Have You Got Your Conversion Science Clear?

What stats should you be tracking across your sales funnel?  

What are the most important things you need to know so you can be proactive with lead generation and pipeline delivery?

At a strategic level you should be focussing on three groups of key statistics out of the Sales Funnel (Buyer's Journey).  

At Blirt, we talk about these three groups as the 'Three Vs'. 

The Three Vs stand for:

  • Volume
  • Velocity
  • Visibility 
 
 

Volume

As it says, Volume is all about how many.  However, it's not just about how many going into the top of the Sales Funnel but how many are at each stage of the buying process. 

You should know, and be tracking, the volume of people you have at the key stages in the sales process:

  • Visitors
  • Leads
  • Assigned Leads
  • Opportunities (and Opportunity Value)
  • Opportunities by Stage
  • Won Revenue (Sales)

Why does this matter?  

Well, one primary reason is knowing how to drive your pipeline.  This week's sales often don't come from new leads this week.  So, driving the stages of your buyer's journey and understanding the real value of each stage at a current time period is critical to driving the business.

Simply put, not enough in the door, not enough in the bank.


Velocity

Velocity relates to how quickly a prospect moves through the buying journey.

The best way to understand Velocity is from first touch to actual purchase.  For example, an ad click, a search term or a direct site visit as first touch through to won opportunity or online purchase. 

Again, it's not just about understanding Velocity from start to finish but also understanding the velocity of the stages of the sales process:

  • Visitors
  • Leads
  • Assigned Leads
  • Opportunities (and Opportunity Value)
  • Opportunities by Stage
  • Won Revenue (Sales)

Why does it matter?  

One main benefit is understanding how often you can turn over a marketing dollar to drive a sale.  

If you're velocity was 4 weeks, then, in simple terms you have the opportunity to recycle a marketing dollar 12 times a year.  

Additionally, you know that you can impact cash flow within 4 weeks.  Therefore, you're critical cash flow period is 1 - 2 months.  


Visibility

Visibility relates to your visibility on the conversation ratios from stage to stage through the buying funnel and knowing exactly who is at what stage.

Knowing cost per lead, cost per opportunity, cost per sale is important.  However, it is critical to know which prospects are at which stage of the buying journey.  

You need to be able to isolate exactly who is what stage in the buying journey.  Who are your:

  • Visitors
  • Leads
  • Assigned Leads
  • Opportunities (and Opportunity Value)
  • Opportunities by Stage
  • Won Revenue (Sales)

Why does this matter?

Gaining this personable visibility allows direct, targeted and relevant communications to be delivered.  This fulfils the right time, right message, right person objective of all good communications. 

Imagine knowing who the 100 prospects in the final stages of an opportunity are.  These prospects are your next sales and the source of your future revenue. 

 

What Tools Should I Have?

One of the reasons we use and recommend Salesforce's Pardot digital marketing suite is it's ability to do all of the above.

The following is a snapshot of a standard lifecycle report.  The lifecycle report brings to life everything you need to know in regards to Volume, Velocity & Visibility.

When you combine a clear customer journey with the right content clustered around the right stages, you can then deliver the right calls to action.

Only then is it possible to drive your buying funnel with efficiency and success. 

At Blirt, we call this communications approach, Omnibound.

Omnibound is about delivering inbound and outbound communications using paid, earned and owned media across the customer journey. 

Find out more here