Determining how many leads you can generate in a month has one simple answer, and you won’t like it. It depends. Calculating your leads depends on what you’re selling, your budget, fulfillment capacity and customer information. The good news is that there are ways you can calculate your leads and conversions which help you arrive at an estimate.
Steps to Determine Your Lead Generation Goal
The most useful way to determine your lead generation goals is to learn how much income your company needs to produce. If you are working with a team, you will have to figure out who the best person(s) is to take on this responsibility.
From there you will need to make some simple calculations to get to the set up point of your essential lead generation goals.
Pinpoint The Number of Leads Needed
In the initial phase, you will have to lend your ears to other professionals to outline how many leads your business requires. This is where you will have to talk to your managers and the sales team.
Discuss their own objectives and goals about the projected income and reason from there. It is also important to know how much money should come from inbound marketing.
You want to know how much money you can make by attracting new customers with valued content, and approaches designed for their needs and wants.
Calculate How Many Clients You Need to Reach Targets
Now you must calculate approximately how many customers your business needs to hit the target mark. You can do this quite simply, by dividing the number found in the first step or the typical returns created from every customer.
Determine Your Lead Conversion Rate
Defining your lead conversion rate can be established by comparing how many leads became customers. If you don’t have an adequate amount of information to estimate that number, you can set a realistic favourable amount.
Don’t be silly about this amount, seriously. Predicting that you will convert 60% of your leads into customers is incredibly unrealistic.
A more achievable number would be between 2 and 5%. Your estimates are likely to increase over time as you get enough data about your customers’ needs.
Adjust your Goals to Reflect Progress
Obviously, this is something that you will only do when you have been generating leads for a while. Don’t worry that will happen. If this has not happened yet, you can propose an anticipated growth rate until you have enough info for a rough estimate. This is an important part of the process to keep you focused and motivated to promote your business. As always you must be very careful when leads do pop up. Pride can be your downfall.
Let’s say that you have managed to gather 20 leads in one month. It would be quite foolish to think that you will generate ten times as many in the next.
That is a bit of an unrealistic expectation. You should be reasonable and ready to adjust to further systems of measurement.
A well thought out content marketing plan will create multiple leads every month. The catch is that you do need some time to catch traction and reach the possibility of increasing leads.
Sustain Your Growth (Bonus Reminder)
Bear in mind that the growth of your business needs to be viable. Holding on to faraway goals can be daunting for you, your team, and your business. Failing often and not attaining the anticipated outcomes will create a toxic working environment. With that in mind, adjust your goals to your existing reality regardless of the increasing numbers.
Then again, don’t be too arrogant and create a misleading sense of security by wanting less leads than you should.
In the end, your business will only end up not reaching the required goals. Going forward, this will cause your business to lose its place in a viable market.
Record Your Results
As with everything in your business approach, you should adhere to the results. In doing so, you can distinguish between the actions that have the best conclusions and should be done again.
You will also be able to alter methods that have been unsuccessful or that have room for improvement.
With a sharp lead generation goal, the prospects you aim for are those that can be achieved by your business. Similarly, it is a way of not damaging your business with a smaller amount that won’t result in the expected number of sales.
Now that you know how to set a lead generation goal and how important it is for your business success, how about learning how to qualify those contacts? Look at our cool guide on lead qualification.