It is imperative that your marketing team be data-driven. It’s also imperative your sales funnel effectiveness is turning into sales. Budget dollars are tight and need to be accurately spent. Having clear data on how each of your marketing campaigns are performing is essential to being able to forecast sales, scale your campaigns/operations and re-allocate budget from low performing to high performing campaigns.
At Gabriel Sales, our entire organization is data-driven, including the marketing team, who manages quantitative reporting and scorecards for both clients and internally. The key performance metrics we traditionally measure are the following:
Sales Funnel Effectiveness KPIs
- Inbound Traffic by source
- Web form conversions and inbound calls by source (Total Prospects)
- Prospects who want to talk (Sales Accepted Leads aka SALs)
- Prospects who have a project need and budget (Sales Qualified Lead aka SQLs)
- Closed deals
If you notice, we are accurately tracking the entire funnel to ensure the sales funnel effectiveness. We do this using a combined integration of web analytics, marketing automation software, CRM software and experienced data analysts. By calculating conversion rates from previous stage (e.g. what percentage of proposals close or what percentage inbound traffic converts to web forms), we can better forecast sales and allocate spend to marketing campaigns to best enhance our marketing and sales funnel’s performance.
Additionally, with marketing automation software at the crux of our marketing and sales operations, we can see what traffic/lead conversion sources are most likely to convert to proposal and closed deals. This helps us scale those marketing campaigns that have the best conversion performance and sales funnel effectiveness.
Lastly, we can see what sources have the poorest funnel performance and reduce or eliminate spending on those campaigns (as long as we’ve tested enough to be sure the campaign is not viable for the particular product/service we are promoting).
This level of reporting built-into your company is no longer just a competitive advantage, but is a key component to sales funnel effectiveness, and sustaining and growing your business in today’s market.
For more on increasing B2B sales funnel productivity, read “The Value of Marketing Automation in the B2B Sales Process”. Feel free to contact us with any questions.