4 Types of Metrics Every Sales & Marketing Team Should Use

With all of the new sales and marketing technology solutions, obtaining analytics, reporting and key metrics for senior management often becomes cumbersome and sometimes impossible. When we work with clients (and even internally together), it is a common misunderstanding that the data is non-existent or inaccessible. The answer lies in knowing what to ask, using the appropriate tools, and becoming familiar with the high-level categories of analytics that exist for most sales and marketing teams.

At Fathom, we typically refer to 4 impactful metrics for sales and marketing teams:

marketing metrics

Let’s define each metric conceptually:

  1. Marketing Prospects
    These are marketing leads that are not ready for sales. At this point, we may not even have names or contact information. The marketing prospects may simply be visitors on our site we are tracking via cookies. It may be a very old list of contacts or newly purchased list of email addresses and/or phone numbers with possibly inaccurate or outdated information that the marketing team wishes to nurture and attract via marketing outreach efforts. If the nurture is successful, we proceed to our second metric: Marketing conversions.
  2. Marketing Conversions
    When a vague, sometimes unavailable marketing prospect finally completes an action showing heavy interest in or motivation towards learning more about our services, company, or other sales opportunities, the action taken by the marketing prospect dictates the marketing conversion metric. Examples of conversion actions taken are: downloading whitepapers, requesting demos, pricing requests, or completing web forms.
  3. Sales Prospects
    Marketing conversions are usually handed off to sales representatives for persistent follow-up, prospecting, and consultation when they are “sales-ready” prospects. The goal is to convert sales prospects to a closed-won sale. In terms of healthcare, this may be candidates for health insurance, Medicare, or potential patients asking to learn more about carriers, benefits, and coverage. In education, this may be high school graduates applying to universities and colleges. In manufacturing, this may be tire dealers looking to find tire manufacturers and additional distribution channels. Eventually, the goal is to close the sales prospects, which brings us to our last metric … sales conversions.
  4. Sales Conversions
    Sales conversions are sales prospects that eventually purchased something. The “sale was closed,” or, the “student was acquired,” or, the “hospital’s heart center acquired a patient” are indicating terms of a sales conversion metric. This is the most difficult metric to link back to the beginning of the sales funnel (the marketing prospect metric in #1) and why it’s important to utilize customer relationship management (CRM) tools like Salesforce. CRM tools not only report on sales conversion metrics (#4) but all previous metrics (#1-3). CRMs focus on the person throughout time rather than strictly sales. It tracks historical activities, engagement, previous sales, conversations, etc. Finally, in CRMs (like Salesforce), data and analytics can be found in one place, in real time, across any mobile device.

Let’s define each metric in a real-life situation:

  1. Marketing Prospects
    John goes to Google and types in “Salesforce consulting services in Cleveland.” Google has “Fathom” show up at the top of their screen via “paid search,” which is a budgeted marketing initiative. John goes to Fathom’s website and pokes around, reading about the company and their Salesforce consulting services until he is directed to a “contact us” form.
  2. Marketing Conversions
    John fills out the “contact us” form and states that he would like to speak with a consultant about the kinds of Salesforce services we provide.
  3. Sales Prospects
    A Fathom Salesforce consulting sales rep calls John, explains our services, and provides an in-depth demo later in the week. A statement of work is drafted and sent to John.
  4. Sales Conversions
    John signs the contract and work begins. John’s information resides in Fathom’s CRM Salesforce solution, which attributes all of his historical activity, including the “purchase” of services, back to the original way in which he was found by Fathom (paid search). So, if John purchased a $50,000 deal with Fathom’s Salesforce consulting team and Fathom spent $100,000 on paid search for the year, this deal alone provided a 50% return on Fathom’s paid search for the year!

More than half of getting what you want is communicating it clearly. In understanding and clearly stating these four kinds of metrics repetitiously with your sales and marketing teams, insightful analytics are easier to obtain more quickly, in less time. Focus on defining goals inter-departmentally rather than strictly within your own department. In this way, processes will be streamlined and even consolidated in one solution—like a CRM—with more powerful, real-time analytics.

If you have any questions about these 4 metrics or would like to discuss metrics you currently use or would like to use, please share your thoughts in the comment section.

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For deeper insights and ‘how-to’ guides, please visit SalesQuants, our educational resource on Salesforce and sales automation.

Leah Hadgis

About Leah Hadgis

Leah incorporates sales process design and sales strategy into her CRM and salesforce.com management role at Fathom. With 5+ years of experience in varying industries such as manufacturing, dental, politics/lobbying, and lead generation and consulting, Leah thrives in creating streamlined and effective CRM implementations and launches. In addition to being a certified salesforce.com professional, Leah’s expertise includes sales and marketing process design, workflow creation and documentation, formal training and presentation (administrator and user), and project management. Leah is also a certified ISO 13485 auditor and is trained in writing/revising Standard Operating Procedures. In her free time, Leah is a competitive powerlifter, can be found outdoors hiking and biking, and is actively involved as an alumna at The University of Akron

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