According to the recent BtoB report “Lead Generation: A Fundamental Flourishes in the Digital Era,” marketers reported spending an average of $246 per qualified lead with 16% reporting their average cost per lead (CPL) is over $500. In a marketplace where businesses need to generate more leads from tighter budgets, voice-based marketing automation has become an essential tool for reducing CPL.
So what exactly does $246 per lead mean? Well, let’s say your company spends $1,968 a month on a combination of Google Adwords, banner ads and billboards, which together generate 8 leads. That’s a cost of $246 per lead.
Calculating your CPL for every campaign is essential for all marketers concerned with reducing costs and optimizing ROI. That’s why marketers track lead results using conventional marketing automation tools like Marketo and Eloqua, PPC tools like Google Adwords, and CRM systems like Salesforce. None of these tools, however, are able to track an important and highly prized type of lead: inbound sales calls.
With conventional lead tracking, for example, you’re able to connect a Google PPC ad with leads that download a whitepaper or fill out a contact form. You can tie leads in your CRM back to a webinar or trade show they attended. These analytics, however, do not take into account leads that called a salesperson directly. Where did those leads come from? Was it a specific Google ad or web page that drove them to call? Maybe a specific white paper, radio spot or billboard sparked an interest? How do you know?
That’s where voice-based marketing automation comes in. By incorporating voice-based marketing automation into your lead tracking and reporting program, you tie inbound calls to marketing ads and programs. You can then get an accurate picture of where every lead is derived from and calculate a truly accurate CPL. You can use that data to:
- Reduce overall marketing spend – identify those advertising outlets that aren’t generating leads
- Optimize advertising budgets – shift marketing spend from outlets that aren’t generating leads and have a high CPL to effective outlets that have the lowest CPL
Call Tracking in Action
Over the years, Ifbyphone has helped marketers lower their CPL by reducing their overall advertising spend or by attaining more leads with the same budget. Here are some highlights—click through to read the whole case study:
- Marquis Dental Spa: By using more than 250 unique phone numbers, Marquis Dental Spa pinpointed the source of every phone lead to establish accurate ROI metrics for each outlet. After identifying which outlets had the lowest CPL and were therefore the most successful, the client was able to reduce CPL by 50% by accurately focusing their ad budget.
- Dynamic Lead Solutions: Because salespeople were often too busy to enter in lead source information manually, Dynamic Lead Solutions was often unsure which marketing campaigns were the most effective. By integrating voice-based marketing automation with its lead management system, the client understood which marketing campaigns generated the lowest CPL and reduced its overall advertising spend by 25%.
- Premier/Signature Sotheby’s International Realty: In the competitive marketplace of real estate, Premier/Signature Sotheby’s International Realty sought out tools to attract and retain top real estate professionals. By using unique phone numbers, the client was able to show team members that newspaper ads were an effective use of advertising spend—ultimately reducing ad spend by 30%.
Whether you need to reduce your overall spend or better optimize your budget to drive more leads, voice-based marketing automation can help reduce cost per lead and give you a better picture of where your marketing dollars are working the hardest. To learn more, download our whitepaper, “Tracking Phone Leads: The Missing Piece of Marketing Automation.”