Updated Dec 4, 2022

Why Tracking Your Lead Source is SO Important

This video is short and sweet – but maybe one of the most important tidbits of tech I’ve ever dished out. And did I mention this is going to save you money? Yea, it's easy and tracking your lead source can save you so much money…

If I’m being honest, I just had this “aha” moment about tracking lead source a few days ago.

Not that I wasn't tracking it myself (as you can see in the video) – but the realization that maybe my favorite people aren’t aware of how important this is to their business *yet*.

And yes, I’m talking about you.

First, Let's Talk About Lead Generation

I’m pretty confident that anyone reading this has at least a base understanding of what a lead magnet and lead generation is (if not, no judgments, but if you're not sure read this before worrying about tracking lead source for now.)- and probably most of you have one up and running for your business.

Lead magnets are ESSENTIAL to business

  • They act as the initial welcome for customers to your business… and most importantly your email list.
  • They allow you to provide, value helping you to show up as the go-to you are.
  • And most importantly the lead magnet is the gateway to future sales.

So yes, YOU NEED A LEAD MAGNET– and a good one at that.

Today isn’t about how to create a lead magnet though… it’s about tracking your lead source to see what’s working and what’s not.

Example of Tracking Lead Sources

Take me for example…

I have the same exact lead magnet in two different places. One is through my banner in my private Facebook group and the other is through a Facebook ad.

You might be surprised to find out which lead source is actually converting to sales.

Because I track my lead magnet sources through Ontraport, I was able to pop into my account last week and see that even though the opt-in rates are similar, and while the overall lead magnet is converting sales at 6.5% (yes, I know I need to improve that), the one that is most successful is actually NOT the Facebook Ad <<—–

You know, the one I’m actually spending money on, of course 😒

As it turns out, my warm audience from my group is converting clicks into sales without me spending a dime… so what do you think I did? You KNOW I reallocated the ad spend to better serve my business immediately after cutting this video <<—- Which not only saves me money but MAKES me money in the long run.

Are you starting to get how important this is for your business?

Bottom Line

If you’re not tracking your lead sources, you’ll never know which ones are converting and could literally be throwing money away- all the while thinking you’re raking it in.

In order to make the most of your marketing efforts, it is critical that you track your lead sources. By knowing which marketing channels are generating the most qualified leads, you can ensure that you allocate your resources appropriately and focus your attention on the lead sources that will yield the greatest return.

Additionally, tracking your lead sources can help you identify any potential problems early on so that you can take corrective action. In short, tracking your lead sources is a key part of effective marketing management – so if you're not already doing it, now is the time to start!

Knowing your lead source helps you understand where your customers are coming from

Knowing where customers come from is a vital part of any business. If you don’t know the lead source of your customers, then you could be completely missing out on potential business opportunities. That’s why it’s so important to understand the lead source for your company and know how potential customers are finding you.

Doing this allows you to target those lead sources with further marketing efforts, creating a more efficient customer base and boosting profitability. By understanding the various lead sources, companies can see which channels are most effective in acquiring new customers.

This information can be used to inform future marketing decisions so that campaigns are delivered to their ideal audiences. In addition, analyzing lead sources helps marketers identify strengths and weaknesses within their current campaign strategy.

Knowing your lead source also offers insight into where customers fit within the sales funnel—a valuable tool that allows businesses to tailor their sales techniques accordingly. Understanding lead sources is an essential part of successful business operations, as it provides crucial direction for marketing decisions moving forward and maximizes customer acquisition.

All in all, knowing your lead source is essential for current and future growth because it helps you stay ahead of the competition and make the best use of your resources.

It allows you to track the effectiveness of your marketing campaigns

Marketing campaigns can be extremely effective or incredibly ineffective, so it's important to track their efficacy. Fortunately, tracking the effectiveness of a campaign is easier than ever. Modern software programs allow you to track clicks, views, leads, revenue, and your lead source report can show you which new leads your sales team can target as a potential customer.

This data is extremely useful when trying to make good decisions in marketing because it informs you what worked and what needs improvement. Having this information can help you gain valuable insight and make decisions that are backed by data instead of intuition. It also reduces risk since you are able to identify strengths and weaknesses earlier on which saves time and money in the long run.

Additionally, data-driven campaigns are more likely to resonate with consumers since they allow marketers to analyze consumer behaviors, attitudes, locations, and purchases to craft targeted messaging that resonates with customers on an individual level. All these factors combined make tracking the effectiveness of your campaign absolutely essential.

With all the available resources at our fingertips these days to assess the success of a marketing campaign has become simpler than ever before comparatively allowing for dynamic optimization during every phase of any marketing journey.

You can use this information to make decisions about where to allocate your marketing budget

As any marketer will tell you, the decision of how and where to allocate your budget can make or break the success of a campaign. To maximize your investment, it pays to research different channels and measures their effectiveness in generating engagement with your target audience. You might think that means hours (or days!) of pouring over complicated data—but you’d be wrong.

The surprisingly simple answer is to let the information actually do some work for you! With the right tools, you can measure metrics like website visits, user activity, and conversion rates which will all help you make informed decisions about your marketing budget allocation. So don’t waste your time crunching numbers — let the numbers do their work so that you can focus on running successful campaigns! That’s what smart marketers do!

Additionally, when considering which channels to utilize for an effective marketing strategy, it's important to assess both organic and paid media options as these will provide different insights when making budget-based decisions.

With this dynamic data in hand, you'll be ready to make choices about where best to invest your resources for maximum return on investment and success. Sounds good? It certainly should! So go ahead — let the information help you make confident marketing decisions today!

If you're not tracking your lead source, you could be missing out on valuable data

Do you know which lead sources provide the best return on your investments? Not tracking lead sources is akin to shooting in the dark. Sure, you might hit a lead now and then — but imagine the potential windfall if you knew which lead sources reliably produced conversions or closed deals.

Tracking lead sources with robust customer relationship software, like Ontraport, can provide actionable insights for your sales and marketing teams that would otherwise be lost. With good customer relationship management (CRM) software, tracking lead source data is relatively straightforward — all you need to do is set up lead source tracking within your app and start collecting data. Most of the CRM software I recommend has the ability to track you lead source to some degree using UTM variables… you'll need to check their help manuals or chat with support about how to make the magic happen.

Now imagine how much more valuable that data becomes when it's combined with other lead-specific information, such as activity history and engagement metrics. Access to this kind of data can help marketers and your sales team make more informed decisions about where to allocate their time and budgets, leading to more high-quality leads and marketing ROI down the line. So don't let valuable lead source information slip away: incorporate lead source tracking into your CRM or software today!

Not sure how to track your lead source? Here's a quick guide to get started

Tracking your lead source can be confusing and time-consuming. But it doesn't have to be! Knowing exactly where your qualified leads are coming from is essential for understanding your lead generation efforts and how well each of your marketing efforts is performing.

Here's a quick guide on how to get started today. To begin, create UTM variables on any link you need to track, such as on your website, email campaigns, or social media posts. This helps you identify the source of traffic on your site, so you’ll know exactly which campaigns are driving the most leads.

You can also use Ontraport to help organize and manage your databases. Ontraport lets you tag contacts and leads based on how they were acquired, ensuring that you know exactly how you generated the lead, and how many converted to sales. With Ontraport, it’s easier than ever to keep track of your lead source and ensure you’re getting maximum value for your hard work.

So go ahead and give it a try – who knows what insights might be hiding in those data points? A robust tracking strategy could be just what you need to take things to the next level!

Social Media Channels and Organic Traffic for Lead Generation Campaigns

The first step in any successful marketing campaign is understanding your audience. Who are you trying to reach, and where do they spend their time?

Once you have a good idea of who your target market is, it's much easier to figure out where to find them and how best to reach them through the various marketing channels.

One of the most popular ways to reach potential customers these days is through social media channels. According to recent studies, about 78% of Americans use social media platforms like Facebook, Twitter, and LinkedIn regularly, making them a prime location for marketing efforts.

But not all social media platforms are created equal – each has its own strengths and weaknesses when it comes to marketing and each lead source won't necessarily generate the qualified leads your business needs.

For example, when it comes to social media, LinkedIn is great for B2B businesses looking to connect with other professionals in their industry. Facebook is better for reaching a general audience, while Twitter can be useful for breaking news or promoting special offers.

It's important to tailor your content and approach accordingly if you want to make the most of these powerful social media platforms to generate high-quality leads and gain a potential customer from this lead source.

And don't forget about organic traffic! Even if people aren't actively searching for your product or service on social media, they may still stumble across your page if you have strong SEO practices in place.

Are You Generating Leads?

All of this data is valuable, and it can help you make decisions about where to allocate your marketing budget in order to get the most bang for your buck. (Not sure how to track your lead sources? I've got a quick guide for you below!) But if you're not tracking your lead source, you could be missing out on all of this valuable information. So what are you waiting for? Start tracking those leads!

How are you tracking your lead sources? Let me know in the comments!

Frequently Asked Questions

What's the simplest way to generate leads?

There's no one-size-fits-all answer to this question, as the most effective way to generate leads will vary depending on your business and its target audience. However, there are a few general tips that can help you get started.

One of the best ways to generate leads is through targeted content marketing. By creating content that is relevant to your target audience, you can attract potential customers who are already interested in what you have to offer. Be sure to add a popup to your site using software (we use ThriveLeads for WordPress).

Additionally, social media platforms like Facebook and Twitter provide great opportunities for engaging with potential leads. Another great way to generate leads is through email marketing. By collecting email addresses from interested prospects and sending them regular updates about your products or services, you can gradually convert them into paying customers. And don't forget about tradeshows and other live events!

Attending tradeshows and other live events provides an opportunity to connect with potential leads in person and learn more about their needs and interests. So there you have it — a few general tips on how to start generating leads today! For more detailed information on how to generate leads for your business, be sure to check out our comprehensive guide on lead generation.

2 thoughts on “Why Tracking Your Lead Source is SO Important”

  1. Wow! Powerful stuff Dawn. This is exactly what I am looking for! I need to be able to track my lead sources all the way to conversion. Question? If you are working with local businesses and they have their clients data in another software is there a way to connect Ontraport to their software to see which leads turned into clients, patients or customers?

    1. Hi Darien, I’m so glad you found it helpful! I don’t think I’d recommend coupling Ontraport with other software just for tracking purposes… is there any chance they could just move everything to Ontraport or are they using industry-specific software? There is software out there that is specifically for tracking purposes (WickedReports, Segmetrics, and ConversionFly come to mind) so if they are already happy with the software they have and you just want to help them with tracking, one of these might be a better option 🙂
      Dawn Marrs recently posted…Why Tracking Your Lead Source is SO ImportantMy Profile

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