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Update date : 28 Oct 2021 | 5 Min Read
Cost per lead is the total value of each of your leads. Knowing the value of leads is essential to make more educated and informed decisions to acquire even more leads. Riyo.ai's cost per lead calculator is highly beneficial for B2B businesses constantly looking to gain more paying customers. Moreover, it also helps in sales forecasting and justifying expenditure towards gaining new customers.
Leads are precious for your business and hence need proper nurturing. Additionally, they have a direct impact on increasing your Return on Investment (ROI). For the same reason, Riyo.ai's cost per lead calculator and cost per lead formula help you estimate the worth of a lead and its impact on ROI.
The Pay Per Lead formula has been in the market since the 90s to be used in cost per lead calculators. Riyo.ai works on the same model that enables you to pay only for the number of leads you want. It is easier to follow, flexible because you can choose as many leads as you need, and has better accuracy.
The cost per lead formula is designed to Increase Qualified Leads and Decrease the cost per lead. Cost per lead is the total expenditure spent towards generating a lead. Generally, B2B businesses have to pay a lot of advertising, inbound marketing, and other costs for acquiring leads. On the other hand, cost per acquisition is the total expenses for generating a new paying customer or closing a deal. However, Riyo.ai goes deeper to analyze the total costs and doesn't let you underestimate the actual cost for your business.
CPL includes many costs incurred from landing pages, optimization, and other channels implemented to capture a lead and to calculate in a cost per lead calculator. Hence, focusing only on a single channel wouldn't return an accurate estimate. Moreover, it can also prevent you from having a complete understanding of your marketing efforts. Riyo.ai allows you to pay for the leads as your business grows. With a simple slider, you can choose the number of leads you want and pay a monthly amount based on that.
Once the free trial ends, you get the first 30 leads free before you start paying for each new batch of 15 leads.
Riyo.ai, as a website visitor tracking software, allows you to assign some attributes in the form of a numerical score to work as a cost per lead calculator online. For each lead, you can create a system that enables you to engage with your visitors in an in-depth way. With the feature of adding specific filters, B2B businesses can assign multiple attributes as per the information gained from visitors. Then, accordingly, they can analyze the cost for each lead, estimate their ROI, and develop better campaigns.
Utilizing data from past leads is one of the best ways to find the expenses needed to acquire new leads. Riyo.ai enables you to start this process by looking at your existing customers' contacts to create a value system. Afterward, you can go through the ones who didn't become your customers. Filtering your historical data could be instrumental in allowing you to decide which attributes need more weightage. Additionally, you are also more likely to figure out the ideal set of customers for your service.
While the quantity of leads is an appropriate measure to define progress, if your business is developing, you might want to focus on the quality of leads. If the leads on your database aren't going through the top of the funnel, it's best to focus on improving their quality by utilizing the right cost per lead formula and cost per lead calculator online. After gaining a good number of leads, the next step is to nurture them. It is also imperative to identify a proper method to measure the value of leads.
Looking at the cycle of a buyer's journey can give you enough idea about its end. Hence, it is significant to get a better sense of probability for each lead to turn them into revenue generators.
Riyo.ai enables you to increase your number of leads as you grow your business. However, you can get a better idea of how many leads you require by calculating the number of leads needed in a specific period. A good way to do that is to divide your overall revenue goal by the value of a lead.
Hence, Leads Required = Revenue Goal / Average value of a lead
If you cater to only a specific group of demographics, you can add that filter while sorting them out. It would allow you to chuck out those who don't fall into that category from the lead queue. You can then subtract the points and assign a negative score to the leads that fall outside your criteria.
Your B2B organization has an ideal profile for the companies you want to approach. They have a specific size, type, and industry. Riyo.ai allows you to easily filter those who don't serve that purpose and subtract their points from your queue. Further, you can assign points to those who fit your profile.
Also Read: How to Use Riyo.ai to Generate Leads
A visitor's interest in your product is the most crucial parameter to gauge their willingness to buy. Take a look at their past and current online behavior – the pages they visited, sequence of page hopping, time spent, and at what point they abandoned your website. Tracking all these with Riyo.ai can enable you to identify the visitors who visited pages with high-value content, signed up, or requested a demo. Similarly, you can assign high scores to those who visited a page more times. And then, you can subtract the points from those who stopped visiting the site, indicating they are not interested anymore.
The above information might be a lot to sort through and confuse you of knowing which data matters the most. Hence, talking to the sales team, marketing teams, and customer representatives can guide you to generating an accurate analytical report from Riyo.ai.
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