How will you know what worked and what didn’t if you aren’t looking at the numbers? Everyone wants to solve for the return on their investment, but how are you using data as actionable insight to drive change and become more efficient and effective in your efforts to grow your business? With the help of your CRM, your marketing software and Google Analytics, you should be looking closely at:
Keeping a close eye on the traffic coming to your website and how well your website is performing is extremely important as you are investing time and resources into growing your business. It is not uncommon that a Google Algorithm Update can result in a dip in website traffic or you redesign your website and all of a sudden traffic decreases because Google can’t find the website pages it once was able to crawl.
Your website will be your primary source of Inbound leads, but how are you measuring the effectiveness of your other sources of leads? Does it make sense to continue going to all of the trade shows you used to go to and incur that cost year after year? If you’re investing in PPC is it yielding the results that you had hoped for? Are your referral leads closing faster than other types of leads? These are all answers you should have at any given moment.
It is one thing to generate 100 leads; it is another to generate 100 Sales Qualified Leads. Now that you have a Lead Management Process in place, and you’ve defined the different stages of lead qualification, you will be able to see that you have more Marketing Qualified Leads and less Sales Qualified Leads and you need to change the messaging on your website, or redo your Buyer Personas to attract different types of prospects and leads. Or you might see that you are generating more Sales Qualified Leads than ever before but your sales team is not Winning More Sales, so you will need to look at your sales team’s skills and expertise and figure out why they’re not Winning More Sales.
Do you know how long it takes for a lead to become a customer? Do you know the average amount of time it takes for a lead to move from a Marketing Qualified Lead to a Sales Qualified Lead? Do you know how long on average it takes for a Qualified Opportunity to become a customer? All of these answers are critical when determining your forecasts and goals for your business but also your sales and marketing teams so that everyone knows exactly what they need to do to grow the business the way you believe it can.
Do you know what percentage of your website visitors convert to become leads? Do you what percentage of your Marketing Qualified Leads become Sales Qualified Leads? Do you know what percentage of your Sales Qualified Leads become customers? If not, how can you forecast revenue goals or even set goals for your sales and marketing teams to achieve?
By implementing a strategy in this area you will be able to Analyze More Data and become more efficient and effective in your processes, budgeting and forecasting as you look to grow your business.
HubSpot's State of Inbound 2015 Report is out and the results show that the #2 Priority Among Sales Leaders is Funnel Efficiency