“Conversions” can mean many things for a business, but the most important conversions are sales. Your marketing and sales teams can learn a lot by doing some dedicated reporting around closed deals. It’s great to know what activities are attracting interest (traffic, leads), but even more compelling and valuable to know what activities result in new customers in the books.
Here are 10 metrics to track on closed deals, if you’re not already gathering intelligence on those all-important conversion.
1. Lead source – You likely have at least a handful of ways of getting leads into your sales funnel. Which lead channel results in the most actual sales? PPC? Organic search? Referred traffic? Conferences? Social media (Twitter, Facebook, LinkedIn)? Can you pour more resources into your best lead channels? Which lead sources aren't working for you?
2. Keyword – If the lead source is paid or organic search, track the keywords that led to sales. Your best converting keywords are valuable business intelligence.
3. First action – What action did the lead take in order to become a lead? Let's say they arrived at your site from a Google search or a link on another blog. What was the first thing they did to signal real engagement with your business? Downloading a white paper? Asking for a quote? Signing up for a free trial? Subscribing to your blog?
4. Most recent action – What was the last action the lead took before becoming a customer?
5. Total actions taken – How many different actions did the lead take before becoming a customer?
6. Time to close – How long did it take after the lead entered your system for the deal to close? What's the average time to close across your sales?
7. Number of pages visited before purchase – How often are leads visiting your website before they buy? What are the traffic patterns – which pages do they tend to visit?
8. Emails received – How many email communications did the lead receive before making a purchase?
9. Number of calls – If your company has a sales force, how many calls (incoming or outgoing) were required to seal the deal?
10. Geographic location – Where are most of your customers located? Web-based businesses can acquired customers from all over – do certain areas drive more sales? Can you increase your local advertising in those regions?
Photo: Mark Hillary