But, how do you know whether your efforts are paying off? And, how can you determine which efforts are bringing the best results and which aren’t effective?
By your performance metrics, of course!
The performance metrics you decide to use will depend on your business objectives. You may want to choose from the following to see how each change in your advertising impacts your results and which types of improvements you need to make.
Metrics for lead generation
- Your marketing efforts need to attract enough people interested in purchasing your products/services. So, you want to measure your lead rate driven by different channels. Knowing where your leads originated from indicates where you should emphasize your marketing campaigns. This may include inbound marketing, paid search, or organic search.
- Be sure you measure how many qualified leads each channel brings you. This shows which channels are most valuable and should be further leveraged.
- Measure your number of qualified leads ready for the next stage of your purchasing process.
Metrics for sales
- Understand the number of sales you pitch and how many you close on. This is your closing rate.
- Divide your number of closed-won opportunities with your number of closed-won and lost opportunities. This is your win rate.
- Find out how valuable a customer is throughout their entire relationship with your company. Understanding your customer experience and measuring feedback at key touchpoints lets you understand the drivers of your customer lifetime value. When you have a relationship with a customer over many years, you should be able to spot early signs of attrition.
- Keep track of how much money you invest in attracting a new customer. Your customer acquisition cost includes advertising, marketing, special offers, and more. If it costs less to acquire a customer than they typically spend during their relationship with your company, you should be making money.
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Give us a call! We can help you get higher quality sales leads, nurture business relationships, strengthen your reputation and build a healthier bottom line. Give BARQAR a call today.