Measuring the success of your marketing strategy can be challenging, but understanding what’s working — and what isn’t — is essential to growing your company. That’s why it’s important to ensure that all of your marketing efforts include a measurable return on investment (ROI). For online marketing campaigns, it’s relatively easy to track ROI and incorporate website analytics into your marketing strategy. It’s information that’s essential to optimizing the performance of your online marketing.
The number of options for B2B website marketing metrics can be overwhelming, but understanding how to use analytics in your marketing strategy is vital to the success of your marketing campaigns. We’ve created an ebook detailing six metrics for tracking ROI that are among the most important for your marketing strategy. Among them is Cost Per Lead.
Cost Per Lead
The Cost Per Lead (CPL) metric measures how cost-effective your marketing efforts are when it comes to generating new leads for your business. The CPL method provides your marketing team with an understanding of how much money it costs to acquire new customers and insight into how they can lower that cost.
CPL also provides marketers with relevant data to understand ROI for marketing campaigns. Your CPL is dependent on the type of strategy used for each lead generated, so this metric is much more specific than some of the “big picture” methods such as total conversions.
A “lead” is defined as an individual who has expressed interest in your product or services. Understanding CPL provides your marketing team with a dollar amount to help determine the appropriate amount to spend on acquiring new leads. Also, the CPL metric can be used to monitor individual campaigns such as banners and social ads.
CPL is considered by many to be a fundamental metric in marketing. It can help improve sales force productivity and provide insight into what entices a visitor to your website to fill out a form, submit their email address, or express interest in your product.
To learn more about CPL and other helpful B2B website marketing metrics, check out the Marketing Metrics To Use on B2B Websites whitepaper.