Marketing Funnel Metrics
For organizations, today, sales and marketing aligning together is a must-do business strategy, or rather a should-do business strategy. And this alignment is only relevant when these departments work toward the very same goal—To drive revenue
However, the aligning is not possible unless you have both the performance monitoring and optimization metrics. These metrics help know what works out and what not works out for achieving bottom line.
The marketing and sales departments are responsible for tracking these sales funnel metrics. The marketing operations take care of marketing the Marketing Automation Platform (MAP). And the sales operations manages customer relationship management platform (CRM).
The cooperation of these departments is crucial to the production of full funnel metrics.
It is also important that the marketing department monitor the performance of the sales department. It needs to work side by side with the sales department to generate revenue that justifies the sustained marketing activities.
Leveraging the lead funnel
The data from CRM/MAP that shows how fast sales and marketing takes leads through the funnel. They collect and use this data to get best out of nurture and nudge campaigns.
Visualizing this funnel helps identify potential hurdles in the marketing and sales funnels. Once identified, you could test nurture and nudge campaigns to clear the hurdles.
The measurement of prospective response rates to sales emails will help improve response to sales. Tracking response to sales emails and A/B testing increases response rates, while it also decreases the response time. Tracking can be done via MAP, with the sales department that logs email responses in the CRM application.
Building successful sales campaign
The marketing people would have their own campaign setup using the MAP and CRM platforms. Also, marketing needs to work with sales to ensure campaigns (purchased lists, outbound calls, etc.) are measurable.And instant pull out of these metrics setup and campaign data leads to an effective operation.
Touches that a prospect receives
Sales and marketing people often end up managing certain projects that would need to be touched before conversion. Sales teams discuss and analyze how many times a prospect needs to be touched in 24 hours for potential conversion.
Marketing teams track the number of marketing touches a prospect would need before being converted as a qualified customer. Measuring and testing the number of touches a prospect needs is another means of optimizing funnel process. Applying funnel metrics when a lead is moving through the sales funnel is a key process. Marketing/sales departments manage different sections of the sales funnel. Hey would eventually need to work together to drive their lead upto conversion.
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