Last Updated on 1 year by Go Review Rite
Many people ask the question, why are lead source tracking important in your business and your analytics?
Take an example someone from a particular location, from a particular age group and a particular set of interests buys your product or clicks your product with the aim of buying.
Do you think it’s logical to let them buy and leave after that or do you think other people who fit the description of the first customer, their age, sets of interests, and location,
Do you think you can find more customers using these criteria to search for them? The simple answer is yes.
This is the major reason why you have to Track your leads back to their sources, so you can find more leads.
Track your leads source and you shall experience more potential customers and more conversions and in the end huge growth in business.
Table Of Contents
- 1 What is Lead Source Tracking
- 2 What is Lead source
- 3 How Lead Source Tracking in Google Analytics Works
- 4 Steps to use MonsterInsights
- 5 How to identify Lead Quality
- 6 Why Tracking Website Traffic Sources For Knowing your Target Audience.
What is Lead Source Tracking
When you post an ad out there, you are able to check who has clicked on it or which turned to conversions but that’s just about it.
You can’t check how everyone relates with the ad. How many times they skipped past it or if they even clicked by the ad by mistake.
Tracking your lead source is very important because those leads give you direct information on the group of people and interests which your target audience and potential customers have.
This helps you set your criteria on whom should be seeing your ad and who shouldn’t be.
When the aim is to know and understand where your best quality leads come from and the lead that’s most likely going to turn into conversion and the ones which wouldn’t,
then the best way to go about this is via tracking your lead source.
What is Lead source
Just in case the term lead source is vague or new to you, you can simply describe lead source as the channel or means via which your ad was discovered.
It is the means by which your product or service was discovered by a potential customer.
One mistake people make is confusing the method a person used to contact you and the means by which they discovered your business.
Let’s say a person sees your ad on Facebook and then sends your company an email requiring its service or wanting its goods,
The lead, in this case, isn’t the email being sent but the ads being seen on Facebook.
The lead source is the platform or means by which a person who would be a potential customer finds your business.
is Conversion Tracking really Is Important?.. Check How To Set Up WordPress Form Conversion Tracking In Google Analytics
How Lead Source Tracking in Google Analytics Works
There is just a perfect solution to this and its MONSTERINSIGHTS.
monsterinsights form add-ons is a plugin you can add to any form to help you track your leads when using google analytics.
It doesn’t require you to configure anything on your account or any extra work.
Steps to use MonsterInsights
1. The first step is to install the MonsterInsights plugin on your website. You have to download the plugin and connect it to your Google Analytics.
(Note: check these in-depth steps – by – step on how to install the MonsterInsights plugin to the WordPress website. it put you through the process)
2. This is the next step is to manually connect it to your Google Analytics. This step is simple.
You have to go to insights, then you click add-ons, and finally click install under the form add-ons.
3. The next step after this is to activate your MonsterInsights. Right there the button will say activate.
You can just go ahead and click activate and it gets activated on the forms.
4. Viewing reports is also an important part of this as you view the reports telling you how well your ad is going or how badly it is.
To do this you have to click insights, then next you click reports, and finally, you click forms and you find your form’s reports there.
With MonsterInsights you can view the reports of each form independently and know how each of them is doing.
You can track their different impressions, different conversions, and even the rate at which each form is converting independently.
This way you can tell which form is doing well and which isn’t.
You can tell which is good for your business and which isn’t.
With the proper Tracking of Website Traffic Using Google Analytics you can tell where to channel your energy and get more results and where not to.
How to identify Lead Quality
Now that you have set up your forms to bring you leads it’s time to track where the leads you get come from.
This isn’t the most important step but it is very important in keeping a business successful and helping reach your target audience and spend your money properly.
As you have set up tracking your leads which are connected to Google Analytics, finding out the lead source which brought the most leads and channelling most of your energy is quite important.
Although MonsterInsights shows you how well your forms are doing, you still need your Google Analytics account to make this work effectively.
When logged into your Google Analytics account you have to click “behavior” Next, you click “events” and then “top events”.
Looking at the money you are going to see your forms as a grouped event.
Just click on form. Next, you would see even actions as well as the total impression and the total conversions.
Remember the aim is to know the source of the people who filled and submitted forms so we can identify the lead source quality thus giving us lead quality.
For this reason, we click on conversions, and then you will find all the forms which were submitted by visitors.
You have to click on a form in which you want to know the source after doing this, you should move to use the secondary dimension.
There is a secondary dimension dropdown menu that can be used. After clicking this you have to click source/medium.
To find this you can click the search bar and just type source or you can find it under acquisition.
This is where you would find all the forms and their sources. Where you would find your visitors and where they all came from.
Why Tracking Website Traffic Sources For Knowing your Target Audience.
You take it or leave it, everyone cannot be your target audience except you are selling water.
Not everyone would want your service and not everyone would need your service.
This means you shouldn’t waste your money or time trying to advertise to everyone. When you put your forms or ads out there some do well while others don’t.
The ones doing well would most likely be because the ad or forms is being shown to the right audience and the ones doing not so well is because they are not being shown to the right audience.
Thus it is important to Track your leads to know where the good leads are coming from and invest more in those areas.
Also finding the source of your leads helps you understand customer behavior.
It helps you understand where they go to get the services you render and how these leads were contacted.
It also helps you tell where they got the information about your business.
Building a Business Plan and Model
Every business is different thus has to have a distinct model of operation which is best suited for it.
If your lead comes mostly from television broadcasts then you have to incorporate that into your business building a model that works very well for you and your business.
Tracking your leads helps you understand which your business leads are strongest and thus gives you an insight on how to rebuild a business plan in such a way that it becomes successful.
When you track your leads you know which where the leads with most conversions come from and this should tell you that your investment should be going in that direction and thus you are most effective.
Most people work via trial and error. They place ads everywhere and hope that luck hits them. This shouldn’t be the case.
You just have to put your ad and forms in the right places and the right people will see them.
If you want to reach out to as many people as you can, putting out forms or ads all over the place isn’t the solution.
You have to put them in places where people who need them will see them and when these leads turn into conversion and they get value for their money they would spread the word.
The quality of a lead is the rate or percentage or chance that a lead will turn Into conversion. There are lead sources with High lead quality and lead sources with low lead quality.
You have to focus on the sources with high lead quality because that is your market and that’s where you find your customers.
This is why tracking your lead source is important.
You can relate it to hawking products. You walk to so many streets carrying your product on your head or on a tray but you get to a particular street and there, you always sell all your goods.
Instead of wasting your time walking around the city, you can as well just go to the street where you sell it all directly and make your profits and then move to others where you sell little.
Then you don’t have to walk so much and yet you still sell it all