I recently was asked by a contractor how he could keep better track of his leads. He said he was frustrated to not really know where his leads were coming from and didn’t know where to start. Keeping track of your leads is one of the most important decisions you can make in your business. Tracking your leads helps you make better marketing decisions on where to place your marketing dollars and where to spend more time prospecting or networking.
Here are a few quick tips to help you get started. For of all, I recommend keeping a digital copy of your leads, not a notepad. If you use a notepad, make sure you transfer your leads into your computer so you can easily run reports in the future.
- Digital Tracking: Use a Google Spreadsheet, MS Excel or a Customer Relationship Management (CRM) program to track your leads. When choosing a CRM to use for your business, make sure the lead tracking and reporting are strong features.
- Track the Source: Track your leads based on the Source (i.e. Customer Referral, Website, Door Hanger, BNI Meeting, etc.)
- Track the Dollars Spent: Track the estimated dollar amount for each bid you do: Won and Lost. This is crucial. If you get 35% of your leads from your direct mail efforts but only close 10% of those leads (and the job sizes are small) this will trigger a reaction. You’ll have to make some changes to how much time and money you spend on direct mail.
- Reporting: Run several reports on a monthly basis and evaluate your marketing efforts. I have a client who can run a 10 year report on his radio campaigns. He can tell me how many leads he received, how many jobs sold, and the dollar amount of jobs sold and lost. He can also run reports that tell us what years and months were the best for his radio advertising. After reviewing the reports together we can make an informed decision on whether we’ll continue advertising on the radio. So far, it has been worth it!
- Implementing: Lead tracking and reporting are useless unless you commit to viewing your reports and implementing changes when needed.
How do you currently track your marketing efforts? How has it worked for you? Let me know your thoughts. I’ve just shared some simple guidelines for those who do not current track their leads.