Marketing

How to Effectively Use Lead Analytics for E-commerce?

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Whether you generate leads on your own or through affiliates, leads are your most valuable resource. This doesn’t just apply to making sales, but also to improve your marketing on every level based on how leads interact with your brand, buy from you, or even pass you by.

Lead analytics products like Phonexa’s LMS Sync allow businesses to dissect leads by dozens of parameters, uncovering the customer journey from A to Z. From real-time reporting to predictive modeling to fraud detection, Phonexa’s toolkit has it all to separate the wheat from the chaff, moving valuable leads down the sales funnel and discarding those deemed unworthy and fraudulent.

With omnipotent software at hand, you only need to know how to measure lead quality and use this knowledge to improve your marketing strategy. 

Let’s dig into lead analytics and how it can take your business to the next level.

What Is Lead Analytics?

Lead analytics is interpreting leads’ interaction with your brand. Whether the lead made a purchase, read an article, or browsed your website, the traces they left are your food for thought. Having it analyzed and categorized, you can significantly improve every step of the customer journey to build a better business and close more sales.

The need for lead analytics is obvious for many targets set by online marketers. For example, increasing quality leads and lead volume are top priorities for 68% and 55% of B2B professionals, whereas 65% of businesses say generating quality traffic is their biggest marketing challenge. 

None of that can be done manually — you need lead analytics software. 

How Can Lead Analytics Software Help You Generate More Leads?

Lead analytics software, which can be a standalone product or as a part of a marketing suite (as is the case with Phonexa’s LMS Sync), will provide you with:

  • Comparison reports to identify trends for blind spots in your lead generation and sales strategy.
  • Traffic flow reports to measure the performance of your leads and affiliate channels.
  • Filter analyzer to discover the best and the worst-performing lead sources.

Today’s solutions are all-encompassing, so if you feel like something is missing or the data is incomplete, chances are you’re using sub-optimal software or haven’t gotten the hang of it yet.

However, some solutions go beyond regular statistics. For example, LMS Sync will allow you to predict the success of your future campaigns, including the expansion into new markets. You will be able to model different expansion scenarios and see how outcomes change depending on the input data (demographics, types of ads, etc.).

Thought-through (and mostly automated) lead analytics will:

  • Make you flexible. Real-time reports will allow you to make small adjustments on the fly without disrupting your sales funnel. With the ROI for each of your group of leads at hand, you can zero in on the most effective marketing channels.
  • Make you profitable. Treating every group of prospects and leads individually will make you more efficient in acquiring, working, and retaining customers, which will increase your ROI and enhance your brand awareness.
  • Simplify your workflow. Should you need the statistics on your past campaigns, you can reach them in a few clicks. Lead reports are timeless.

Lead analytics will put you in the driver’s seat of your business. You will know where to allocate resources and what to expect from your marketing campaigns. This knowledge will also give you peace of mind and allow you to act without haste or stress.

What Lead Parameters Are Most Important?

Lead analytics software will provide you with dozens of parameters, from the number of leads each of your marketing channels generates to the expected revenue per lead to bounce rate and more.

But what data should you rely on in the first place? 

The answer is that it all depends on your strategy, goals, and campaign features. Here are some of the metrics that may be crucial in your case:

  • Engagement. If you acquire leads from different channels – email, social media, affiliate networks, etc. – it would only be reasonable to find out how many leads are drawn from specific channels so you can double down on the most cost-effective one and shut down poorly performing campaigns.
  • On-page activity. The time leads spend on a webpage, where they click, and what products they order is a valuable insight that can help you improve on-page marketing to raise a greater interest in your audience and eventually close more sales.
  • Demographics. Age, gender, race, ethnicity, education, employment, marital status, and metrics alike will help you determine whether your targeting is accurate in order to customise your campaigns.
  • Automation. Automation is the bedrock of successful marketing. Take, for example, chatbots. You have to measure how effective they are in interacting with customers and building customer profiles to further self-improve. Lead analytics will help you build more knowledgeable and accurate chatbots.

At the end of the day, though, it all boils down to getting a higher return on investments (ROI),  which can be done with the help of thought-through, automated lead analytics.

When Are Lead Analytics Most Helpful?

The beauty of lead analytics is that it’s helpful all around the marketing cycle, from discovery to acquisition to conversion to retention to advocacy. 

As leads move down the sales funnel, they leave countless traces that can be captured, analyzed, and put into groups based on interaction patterns. As a result, you have the customer journey delivered on a silver platter with no effort and manual labor.

Here are a few examples of how you can leverage lead analytics at each stage of the cycle:

  • Discovery. To inform prospects about the existence of your business, you use awareness ads, which not only sell your product but also create a lasting impression of your brand. The more statistics you have – impressions, reach, engagement, etc. – the easier it is for you to imprint your brand in the hearts of your customers and prospects.
  • Acquisition. As people land on your website, you can measure their on-site interactions. The more you can measure, the more you know about what they want.
  • Conversion. Knowledge about your leads can help you distribute them to the relevant sales agent and provide them with the best user experience.
  • Retention. Winning the hearts of your leads is only half the battle. The other half is to retain them, which is much easier when you have access to lead analytics.
  • Advocacy. You can only reach the ‘advocacy’ stage if you’ve done a great job at the previous stages. Turning customers into brand advocates requires data analysis and an individual approach.

How to Choose Lead Analytics Software?

With plenty of software out there, making the right choice may be daunting. 

Phonexa’s LMS Sync is a brilliant option, but you may want to explore the market yourself. If so, consider the following when choosing your lead analytics software:

  • Software features. The more extensive the statistics, the more valuable it is. Many products come in packages (for example, Phonexa’s lead analytics software is part of the LMS Sync product), so it might be reasonable to look for companies offering all-encompassing products that can solve all your problems at once.
  • Cloud-based or not. Cloud-based software has improved automation, easier integration, enhanced scalability, and is cost-effective. On the other hand, on-hand software might be more secure because it stores data locally and gives you full control over it.
  • Ease of integration and installation. If you already use marketing software, check whether the lead analytics software will be compatible with your current software and whether it can be easily integrated into your business.

Once you evaluate your needs and the market proposition, you may realize that there are only a few solutions that fit. Of course, the options are always broad at first. But the deeper you dig into the technicalities, the more you realize that there are only so many tools suitable for your business.

Final Thoughts

The best thing about lead analytics is that it is niche-agnostic. So whether for B2B or B2C marketing, lead analytics powered by robust software can save you tons of time and money, enhance your brand image, improve lead quality, increase your ROI, and help you develop your business faster and with greater accuracy.

Want to know more about lead analytics software and related products? Call 800-306-0178 for a free consultation from Phonexa’s professionals or reach us at info@phonexa.com.

Frank is a senior editor and productivity enthusiast. Loves hunting and reviewing new tools. When he's not writing he's normally cooking, gardening or reading.

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