If you will go by the data given by Forrester then you will realize that the data driven business is growing at a rate of 30% every year and this number will keep on increasing in the future. If you are running a firm in the modern marketing era then there is no place for you in the industry if you will keep on winging it. If you really want to improve your growth rate and keep the competition under control then you will have to come up with metrics that will be highly relevant to your goal. Well, the same can be said about lead generation programs.
Just running a lead generation program and returning back to it when it ends is not an ideal approach. Gone are those days when there was no way to know the success of your business programs as the digital era has given us many performance metrics that we can use in order to measure vital business strategies like lead generation.
If you will not measure your lead generation strategy then there is no way you can manage it properly or improve it. Now it’s time to find out how you can measure the effectiveness of your lead generation program through this blog post.
Number of deals won
The number of deals won is one of the major indicators of the success of your lead generation program and this is why you should keep a close watch on it. There are various metrics that you can use to analyze the number of deals won like conversion rate, conversion time.
Conversion rate is basically the total percentage of your leads that perform a particular type of action at the end of an ad campaign, landing page or email. The specific action taken by the lead is basically set by the team of marketers when they are designing the campaign.
In addition to this, you can also keep tabs on the conversion time as this will give you in-depth details about the performance of your lead generation campaign, and then you can use it to further improve your B2B lead generation program.
There is one metric that is highly underrated among marketers for measuring the effectiveness of lead generation programs and it is the marketing percent of contribution to closed revenue. It simply means that the total percentage of revenue in the closed won deals that have come up through a marketing effort.
This metric will allow you to get details about the effort being put in by the marketing team. This type of metric is highly useful in the modern era where most of the CMOs are always under pressure of providing accurate ROI of the marketing campaigns that are currently being run.
The firm will need to make sure that they are connecting both marketing and sales data with closed loop reporting in order to assign revenue dollars to marketing touches.
Average deal size
Average deal size is another important metric that you can use in order to understand the effectiveness of your B2B lead generation strategy. There are many people who don’t know about average deal size but you don’t need to worry.
Average deal size is the average dollar amount per closed contract or deal. As you can see that there is nothing fancy about the average deal size and it is not rocket science. You will just need to be sure about the data that you are gathering in order to analyze the average deal size.
All the firms out there will need to keep tabs on this metric so that they can back-calculate in order to know exactly how many deals one needs to have at every stage of the sales funnel. By keeping tabs on this metric, projective revenue will become easier, and even analyzing the health of the business will become a pie.
Buyer persona traits match percentage
You can also use the opportunity to win metrics for getting better details about the performance of your lead generation strategy. One of the best things about this type of metric is that you don’t have to be a particular type of business in order to use these metrics.
The opportunity to win metrics is nothing more than conversion from the opportunity to customer and this is considered a win by the firm. If you will keep tabs on these metrics then it will give you details about the performance of your sales representative. If you find out this percentage is low then you will need to provide more training to your sales representative or there can be chances of selling to a wrong buyer persona.
Just running a lead generation strategy is not enough as you will also have to make sure that the lead generation strategy is ideal for your business and it can only be done if you will keep on checking the effectiveness of the lead generation strategy. Use the metrics mentioned in this blog post and make the required changes in your lead generation strategy.