Running a successful lead generation campaign is one of the best ways to expand your business, however, how do you measure how successful your campaign is? Without setting goals and measuring results the answer is simple – you can’t!
When developing a lead generation campaign there can be different opinions within the organisation as to what makes the campaign a success: the number of visitors to your website, the companies in your warming queue, the number of marketing qualified leads (MQLs)….the list goes on. This can make the process tedious and messy and distract from the actual challenge the campaign is supposed to solve – getting more leads.
Don’t panic though, there is an easy way to solve this problem: before you even start planning your campaign, set goals that are in line with your organisation’s objectives and most importantly, make them SMART.
So what are SMART goals and how can they help my business?
About Money defines SMART goals as: “S.M.A.R.T. is an acronym for the 5 steps of specific, measurable, achievable, relevant, and time-based goals. It’s a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results”.
- Specific – Your goal should be unambiguous and communicate what is expected, why it is important, who's involved, where it is going to happen and which constraints are in place
- Measurable – Your goal should have concrete criteria for measuring progress and reaching the goal
- Attainable – Your goal should be realistic and possible for your team to reach
- Relevant – Your goal should matter to your business and address a core initiative
- Timely – You should have an expected date that you will reach the goal
So what does a SMART goal look like? Let’s think about an organisation who wants to improve their customer numbers as soon as possible. However, while ‘improve our number of customers’ may be a goal, it doesn’t have any qualifying traits that help us work out how to reach that goal. If we were to make it a smart goal though, we might say ‘increase our customer number by 30% by the end of April 2016’.
This goal is:
- Specific – ‘increase our customer number by 30% by the end of April 2016’.
- Measurable – ‘by 30%’ shows the CEO is looking for an increase on the current customer base of 30%.
- Attainable – ‘by the end of April 2016’ – this gives the sales and marketing departments almost 6 months to achieve the goal which should be more than enough time.
- Relevant – increasing customer numbers can only help improve the business as more customers equals more money.
- Timely – ‘April 2016’ – gives a specific cap on the goal.
By following this framework, everyone in your organisation will know what the objectives for the campaign are and what steps are needed to get there.
However, there is one more thing you must do to improve your campaigns – measure the results.
Firstly, you need to measure your results from the beginning of the campaign. By benchmarking against either your own previous campaigns or against competitor data you can quickly see how this new campaign is performing.
Next, it is important to get feedback from your sales and marketing teams to discover the successes and challenges associated with the campaign; do the sales team have to push leads back to marketing because they are not sales ready? Is marketing struggling to convert website visitors into MQLs? Are you converting any leads into customers? Constant feedback allows a good manager to keep campaigns on track and hopefully solve problems before they become too big.
As mentioned in our previous post 'How to Define a Sales Lead and Why It Is Important for Your Business?' each department in your organisation may have vastly differing opinions as to what constitutes a lead. Therefore, having a good feedback system in place should enable you to eliminate the confusion around what a lead is, and within a timeframe that any confusion is caught before it has a chance to have a negative effect on your campaign or its outcomes.
Lastly, in order to facilitate ROI analysis, it is imperative to log leads with the organisations’ CRM / Marketing tool and clearly define the source of these leads. This way you can really work out how the campaign is performing and which channels are creating the most successes.
So, set SMART goals and remember to measure progress and watch your campaigns flourish. Clear direction and good analysis can only help improve your business and push you closer to those business objectives.
Have you got any SMART goal success stories? We’d love to hear about them!
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