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How do you measure the success or failure of lead management programs?
I've created and implemented a lead management program in my business. I want to show my superiors how it's been successful. What are some compelling metrics or measurements I can use to demonstrate how well it has gone?
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2 Answers
I have a lot of background experience in both sales management and as a board level business development director. In that capacity what I would look for is key sustainable trends. Conversion ratios, results in isolation are all very well but it is the sustainable results and the direction in which they are moving that are important to me. I would advise you to look into the cost of customer acquisition by other means outside of your own LM system and then see how they compare on a cost/win ratio. Another mechanism for lead management success is the quality of the end 'win' I do not know what sector you are working in but within financial services and professional sales the quality of the win is in terms of renewable or repeatable income. Does your LM system measure and allow for long term income or embedded share value. hope this helps!
Les,
Ultimately an effective lead management program should drive a greater ROI from the average lead than would be the case without such a system in place. However, most experts agree that lead management can impact the sales process up to the point of delivering a qualified opportunity to sales, but not beyond (i.e. it can’t close the deal.)
Therefore, I suggest your “before and after” comparison should attempt to assess the return from raw inquiries in terms of how efficiently those raw inquiries are being converted to opportunities, i.e.
* rate at which raw inquiries convert to qualified leads
* rate at which qualified leads convert to opportunities
For example, if prior to lead management, it took 100 raw inquiries to generate 1 opportunity, but after lead management, it takes only 50 raw inquiries, it’s reasonable to conclude (close rates being equal in both scenarios) that lead management has increased the ROI from your demand generation efforts by 100%.
Good luck! Hope this helps,
Howard
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