Do you know which channels are actually converting into paid jobs?
You may already know that Lead Generation refers to the business’s ability to attract potential customers through marketing and advertising. It’s important to know so you understand which channels are generating more leads for the business. But it’s just as important to understand which channels are actually converting into paid jobs.
Tune in as Connor Holliday from Elements Advisory Group takes tradie business owners through the third KPI trade business should be tracking to improve business performance – Lead Generation and Lead Conversion.
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Did you see the first and second videos in the series? Discover the other key KPIs trade business owners should be tracking.
Watch the first video here.
Watch the second video here.
We have clients who may spend $10,000 on Google Ads, and generate lots of traffic and leads, but get little to no qualified conversions.
On the other hand, there may be another channel that is bringing in fewer leads but sees a higher customer conversion rate.
It’s important to note that although you may be investing a large amount of time and money in one channel and getting a lot of traffic and leads from it, not all leads are guaranteed to convert into actual jobs.
You need to measure the top-performing lead-converting channels just as much as your top-performing lead-generating channels. Sometimes, it’s even as simple as asking a customer “How did you hear about us” and recording where these customers are coming from.
Based on an analysis of the top-performing lead-generating AND converting channels, you can start to identify:
- Which channels are bringing in jobs with higher profit margins
- If the jobs converting are with your ideal customer
- The length of time from initial enquiry, quoting, and job completion – This tells us a lot about how seasonality works in some trades businesses and allows you to effectively manage your resources and pipeline depending on the time of the year.
- And overall, the channels you should be directing your budget towards that will generate the most jobs completed at the right value.
So remember, to ensure you’re investing in the right marketing and advertising channels, it’s important to track and assess your lead generation to conversion rates. This way, you can rest assured that you are allocating your marketing resources wisely.
As always, Elements Advisory Group is here to help if you need assistance with measuring the KPIs in your trade business. Get in touch with me or anyone from the team by emailing us at admin@elementsag.com.au or calling us at 07 3878 9181.
