Sales & Marketing Metrics You Might Have Overlooked
Cecily Giancaterino
Jun 29, 2023
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10 min read
Marketing
Those of us in sales and marketing can't avoid some level of working with data. Proper data analysis can be a powerful asset to all sales and marketing teams. With thorough analysis, data can assist in decision making throughout all aspects of business, regardless of department, specialism or hierarchy. It can even advise of future opportunities, allay fears and even warn of potential dangers.
But nowadays there's so much data at our disposal and so many different ways of collecting it; knowing which metrics your business should be recording can be a minefield. Many people give up and try to rely on the basics, but there are a few hidden gems that a lot of businesses pass by. So, without further ado - here are 10 of them.
Key Takeaways:
- Track both sales and marketing metrics: Don't overlook the importance of tracking metrics from both departments. Combining data from sales and marketing gives you a comprehensive view of your overall performance and helps identify areas for improvement.
- Look beyond traditional metrics: While revenue and lead generation are crucial, consider measuring other metrics such as customer lifetime value, customer acquisition cost, and customer satisfaction. These metrics provide deeper insights into the long-term value and success of your sales and marketing efforts.
- Understand the buyer's journey: Analyze metrics at each stage of the buyer's journey, from awareness to conversion. By tracking metrics like website traffic, engagement, and conversion rates at different stages, you can optimize your sales and marketing strategies to effectively guide prospects through the funnel.
- Align sales and marketing efforts: Foster collaboration between sales and marketing teams to ensure they are working towards common goals. By aligning their strategies and sharing data, you can streamline processes, enhance communication, and drive better results.
- Utilize technology and automation: Leverage CRM systems, marketing automation tools, and analytics platforms to streamline data collection, track metrics accurately, and automate repetitive tasks. This empowers your teams to focus on strategic initiatives and make data-driven decisions.
- Continuously optimize and iterate: Regularly review and analyze your metrics to identify trends, patterns, and areas for improvement. Implement data-driven strategies, experiment with different approaches, and iterate based on insights to drive continuous growth and success.
Table of Contents:
Average Sale/Deal Price
Monitoring the average price per deal not only gives you an impression of inward cash flow, but can also highlight trends in how your market is behaving. If the average lessens - does this mean that people are trying to save money or is there another reason that people are going for lower priced options? This metric can be insightful, but it's not a means to an end it's more of a door-opener for further analysis.
Average Sale/Deal Cost
In addition to the average amount that people spend with you with each deal, it's important to keep tabs on how much those deals cost you to provide. This metric is best if you have stock or travel outlays that go into completing a sale or project; but even if you are purely service-based, you can always consider your team's salaries and general business overheads for the duration of the project. You can record this metric as broadly or finely as you like - it all depends how far down that rabbit hole you want to go!
Enquiry Response Time
In our speed-oriented convenience culture, it's important that any interested parties get a quick response. If possible, record the exact time it takes each enquiry to be answered, and come up with an average. This will give you a good idea of how long customers must wait for a reply, and whether any improvement is required.
Number of Sales by Service/Product/Range
Keeping track of the number of sales that each of your offerings receives per week or month allows you to analyze how your market is behaving. Are if there any particular times of year where a given product/service takes precedence? Has there been a recent decline or increase in one option over another? It may be worth finding this out to strategically market certain offerings at certain times of the year or month. Start recording it and see where it takes you!
Sales by Lead Source
Sometimes, you need to remember how it all began. It's said that it takes around 6 or 7 points of contact with any prospect before you are in with any real chance of making a sale. However, don't forget to record how you came to be on their radar in the first place - was it through your website? At a trade event? Print marketing? Keeping tabs on this metric will allow you to see at a glance which lead sources are the most effective, and if there are any you can afford to do without.
Average Points of Contact Before Sale
Sticking with the "6 to 7 points of contact" theory, it's important to log the amount of marketing emails, telemarketing calls and social media interactions it takes between yourselves and each customer before they buy from you, and factor them all into an average figure. You will get an idea of how your audience reacts to your marketing materials and sales methods, and hopefully figure out if there are any ways you can achieve a sale after fewer points of contact.
Email Marketing Hard and Soft Bounce Rates
If you use email marketing, you may have heard of hard and soft bounces. In case you're unfamiliar, soft bounces are temporary or easily resolvable issues with sending email (such as the recipient having a full inbox or a temporary outage), whereas hard bounces are more permanent issues (like an email address no longer existing). It's a good idea to record how many of each type of bounce result from every email campaign, and to monitor all bounced email addresses to see if a problem persists. If you see a given address showing up regularly, it may be worth giving its owner a call to see if they have a different email you could use. Not a performance metric as such, but it helps you keep your subscriber list in top shape.
Web Traffic by Source
This one can easily be reviewed using the website analytics platform of your choice. Make a point of checking where your web traffic is coming from, and in what percentages. The four main methods that people can come across your site are through direct traffic (people typing your web URL into their browser), referral links (when people click links to your website located on other sites), organic search (people searching for something and clicking on your site content as a result), and social links (when people have clicked on your website content from a social media link). The source of some visits may surprise you, so if you have an unexpectedly number of people finding you through search or social - capitalize on that and ramp up your SEO or social media efforts!
Rate of Enquiry
Track the rate at which enquiries generally come in (how many per week or month), both in general and following a particular campaign. If you consider the non-campaign rate your baseline, comparing the post-campaign rate will give you a good impression of the campaign's success. The rate of attrition afterwards will give you an idea of how long campaigns like it are effective.
Lifetime Customer Value & Cost
Though it's important to keep an eye on new sales activity, don't forget about your returning customers. Record how much each individual customer has spent with you throughout your time working together, as well as the total that you have had to spend to fulfill their projects or orders.
Conclusion
In conclusion, tracking and analyzing sales and marketing metrics beyond the traditional measures is essential for driving success and growth. By monitoring metrics from both departments, understanding the buyer's journey, fostering collaboration, leveraging technology, and continuously optimizing strategies, businesses can unlock their true potential.
At FiveCRM, we understand the significance of comprehensive metrics tracking and data-driven decision-making. Our CRM system provides powerful tools and features to streamline your sales and marketing processes, track essential metrics, and drive better results.
Don't miss out on the opportunity to harness the full potential of your sales and marketing efforts. Book a free demo of FiveCRM today and discover how our CRM system can empower your business to optimize metrics, improve collaboration, and achieve remarkable success. Take the next step towards growth by experiencing the benefits of FiveCRM.
FAQs
Q: Why is it important to track metrics from both sales and marketing?
A: Tracking metrics from both sales and marketing provides a holistic view of your business performance. It helps identify the impact of marketing efforts on sales, uncovers areas for improvement, and enables better decision-making by aligning both departments towards common goals.
Q: What are some non-traditional metrics that are worth tracking?
A: In addition to revenue and lead generation, tracking metrics like customer lifetime value (CLV), customer acquisition cost (CAC), and customer satisfaction (CSAT) can provide valuable insights into the long-term success and profitability of your sales and marketing efforts.
Q: How can tracking metrics at different stages of the buyer's journey benefit my business?
A: Tracking metrics at each stage of the buyer's journey (awareness, consideration, decision) helps you understand how prospects interact with your brand and make purchase decisions. It allows you to optimize your sales and marketing strategies to effectively nurture and convert leads throughout the funnel.
Q: How can I encourage better collaboration between my sales and marketing teams?
A: Foster collaboration by promoting open communication, sharing data and insights, and aligning goals and objectives. Encourage regular meetings and cross-team initiatives to ensure both departments are working towards common targets and driving collective success.
Q: What role does technology play in tracking and analyzing metrics?
A: Technology, such as CRM systems, marketing automation tools, and analytics platforms, streamlines data collection, improves accuracy, and automates repetitive tasks. These tools provide actionable insights, facilitate data-driven decision-making, and empower your teams to focus on strategic initiatives.
Q: How often should I review and optimize my metrics?
A: Regularly review your metrics to stay informed about performance trends and identify opportunities for improvement. The frequency may vary depending on your business goals and industry, but aim for regular assessments to iterate and optimize your strategies effectively.
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