No one, and I mean no one goes on a road trip any more without using some form of GPS. Whether it’s the maps app on your phone or going to AAA for them to route your trip and print directions and maps for you (my grandfather still does this), we are dependent on directions to guide us to our destination. Some GPS platforms are more reliable than others. We have all heard the jokes and seen the TV spoofs about people following their GPS’s directions right into a lake or have used the less than reliable Apple Maps only to “arrive at your destination” when the restaurant is actually 2 streets over. It’s frustrating to be dependent on a system that fails you. Much in the same way that GPS helps you find your way to your destination, marketing metrics can help you ensure that you’re on the road to success in your marketing. Consider that your marketing and sales teams are on a road trip. In order to arrive at the appropriate destination (sales goals), you must determine which metrics are dependable enough to guide them to reach their collective goal? Think of these 7 steadfast metrics to guide your marketing, like a GPS for marketing.
- 1. Visit-to-Lead %: This metric is a measure of the effectiveness of the marketing team’s calls-to-action and offers. This metric reveals the quality of the marketing content and can identify any issues at the very top of the funnel. It’s also good to look at conversion rate of each specific offer landing pages to see if the problem is on the initial CTA or the landing page.
- Lead-to-Marketing Qualified Lead (MQL) %: The lead-to-MQL percentage measures how effective marketing is at converting leads beyond the stage simply collecting someone’s contact information, to a qualification stage.
- 3. Leads Received-to-Leads Sought %: The percentage of leads worked by the sales team is a great, not to mention easy, measure of the initial quality of leads presented to your sales team. If a sales rep chooses not to call or email a lead given to them then something is probably wrong with the quality of the lead, or the handoff/agreement between sales and marketing.
- 4. Leads Sought-to-Leads Connected %: The percentage of leads that sales is able to connect with shows overall how likely or willing a marketing-generated lead is to take the next step to talk with sales, or possibly reflects the effectiveness of the sales rep’s follow up approach.
- 5. MQL-to-Opportunity %: This metric is percentage of MQLs that become opportunities and measures of the quality of MQLs specifically. If you see this metric going down, you may need to reassess your criteria for a lead to be considered an MQL.
- 6. Opportunity-to-Customer %: Once a lead reaches the opportunity stage, it’s largely in the sales person’s hands to bring it through the final stages to becoming a customer. The Opportunity-to-Customer % is a measure of the quality of opportunities the sales team is creating from marketing generated leads, and how effective they are at closing these opportunities.
- Lead-to-Customer %: The final funnel metric, Lead-to-customer %, gives you one overarching number on the effectiveness of your sales and marketing partnership. This is a good, single number to look at to understand how you’re doing as a SMarketing (sales +marketing) team in your journey together, while the other metrics (#1-6) above can diagnose which stages needs extra attention.
Along with these metrics there are a few other helpful metrics that you should be tracking like lead generation, average deal size, and of course the big one-revenue that will make your marketing trip a smoother ride. Working backwards you’re your conversion rates will help you to optimize your marketing and make sure you’re taking the best route in your inbound strategy. When it comes to working marketing and sales together, it’s important to have a clear and dependable road map to achieving your goals. Using these metrics to guide your marketing is like upgrading from paper maps to a marketing GPS.