Okay, you’ve officially captured a lead… now what? Are you just going to let them sit in your sales pipeline without nurturing them or shooting your shot at a sales meeting? We sure hope not. And that’s where lead tracking comes into play.
The lead tracking stage of lead management is essential for seeing where leads are in the B2B lead generation and marketing funnel before they convert. Then, your sales, marketing, and lead generation teams can use these insights to help better predict when leads will convert, sustaining a more predictable B2B lead generation process.
In this blog, we’ll cover the following regarding lead tracking:
Lead tracking refers to the process of monitoring and managing potential customers or leads as they progress through the sales and marketing funnel.
Lead tracking involves systematically gathering information and data about individuals or organizations who have shown interest in a product or service, and then tracking their interactions and engagement with a company’s marketing efforts and sales processes. The primary goal of lead tracking is to nurture and convert these leads into paying customers.
Lead Tracking vs. Lead Scoring: What’s the Difference?
Lead tracking involves monitoring and recording the actions and interactions of potential customers as they engage with a business. It focuses on gathering data about leads’ behaviors, preferences, and engagement history to understand their journey through the sales and marketing funnel.
On the other hand, lead scoring assigns numerical values to leads based on predetermined criteria, such as their level of interest, budget, and authority. It helps prioritize and rank leads, enabling sales teams to focus their efforts on those with the highest potential for conversion.
Lead tracking provides insights, while lead scoring aids in lead qualification and prioritization. Furthermore, lead tracking is often more utilized by lead generation and marketing teams, while lead scoring is more used by sales teams.
How Does Lead Tracking Work?
Lead tracking involves capturing and managing information about potential customers. It begins with lead generation from various sources. Data on leads, including demographics and behavior, is collected and organized through lead management software or CRM systems.
Leads are then segmented and assigned scores based on engagement. Ongoing interactions like website visits and email engagement are tracked, allowing businesses to monitor progression and automate actions like follow-ups.
The goal is to nurture leads with targeted content until they become sales-ready. Data analysis informs strategy adjustments, ensuring efficient lead conversion and customer acquisition while enhancing the overall customer journey.
Lead (market) segmentation is vital for sufficient lead tracking; however, many businesses struggle with knowing how to segment their leads properly. Read more about lead segmentation (and how to do it properly) here.
What Kind of Lead Data Should Be Tracked?
In B2B lead generation, tracking the right kind of lead data is crucial for identifying and nurturing potential customers effectively. Here are some key types of lead data that should be tracked:
- Decision-maker contact information (i.e. name, work email address, phone number, job title, etc.)
- Prospect/lead company details (i.e. business name, industry, number of employees, location, etc.)
- Decision-maker role and responsibility in making purchasing decisions
- Decision-maker engagement history with sales and marketing efforts (i.e. content interaction, email engagement, website behavior, etc.)
- Lead notes and activities engaging with sales development reps (SDRs)
- Lead’s stage in the B2B lead gen and marketing funnel
- Lead’s previous conversion history
Collecting and tracking these types of lead data enables businesses to create targeted, personalized, and effective B2B lead generation strategies. It helps in identifying high-potential leads, nurturing them through the sales funnel, and ultimately converting them into loyal customers.
Sales, marketing, and sales development teams can leverage lead tracking data in various ways to increase the conversion of leads into customers. Many B2B companies use lead tracking data for:
- Personalized communication: Use lead tracking data to personalize communication with leads. Tailor marketing emails, sales pitches, and content based on the lead’s behavior, interests, and pain points.
- Timely follow-ups: Set up automated follow-up processes triggered by lead tracking data. For instance, if a lead visits the pricing page but doesn’t make a purchase, schedule a follow-up email or call to address any questions or concerns.
- Lead scoring: Prioritize leads with higher lead scores, indicating a higher likelihood of conversion. Sales teams can focus their efforts on these leads to maximize efficiency.
- Lead segmentation: Segment leads based on their characteristics and behavior. This allows for more targeted marketing campaigns and messaging that resonate with specific groups of leads.
- Better content recommendations: Recommend relevant content or resources based on the lead’s previous interactions. For example, if a lead downloads a whitepaper on a particular topic, suggest related blog posts or case studies.
- A/B testing content: Use lead tracking data to inform A/B testing of marketing messages, subject lines, and call-to-action buttons to determine what resonates best with your leads.
- Lead nurturing: Create automated lead nurturing campaigns that deliver a series of educational and engaging content pieces to move leads through the sales funnel gradually.
- Ad targeting: With better lead tracking, you can create custom audiences for retargeting, or take that audience and create lookalike audiences for other ad platforms like Meta and LinkedIn.
- Setting up triggered events: Set up trigger-based events in response to specific lead actions. For example, if a lead requests a demo, automatically notify the sales team to schedule the demo promptly.
- Cross-selling and upselling: Analyze past purchase and interaction history to identify opportunities for cross-selling related products or upselling higher-tier services to existing customers.
- Lead qualification: Use lead tracking data to qualify leads more accurately. Identify leads that match your ideal customer profile and have the budget and authority to make a purchase.
- Customer journey mapping: Map out the typical customer journey based on lead tracking data. Identify common touchpoints and potential roadblocks, then optimize the journey for smoother conversions.
- Lead handoff: Establish clear processes for handing off leads from marketing to sales and ensure that lead tracking data is shared effectively between teams to provide a seamless experience for leads.
By effectively utilizing lead tracking data, these teams can create a more customer-centric and data-driven approach to lead conversion, improving the overall efficiency and success of their sales and marketing efforts.
The sales development and marketing experts at Abstrakt know and implement the latest lead tracking best practices for our B2B clients. If you want to use lead tracking to its full potential but don’t know where to start, send us a message to learn how we can be your partner in business growth.
Getting started with a lead tracking strategy requires a systematic approach to gathering, organizing, and utilizing data about potential customers.
Here’s a step-by-step guide to help you get started with your lead tracking strategy:
- Step 1. Set Clear Objectives
- Step 2. Identify Your Target Audience
- Step 3. Select Your Lead Tracking Tools and Software
- Step 4. Gather Gata and Integrate Into Your Strategy
- Step 5. Standardize Data Collection Process
- Step 6. Define Your Lead Scoring Criteria
- Step 7. Create a Content Strategy
- Step 8. Implement Lead Nurturing Campaigns
- Step 9. Document, Monitor, and Analyze Your Strategy
- Step 10. Use Strategy Data to Optimize Your Approach
Step 1. Set Clear Objectives
Define specific goals for your lead tracking strategy. What do you want to achieve? Increased conversion rates, better-qualified leads, or improved customer engagement? Having clear objectives will guide your efforts.
Step 2. Identify Your Target Audience
Determine your ideal customer profile (ICP). Who are your target customers? What industries, roles, or demographics do they belong to? This information will help you identify and focus on the right leads.
Step 3. Select Your Lead Tracking Tools and Software
Choose the right technology to facilitate lead tracking. CRM systems like Salesforce, HubSpot, or Marketo are commonly used for this purpose. Ensure your chosen tools can capture, store, and analyze lead data effectively.
Step 4. Gather Data and Integrate Into Your Strategy
Establish processes for collecting lead data from various sources, including your website, social media, email campaigns, and events. Integrate these data sources into your lead tracking system to centralize information.
While gathering lead data is important, so is keeping it clean and up-to-date. For insight into how your sales, marketing, and lead generation teams can ensure good data hygiene, read our blog here.
Step 5. Standardize Data Collection Process
Standardize the format of collected data to ensure consistency. This includes fields like job titles, industry categories, and lead source labels. Consistent data makes analysis and segmentation easier.
Step 6. Define Your Lead Scoring Criteria
Develop lead scoring criteria that assign values to leads based on their behavior and attributes. For example, assign higher scores to leads who engage with specific content or visit pricing pages.
Step 7. Create a Content Marketing Strategy
Develop a content marketing strategy that aligns with your lead tracking efforts. Create content that addresses various stages of the buyer’s journey and serves the needs of segmented leads.
Step 8. Implement Lead Nurturing Campaigns
Build automated lead nurturing campaigns that deliver relevant content and resources to leads over time. This keeps them engaged and moves them through the sales funnel.
Step 9. Document, Monitor, and Analyze Your Strategy
Document your lead tracking processes and workflows. This documentation helps onboard new team members and ensures consistency in your approach.
Regularly review and analyze lead tracking data. Identify trends, bottlenecks, and opportunities for improvement. Use analytics tools to measure the performance of your lead tracking strategy against your objectives.
Step 10. Use Strategy Data to Optimize Your Approach
Continuously refine your lead tracking strategy based on insights gained from data analysis. Make adjustments to lead scoring, segmentation, and content as needed to improve conversion rates and customer engagement.
Consistently Monitor Lead Activity
Keep a close eye on lead activity on your website and digital channels. Identify which pages they visit, the content they consume, and the actions they take. This information informs your approach.
Additionally, it’s vital to document lead interactions. Maintain detailed records of all interactions and communications with leads. This helps sales teams pick up where they left off and provide a personalized experience.
Set Up Alerts and Notifications When Leads Engage With Content
Implement automated alerts and notifications for significant lead actions, such as downloading a resource or visiting the pricing page. This ensures timely follow-ups.
Segment Your Lead Tracking Strategy
Segment your leads into categories based on characteristics like industry, company size, or engagement level. Tailor your communication and follow-up strategies accordingly.
Implement Lead Tracking Software to Track Leads
For an effective lead tracking strategy, it’s essential to have the right lead tracking software and technology, including lead management software your CRM platform. Additionally, it’s important to align your lead management software with your CRM to ensure seamless data flow between sales, marketing, and lead generation teams.
Automate Tedious Lead Tracking Processes
Automate the process of capturing lead data from various sources, such as website forms, social media, and email campaigns. This minimizes manual data entry errors and saves time.
Provide Consistent Lead Tracking Training Opportunities
Continuously train your sales team on lead tracking best practices and the effective use of lead tracking tools.
Every stage of the lead management process is essential for guiding leads through the B2B sales and marketing funnel; however, lead tracking plays one of the most prominent roles. While you can bring the leads in, it’s the follow-up and understanding where most decision-makers convert that makes your sales pipeline more predictable so you know where growth is coming in and what stage in the sales cycle. When you get a better understanding of a lead’s conversion points, you have the opportunity to maximize business growth.
At Abstrakt, we work with growing B2B companies across the nation to help them implement and sustain a lead management process that effectively moves leads through every stage of the sales funnel. While your marketing and sales teams spend more time understanding your audience and closing deals, our B2B lead gen experts will bring more ideal customers to your pipeline. When you’re ready to get the greatest impact from your business growth efforts, contact the experts at Abstrakt!