Why you? Why now? Why not?
Is that a trick question?
by Barbara Escher on 06/09/10
When asked about her lead tracking process, one woman business owner asked, "Is that a trick question?".
She knew which leads turned into clients but had no idea where the leads came from, what each lead cost her in marketing and sales dollars, nor did she have insight into which channels would serve her best in her lead generation efforts.
She's not alone.
Almost every lead has a price tag attached to it: the price may be the effort you spend optimizing a web site, publishing a newsletter, actively networking, even blogging and tweeting.
Most important of all is the lead that comes from a referral. What does it cost to ensure that your network of clients, influencers and even your friends will remember to recommend you when an opportunity arises?
A simple spreadsheet might turn the "trick question" into a value-added answer, capturing:
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Contact information for the lead
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Contact date
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Lead source (newsletter, web site, name of referral, networking group, Twitter, Facebook, other)
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Status
If, over time, you saw that most of your leads that turned into clients came from your newsletter, you might reduce the time spent on other channels and leverage that newsletter by way of Facebook or other media. Tweeting about your newsletter might suddenly look like a good idea.
Unless you have unlimited time and marketing dollars, it's essential to target that time and those dollars toward a channel that reaches your ideal target market.
Fortunately, the person who asked about the "Trick Question" had a solid handle on her target market. She is now an expert at segmenting that market and tracking results. Not a trick question after all!
