Tracking leads is an essential component of event marketing. But despite their intentions, many businesses don't execute the practice effectively. And instead of gaining insight into their target market, they end up exactly where they started.
This all stems from what you classify as a lead. If your definition is too broad or your standards are too low, you'll think you generated more leads than you actually did.
For this reason, we recommend businesses to focus on quality leads. That means that you should track the leads that actually turned out to be legitimate potential clients.
This metric isn't as optimistic as counting all leads, but it's more realistic. According to a recent Business 2 Community article, businesses get a better idea of the effectiveness of their event marketing when they track quality leads:
"Be careful not to fall into the trap of tracking total leads if the majority of them are unqualified and not relevant to your business. It might be easier to justify your spend if you can claim 200 leads collected but if only 50 of them are legitimate potential clients then that might be the number to work with for your calculations. It looks better to claim the 200 but that will only provide you with an unacceptably low conversion rate."
You're faced with the decision of a low amount of leads versus a low conversion rate. And a low conversion rate won't tell you much about your sales process if the potential clients weren't a good fit for your business.
If you only count quality leads and end up with a small list, however, then you'll find out how effective your event marketing is. You'll also see if your sales process is good enough to convert those leads since you already know the potential clients are legitimate.
To talk more about event marketing, or anything else, please contact us.