8 metrics that sales and marketing consulting firms need to track
There are always good reasons for consulting firms to track sales and marketing metrics. They serve as catalysts for growth and higher revenues – the driving force of any business.
Sales and marketing consulting firms are often busy with different marketing campaigns, product launches, and day-to-day tasks of a business. If you’re planning to hire a consulting firm, here are the metrics it needs to track regularly.
When it comes to sales, each step in a customer journey is crucial. Lead response time is an essential factor that sales and marketing consulting firms often pay their utmost attention to. From the moment a lead is contacted to the time of response, the timing plays a vital role in conversion. Many surveys have found out that leads who responded within an hour are more likely to convert than those who didn’t.
An important aspect of sales and marketing, the source of leads helps a company uncover hidden opportunities. The consulting company you’ve hired should look into it half yearly to determine where the most leads are coming from. It will give the marketing team a more precise picture of where they should target their ads.
Customer acquisition cost
Another essential metric of sales and marketing that consulting firms should pay attention to. It is crucial to determine whether your business has a healthy run. CAC refers to the total cost of acquiring a customer, which includes campaign costs, salaries, discounts, etc. The firm should look at the cost spent per lead and conversion rates at each step.
Sales by time-period
This one should be a must, as it is a common factor one should always be aware of, especially as a business owner. You can plan out strategies with the help of sales and marketing consulting firms by having a better idea of how many leads you receive in a day, month, and year.
Sales of products or services
If your company offers multiple products or services, then you need to pay attention to this metric. With the difference in the margin, shipping cost, and manufacturing cost, you need to find the ones that are hard to sell as your team needs to focus more on the offerings that are hard to sell but have profitable margins.
From the very first visit to the checkout page, a consulting firm will help you understand the user journey on your website from a fresh perspective. You can better understand sales funnel leakage and ways to minimize it. You can streamline the sales funnel and improve the conversion ratio by looking out for warning signs.
Rate on marketing investment (ROI)
An essential aspect of running a business is keeping track of the ROI of your business. Sales and marketing consulting firms should be able to calculate an accurate return on marketing investment and then suggest cost-effective ways to keep it sustainable.
If you’re facing a problem with the sales team not being able to convert potential leads into customers, then it’s time for you to analyze your conversion rate closely. A sales and marketing consulting firm should help you track the conversion rate to optimize your marketing efforts. It can result in better lead generation and conversion. From developing a better and more effective strategy to redesigning your sales funnel, your consulting firm can help you stay ahead of the competition by keeping track of the conversion rate.
Each of these metrics is very important for a business’s successful run. Look for a sales and marketing firm that knows this and can help you keep a track.