Lead conversion metrics are important to know. By knowing them, you are then able to identify which areas you perform the best and which ones are working. You will be able to stop working on useless leads. Thus, you can put less money and work into generating leads that help you perform.
To properly track these metrics, it is important to have a funnel in place. From gaining the lead to converting them, there you have set processes in place to run this. Therefore, this means that your funnel should already feature a hand over from your marketing to sales team. You can read about improving your lead funnel here.
Top lead conversion metrics
1. Revenue generated by leads
Firstly, analyse the revenue that you are getting from each of your leads that you have converted. Compare this to the revenue that you are not getting from converted leads, such as repeat business. For start ups, you would expect to see a higher revenue from leads rather than returning clients. Knowing this will help give insight towards if your efforts are working.
2. Percentage of deals you have won
Secondly, you need to look at what amount of deals you have won or lost within a given period. This needs to be calculated by both value and number. Knowing this figure will help you identify win and loss reasons that produce the strongest likelihood for conversion.
3. Segregated amount of sales per person
Thirdly, it is important to know which of your sales people have drawn which leads. You can use this data to analyse what they are doing correctly and share with the rest of your team. Perhaps that sales person is proactive or using a particular platform? This needs to be shared to succeed with the rest of your team.
4. Win rates by source
Knowing where respective leads came from is important. This can be tracked using UTM. If most leads came from the web, it would be beneficial to focus your efforts on attending these. You would then take resources away from sources that do not generate as many win rates, such as trade shows.