At Invenio®, metrics are the core driver of every customer outcome, allowing us to constantly improve and innovate the processes that drive our business growth. Here are some of our best practices in regards to lead generation reporting that should help you with measuring your pipeline development.
Whether you are a B2B marketer or business development manager, you are juggling a multitude of lead generation metrics each day. While these metrics – because they are related to your daily activities – are significant to you, they might not be to your supervisor.
Indeed, your boss is interested in a bigger picture: how do lead generation metrics relate to profit and loss? From an operations standpoint, your leadership wants to understand how the metrics interconnect to each other toward success, which eventually boils down to revenue generated.
Consider the different stages of the buying cycle:
Suspect » Prospect (Opportunity) » Evaluation » Proposal » Negotiation » Close (Customer)
Within each of those areas, you need metrics showing:
- Trends over time (Eg: upward growth in incoming inquiries)
- Performance against benchmarks – This could be where you are or where you want to be, but should be based on some data specific to your sale/industry. (Eg: Is the conversion rate from prospect to suspect accurate for your industry?)
- Data specific to individuals – when it makes sense. For instance, you might not do an “individual” level report on marketing, but you would on your inside sales team, your outside sales team, etc. (Eg: What is the performance gap between your top and bottom sales performer? Can this gap be bridged?)
Once you’ve gathered these lead generation metrics, two scenarios are possible:
- The metrics are in line– They tell the story you want to tell and are self-explanatory.
- The metrics are out of whack– You now have to deep dive into more granular level information to find out what issues exist and how they can be solved.
All in all, there is no one answer to what the most important lead generation metrics are. Some might be more interested in the lead-to-opportunity conversion rate, others in the cost per conversion – it depends how the data is reflected in the overall success/failure of the company.
Identify and study the needs and hurdles your managers are trying to overcome and find the metrics that will contribute to helping them do that.
Photo by Joao Trindade