can determine what you want to do in the future.
If you don’t have as many conversions as you’d like, you need to look at the other KPIs on this list to determine potential issues and how you can fix them.
If you’re earning lots of conversions, then you should examine your site, find what you’re doing well, and replicate it for future success.
Whether you only have a handful of conversions or your business is skyrocketing, your number of on-site conversions is the most important metric in lead generation.
KPI #2: Conversion rate
Your conversion rate is related to the number of conversions on your site. It’s the percentage of people who come to your site and actually convert.
To get that percentage, your analytics software looks at the total number of visitors to your site in a time period and divides it by the number of conversions on your site.
That gives you your site’s overall conversion rate.
Individual pages will have different rates, and the overall conversion rate for your site is an average of all of your pages.
Your conversion rate tells you whether you’re efficiently generating new leads with your website.
A high conversion rate (like 5%) means you’re giving people the information they want and successfully convincing them to contact you.
A low conversion rate (like 0.1%) means people aren’t getting the information they need and are likely leaving your site for your competitors.
That makes this metric incredibly important to lead generation.
If your conversion rate is high, then keep doing what you’re doing. Maybe even take a few conceptual risks to see if you can do even better!
If your conversion rate is low, look at your pages as a whole and identify areas where you could improve them. That could mean adding more copy, including visuals, or elaborating on topics that are particularly important to your customers.
KPI #3: Bounce rate
The next important KPI for lead generation is bounce rate. Bounce rate is a measurement of how many people come to a page on your site and then navigate away from it without looking at any other pages.
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So if someone comes to your homepage from a search engine, then goes back to the search results instead of clicking one of your links to another page, that counts as a bounce.
Your analytics software calculates your bounce rate by taking your total number of visitors and dividing it by the number of visitors who immediately left your site.
Unlike our last two KPIs, a high bounce rate is bad. That indicates that lots of people find your site, see its information, and then leave without converting.
A low bounce rate is great, though. That means people find your site, enjoy its information, and then continue to look on your site (or convert).
When you have a low bounce rate, you can be sure you’re providing information that’s helping your customer demographic.
KPI #4: Exit rate
Exit rate is similar to bounce rate, but it’s only relevant to individual pages on your site. You can’t average exit rate because at some point every person on your site will eventually leave it, whether they’ve converted or not.
With that in mind, exit rate is important to examine on your most popular pages. It refers to the percentage of people who leave your site when they’re on that page.
If you have a page with a high exit rate, it means it’s probably bad for your conversions. People are uninterested in the information you’re providing, so they try to find it somewhere else.
A low exit rate means you’re providing a quality experience for your site visitors, which is exactly what you want to do to generate new leads.
There’s one exception to these rules. If you have a page that you show to people after they convert — like a thank-you page — then that page will always have a high exit rate.
New leads will typically convert and then leave your site until you contact them again. So if your thank-you page has an exit rate of 100%, don’t worry — that’s normal.
KPI #5: Average session duration
The average session duration is the typical amount of time that a visitor spends on a page (or your site as a whole).
Higher durations mean your visitors are interested and engaged in the information you’re providing.
Lower durations mean visitors are deviating away from your page.
Typically, you’ll notice a low average session duration whenever a page has a high bounce rate and a high exit rate. Together, these three KPIs will tell you if a page needs to be changed in order to better convert your visitors.
But there’s an exception to that rule, too.
If you have a small page with a few paragraphs of text and lots of images, someone may not need to spend that long on it to consume the information. In that event, a low session duration could mean you’ve created user-friendly content (which is a great thing).
But if you have a 3000-word page that goes into detail about your industry and it has an average session duration of 20 seconds, you know something is off. Take a look at those pages and determine what you can do to improve the duration as a whole.
It could generate lots of new leads.
WebFX is a professional lead generation firm
At WebFX, we know the KPIs to check to make sure that your company generates new leads. We’ve used these KPIs ourselves to guide our company to new levels of success, and we’ve applied the same principles to our clients.
We’ve earned thousands of new leads for our clients over the years. Now, we’ll do the same for you!
Contact us today to generate new leads for your business!