Depending on the outreach channel that you've decided to use, the list of metrics will vary significantly. You cannot use the same metrics to gauge your marketing email campaign and cold call performance, so we decided to underline 8 general metrics that you should be aware of.
- Website visits — the number of visits to your website from unique URLs- Lead Source — demonstrates the specific channels that were used to attract potential customers (direct, organic, social, email, affiliates, website, referral, paid search etc); - Click-through rate (CTR) — the percentage of email recipients who clicked on one or more links contained in a given email; - Marketing Qualified Lead (MQL) — the number of qualified leads that are passed to the sales team by the marketing team; - Sales - Qualified Lead (SQL) — the number of prospective customers that have been researched and vetted — first by an organization's marketing department and then by its sales team, which are ready for the next stage in the sales process; - Time to conversion — the length of time taken to turn a target lead into a paying customer; - Return on Investment (ROI) — total revenue divided by total spent on marketing campaigns; - Closing rate — the percentage of sales leads that are converted to actual sales.
How to understand your conversion rate?
Conversion rate is the most important metric for every business since it measures the effectiveness of your sales team in turning qualified leads into your long-term customers. Here are several factors that have a direct impact on your final conversion rate:
- Initial interest level of the lead; - Attractiveness of the offer; - Ease of closing process.
Despite the fact that you can't always be in charge of the interest level of the lead, the attractiveness of the offer and the ease of the closing process are completely under your control.
Returning to the math, the conversion rate can be calculated quite simply. For instance, you contact 1000 leads per month and 15 of them decide to use your solution, then you finally sign a contract, your conversion rate will be 1.5%. If you're interested in reviewing average conversion rates for the top industries, according to different marketing channels, I recommend you check this:"Conversion Optimization Benchmark Report" developed by Media Shower.
The Author: Alena Bohomol, Co-Founder of Prosply Get connected on LinkedIn
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