Collecting and analyzing metrics is a key part of understanding the success of any type of program. For instance, if you don’t weigh yourself or calculate your BMI before starting a workout program, how will you understand whether the program is successful in helping you lose weight or change your body composition?
In the same respect, the type of metrics you collect is also important. You wouldn’t measure the length of your right arm before and after a workout regimen to determine weight loss. The metrics you collect should directly relate to the goal you aim to achieve.
Unlike weight loss, customer acquisition programs and marketing campaigns were once extremely hard to measure; some remain difficult to this day. However, the Internet and tools – such as marketing automation – have enabled us to track many of the factors that significantly impact our businesses.
Act-On’s recent study with Forrester emphasizes the importance of collecting key sales and marketing metrics. In fact, this is one of the “7 Marketing Habits of Today’s Highly Successful SMBs” revealed by this study and its corresponding report.
Habit #5: Collect the metrics that matter.
According to our study with Forrester, Top Performers are more likely to consider lead-related metrics worth collecting, including:
- Cost per lead
- Cost per qualified lead
- Time period of qualified lead
- Sales-accepted leads
- Time from lead to close
- Cost per new customer
Bottom performers, on the other hand, are less likely to collect lead metrics. In fact, 44% don’t measure any of the success factors listed above.
In order to learn what is working and what’s not, it’s essential to collect the metrics that matter along the way. After all, if you don’t measure it, how can you analyze it or improve upon it?
Up next: Urge increased collaboration between sales and marketing.
Download our free ebook, “7 Marketing Habits of Today’s Highly Successful SMBs” for more insights.