So these are cost metrics. Cost per lead, cost per MQL, cost per opp. Out of all the money you’re spending on your lead generation programs, you should be able to dial down into these metrics per program. So determine if this is actually the right course of spend. Lead conversion velocity. So, again, how things are moving through your funnel and what the rate is. You might find that certain programs like, say, a trade show, when you generate a lead from that particular trade show, you might find that lead coverts through your funnel a lot faster as, say, a lead that you generate through a content download.
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It’s very important to determine how these different programs affect velocity. And then, finally, marketing attribution to pipeline and bookings. And for me, this helps you to build your budget. This also helps for marketing to be shown as a revenue driver instead of a cost center. Ultimately, this is what you should be really focusing on when it comes to your higher level metrics and this should be a goal metric for you to track. And so here are a few examples, depending on the maturity of your marketing program that you can implement.
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So track your important metrics in a spreadsheet per program, per month, and per quarter. This is really the most basic, basic way that you can track these things. You can track them on a per program basis so you can know for all the programs that you’re doing how many customer leads each program generated, how many SQLs this program sourced, how many opps this program sourced. If anything, if you don’t have any other method of tracking make sure that you’re putting this down into a spreadsheet. Use an attribution platform that helps track marketing success.
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An attribution platform will help you connect the dots here and do the math for you. Also, attribution platforms have a lot of really cool visualizations that will help you report out to your CEO and to your Board. Set up bi-weekly or monthly metrics meetings with your team and with sales. So it’s not enough to just say you’re going to track these metrics, you really need to make it part of your sales and marketing culture and your team culture. You want to make sure that you create reports for your teams and executive reports to bubble up the status of your programs.
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