Cost Per Lead (CPL) is a vital metric for your digital marketing campaigns. It measures how much money you spend to get contact details of a potential customer.
Having learned your CPL, you might also want to calculate the conversion rate to actual sales, since unfortunately not every lead becomes your client.
The formula for cost-per-lead is:
CPL = Total money spent ÷ Number of leads
To calculate CPL you should divide Total Money Spent by the Number of Leads.