“I almost canceled my most profitable ad campaign because I was measuring response every week instead of every month.”
“I stuck with an email offer that worked great although those leads took much longer to convert.”
One of these marketers understands the value of knowing how long it takes to convert a prospect into a customer. He can market smarter, report results accurately, and get the best ROI,
Which kind of marketer are you?
Understanding how long new leads take to purchase gives you insight into how long the customer journey is, when you should evaluate results, and how many overall new leads ever purchase your products.
Most importantly, you understand more about the sales channels that are driving revenue over time so you can replicate what’s working and improve the ROI of your campaigns.
Getting Real Answers
Most marketers ask business questions like:
- “Where did I find my best customers?”
- “Did that lead generation campaign really drive any sales?
Many try to find the answers by analyzing last-click attribution data—the only information they may have.
But here’s the thing: the longer prospect take to purchase the less likely you are to get an accurate answer that way. Last-click attribution can’t tell you about the customer’s history, why he joined your mailing list, when he opted in, and how many times you have reached out to him between first optin and first purchase.
It also can’t show you the customer journey over time so you know to stick with the ads, emails, message and offers that are driving in revenue.
One Customer’s Experience
One Wicked Reports customer learned that only 4.4% of new leads from his Facebook ads ever purchased. Yet over time those ads have generated over $800,000 in revenue on an Facebook expenditure of $125,000.
Now consider that more than half of his leads take over a week to purchase. That means last-click attribution won’t help him scale to find more of the good sales.