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The close rate (CR) is the ratio of how many leads turn into customers. If you get 40 conversions from 100 leads, that is a 40% CR. To find the CR, divide the number of customers by the number of loads. _____ Customers / Leads = _____ 100 = _____ % Close Rate (CR) Close rates can vary by industry and company. They can range from 2% to 50% or higher.
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Cost-per-Lead
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Finally, we calculate the cost-per-lead (CPL). This is how much a lead may cost. A lead is a prospect or a contact that you then convert into a customer. If a CPA costs $10 and you need ten leads to get one conversion, then those leads cost $1 each.
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To find the CPL, multiply the CPA by the close rate (CR) $_____ CPA _____% Close Rate = $_____ CPL
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Our KPI model has several assumptions and limitations. We assume a discount rate of zero, meaning that revenues earned in the future are worth the same as they are today. Most marketing projects have a short time horizon, so the discount rate generally doesn t matter. You may need to adjust the KPIs several times over the course of a campaign. When you begin to optimize the campaign, the numbers will affect each other. You improve the CR, which increases the CPL, which produces more leads. An advanced formula for CLV and AOV may distinguish between high-value and low-value customers and products. Work with your accounting team to develop appropriate models. The KPIs will differ, depending on the type of site. There are several basic websites:
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Lead generation websites These sites get leads, registrations, or contact requests. Many of these sites produce leads that are closed by other teams, so the KPIs consider the CPL, not the cost-per-action. Sales sites These sites sell products or services. Our KPI model is best suited for sites that sell products, such as Koi-Planet. Support sites These sites offer support, FAQs, and information for products or services. Companies use them to reduce the cost of telephone support. If a support site does its job well, fewer visitors will contact the company (they got the solution at the website). For these sites, KPIs may consider the volume usage of the internal search tool, the reduction in support calls, and similar. Informational websites These sites offer content, such as information, videos, music, and so on. For example, there is Facebook, Education.com, and MySpace. These sites use advertising to generate revenue. They use other KPIs such as eRPM (revenue per million page views), eCPM (cost per million page views), time-on-site, and so on.
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You can use our model to develop a KPI model that is suited to your industry, products, and website.
Search Engine Marketing
KPI Worksheet
Here is the KPI formula as a worksheet:
KPI Customer Lifetime Value (CLV) Explanation The total revenue value of the customer. Worksheet $______ Avg. Order Value (AOV) ______ Number of Orders by an Average Customer per Year ______ Number of Years for an Average Customer = $______ CLV $_____ CLV 25% PRR = $_____ CPA _____ Customers /Leads = _____ 100 = _____ % Close Rate $_____ CPA _____% Close Rate = $_____ CPL
Cost-per-Action (CPA)
How much are you willing pay to get a customer Use the project rate of return (PRR) (let s assume PRR at 25%). How many leads turn into customers How many leads must you buy to get one customer
Close Rate (CR) Cost-per-Lead (CPL)
Work with your finance team to build a worksheet that matches your projects. You can download our worksheet from the book s website at Insider-SEM.com.
An Example: Selling Bags of Koi Food
Let s try out the KPI worksheet with an example. Let s assume Koi-Planet is selling bags of koi feed.
KPI Concept Average Order Value (AOV) Avg. # of Orders per Year Avg. # of Years for a Customer Customer Lifetime Value (CLV) 25% PRR Close Rate (CR) Cost-per-Lead (CPL) Formula $42,000 revenue per month / 420 sales = $100 AOV 4 orders per year per customer 3 years $100 AOV 4 orders 3 years = $1200 CLV $1200 CLV 25% PRR = $300 CPA 20 sales / 100 leads = 20% Close Rate (CR) $300 CPA .20 CR = $60 CPL Results $100 AOV 4 orders 3 years $1200 CLV $300 CPA 20% CR $60 CPL
In this example, Koi-Planet can spend up to $60 for each lead and be profitable. The close rate (CR) is fairly low at 20%; if we improve that, the CPL will increase, which allows us to spend more on leads and be profitable.
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