Lead Generation Stats For Manufacturers
by Jo Shaer, on August 27, 2015
Many manufacturers don't believe they need to consider lead generation. They say their regular clients have been with them for a long time and that new business comes via word of mouth and referrals.
And, if you really don't need to grow your business, you might be happy to stick with those tried and trusted methods.
However, if your order book is starting to show gaps and your staff are sitting around idle, here are some stats from a recent Demand Generation Benchmark report that you might want to consider.
HubSpot and Qualtrics conducted a survey of 900 management-level marketers in North America and Europe and asked them about their clients.
Their findings showed that companies exceeding their revenue goals report branding, website design and optimization, and social media as their top 3 marketing investments. These are also the top three investments reported by all survey respondents. The lowest investments are in telemarketing and traditional advertising.
Lead Generation Stats for Manufacturers
Nearly 80% of companies not meeting their revenue goals attract less than 10,000 visitors to their website each month.
Whilst 70% of those exceeding their revenue goals attract more than 10,000 website visitors per month.
Do you know how many visitors arrive at your website each month?
This is a vital stat that should be at the finger tips of every Manufacturing executive, along with the Company's annual revenue!
The study found that 74% of companies that weren’t exceeding revenue goals did not know their visitor, lead, MQL, or sales opportunities.
You can see from this table that manufacturers generally can keep up with other industries in terms of visitors to their website.
Their ability to generate leads from those visitors also compares well with around half the industries surveyed.
However, their closing rate for actual customers is considerably less than the majority of the industries mentioned.
Do you know how many leads you generate from those website visitors?
82% of companies generating $250,000 or less in annual revenue report generating less than 100 leads per month, whereas only 8% of companies generating $1 billion in annual revenue report the same.
If you don't know that figure or how much traffic you get and how much you spend to generate that traffic, you cannot work out your cost per lead.
Companies across all industries with between $250k and $1m in revenues averaged a cost per lead of $26-50, manufacturing generally also fell into this bracket.
The State of Inbound 2014 showed that smaller companies with less than 25 employees, and those with over 1,000, did better than mid-sized businesses.
It also found that the cost per lead for companies using an inbound strategy was far lower than those using an outbound strategy. Find out more about inbound marketing for manufacturers here.
Do you know how many of those leads become customers?
Companies with the highest annual revenue report more visitors, leads, MQLs, sales opportunities, and customers than other companies. Well, it stands to reason really doesn't it!
But how can you turn those leads into customers? The stats show that nurturing those visitors who have shown an interest in your products via ongoing email marketing can have real benefits - especially for those businesses involved in the industrial and manufacturing sectors.
Of all the industries mentioned in the report, Industrial & Manufacturing had the highest email open rate and also performed well in the more important measure of whether or not those readers clicked through to the website as a result.
The statistics that manufacturers should be aware of for open rates are that, generally, 60% of those businesses exceeding their revenue goals had an above-average open rate, while the same was true for only 48% of those achieving their revenue goals and 35% of those not achieving their goals
The key point for CTR is that 64% of those exceeding their revenue goals have an above-average clickthrough rate, while only 28% of those not achieving their goals had an above average open rate
However, the fact that stood out is how many businesses did not know the stats about their email marketing campaigns.
For CTR, that’s 90% more than those businesses who were exceeding their revenue goals. For open rates, that's 52% more than those businesses who were exceeding their revenue goals.
Key takeaways on lead generation for manufacturers
Knowing your stats plays a crucial role in the ability of your business to achieve and exceed its revenue goals.
Do you know your visitor, lead and customer stats? Pop them into our handy calculator to see how effectively your current marketing is working for your business.
Find out how Inbound Marketing can make a real difference to the lead generation stats for your manufacturing business.