Your campaign is out there across social and native channels.
It’s time to measure your cost-per-lead (CPL), dividing your media spend by the leads that your campaign is generating.
But how many of these leads will match your Ideal Customer Profile and how many of them will turn into a MQL (marketing qualified leads)?
So, let’s say your monthly media expenditure for all channels is $10K; and let’s assume that your CPL (cost per lead) on average is $100 per lead. However, after investing efforts in your lead nurturing process, you discover that only 20% are MQL’s.
So effectively, excluding your lead nurturing efforts, the MQL share from your original media spend is $500.
This is what we call the “relevance gap” (and in this case, it’s a $400 gap).
In other words, in order to use your budget wisely you need hyper targeting capabilities to gain relevant exposure and thereby maximize your MQL’s.
And this is how:
- Define your buyer persona
At the heart of your CRM lies all the information about exactly who you’re looking for.
Analyze it with real sales opportunities information and you’ll gain a true understanding of your buyer persona profile.
This is a crucial step, as at the next one, you’ll utilize this profile as a key denominator for data exfiltration.
- Define criteria or even better- make a list
You can accurately define your channels’ audience filters according to your buyer persona profile.
Or you can purchase lists and filter the audience accordingly.
Obviously, the more lists you have the better, as you can then cross-check them to achieve maximum data accuracy.
In this case you’ll need the help of your development team, as each list has different fields and various criteria for filtration.
Alternatively, you can use persona-based marketing technology that has already cross-checked multiple databases for you and which harvests your list automatically, based on your buyer persona profile.
- Upload the list to all your channels
Using a list of personas means that almost everyone who leaves lead details will become a MQL. So now, instead of targeting your campaign by criteria, you can present it exclusively to your list members, wherever they go online.
Your media buying team or outsourcing campaign experts can match emails from the list with publishers’ cookies, target them on LinkedIn, or upload them to Facebook.
- Optimize your list to increase your MQL rate
The more accurate your list is, the higher your MQL rate will be. By analyzing the new leads you gain from your campaign, you can optimize your buyer persona profile and subsequently the data harvesting accuracy of your list.
And by doing it with the right technology again and again, you can reach up to 95% accuracy.
So, let’s say your monthly media expenditure for all channels is $10K; and let’s assume that your CPL (cost per lead) on average is $100 per lead. Knowing that 95% of them are MQL’s means that your cost per lead and your cost per MQL are now almost identical.
And that’s how you can eliminate the relevancy gap!