It can feel like a minefield navigating the various metrics used to benchmark our progress, but understanding the trajectory of our results is a powerful method for setting up your marketing plan for success. Essentially, it’s your goal to interpret your hard data into marketing metrics that translate into actionable insight. Why? Without thorough analysis, you’re robbing your team of the knowledge they need to make decisions on a tactical and strategic level. Without effective analysis, you’re reaching for a way forward in the dark. The only way to plan a route is via what works, and most importantly, what doesn’t. Time to get your geek on: it’s time to deep-dive into the top marketing metrics you need to know.
1. Total Prospects: an individual or company that meets your ideal persona criteria.
Basically the total prospects you’ll have in your funnel at any one time and finding those prospects is where the work comes in. You want to use reputable sources to find well-matched prospects who have potential to be converted into a paying customer. ZYMPLIFY OFFERS 5 UNIQUE WAY TO HELP REVEAL THOSE IDEAL PROSPECTS – READ MORE ABOUT OUR INTELLIGENT PROSPECTING TOOLS HERE.
2. Cost per Prospect/Lead: any spend required to source prospects.
Cold data lists are a thing of the past. For a high cost, you’re buying prospects with no guaranteed intention, and instead, you’re throwing money down the proverbial money drain.
Improve your Cost per Prospect by:
- Using buyer intent tools like those on Zymplify to find better quality prospects who are ripe and ready to push the “purchase” button.
- Using automation to dramatically increase the volume of quality prospects with no extra work.
If you’re using inbound methods to generate your leads like digital ads you should be using remarketing to deliver the right content, to the right person, at the right time!
3. Prospect to Lead Conversion Rate: how many prospects turn into qualified leads.
Your Prospect to Lead Conversion Rate is the only way to understand if your content resonates with your prospects. If it doesn’t, you’ll have no engagement but when it does you can rest assured you have a quality lead who’s a right fit. If your engagement is low, it’s time to revisit the drawing board. Are you delivering content at the right time of the buying journey? Does your content offer value to your prospect criteria? Check your data sources, targeting profiles and content funnel to evaluate your where the drop-off is in your conversion rate.
4. Time from Prospect to Lead: the length of time between finding a prospect before engaging with them.
If you sit on a prospect, you lose a prospect. It’s as simple as that. Marketing automation is the best way to accelerate, seize an opportunity and nurture your prospects with intent, purpose and relevance.
5. Total Leads: THE number…the be-all and end-all!
Prioritise your time. There’s no point funnelling leads out of a channel which isn’t working. Make sure to total the lead count for each channel you’re using and focus your attention on the channels which are driving the best results.
6. Lead to Deal Conversion Rate: the numbers of leads that turn into active deals/opportunities for your sales team.
If you aren’t analysing your lead-to-deal rate, you’re skipping a crucial step in marketing strategy.
Of course, the number of lead-to-deals is a pat-on-the-back moment that what you’re delivering as content is working. But particular notice needs to be paid to the leads that don’t progress to deals, especially the ones sitting at the far end of your funnel.
How can you improve your prospecting and improve your marketing efforts? Is your final stage adequately meeting your leads needs? Are you selling your product of service in the best way? What are you missing?
7. Time from Lead to Deal: how long it takes for a lead to become an active deal.
Similar to the window of time between sourcing a prospect and then delivering to a prospect, you want to analyse the length of time it takes once a lead is transferred from marketing to sales. The longer you sit on a quality lead with vested interest, the longer you risk losing them to a competitor. Get while the getting is good! Automation reduces this time and increases the chance of a conversion by knowing the signals of when lead is ready to commit.
8. Return on Investment (ROI): a combination of factors rather than one metric.
Your ROI, generally consisting of cost per lead, deal and sale, argues whether or not your marketing and sales are working in unison. Are your marketing efforts returning the investment you’re putting in? It’s a delicate balance act. Remember: a high ROI means your investment is favourable compared to the cost of lead generation. Your ROI is an opportunity to look at both your company-wide strategy you're your individual return-per-campaign levels to assess how successfully your marketing is contributing to topline sales.
9. Cost Per Lead: how much it costs you to generate a lead.
Planning for your cost-per-lead is an excellent way to monitor your estimated cost per campaign, which ultimately feeds into your ROI. Your cost-per-leads are an indicator of how effective your campaign is. If your cost-per-lead outweighs the results of your sales, then it’s time to evaluate, tweak and repeat.
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