MPI Blog

    Measure Pipeline Metrics

    sales marketing strategies lead nurturing By MPI Posted May 21, 2019 11:29:27 AM

    measuring-metrics

    Sometimes the people and places we originally plan to target aren’t actually who we should be trying to connect with. Even after you’ve cleaned up your database, it can still take a little trial and error to see if you have an effective pipeline. That’s why it’s important to put in the time to measure your metrics by collecting data as you go. By improving your marketing intelligence you’ll be able to determine the areas that need revising, saving  you and your company both time and money.

     

    Tracking and measuring the effectiveness of your database is critical to the success of reaching your goals. It isn’t an opinion based assessment, but rather if the facts and numbers are proving to be effective. The process doesn’t have to be complicated. It just needs to identify the key metrics that will display your progress and pinpoint what’s working while also highlighting the areas that seem to be problematic.

     

    Remember, if you don’t measure it, you also can’t manage it. Start out by measuring the size of your database. As we discussed in our blog post about building your pipeline, you need to make sure you have enough contacts in your database to work with. Again, a hundred prospects will not be a big enough scale to work from. You must first work to build a quality prospect list before you can start measuring data from your marketing outreach.  

     

    Once you’ve adequately built up your pipeline, you then need to put in the time to thoroughly work through your contacts. Determining the fate of your database can’t come from, I tried calling them a couple times or I reached out and never got a response. It’s a numbers game that is generated from being persistent and proactive. Knowing how to effectively work your list (link post) will help you figure out how to reach your contacts with multiple touches in order to figure out if you’re targeting the right people.

     

    When it comes to collecting data, there are many areas you can look at. Here at MPI, we find some of the most important results to track are from contact to dial ratios and contacts to appointments. These two areas will help determine if you need to adjust your target. If your contact to dial ratio is low, it could be an indicator that you are reaching out to the wrong title. At this point, you may need to reach out to a different contact within the company that’s more accessible.

     

    It’s also important to collect data on all the people you contact. What was the outcome? If they weren’t qualified, what was the reason? Are they not interested? Are they not the decision maker? Do they already have something similar? Maybe they don’t have funds. Whatever it may be, use that information to further evaluate the health of your contact list.

     

    If you’ve efficiently reached out to the contacts in your database and aren’t seeing results, it’s also important to note that there could be a few variables at play. It isn’t always that you’re reaching out to the wrong people. It can also be that you are sending out the wrong message or using an ineffective delivery method. It can be difficult to pinpoint the exact cause so be flexible and creative. A phone call that worked for one group, may need to be done in an email form for another. A script you write for one prospect, may need to be worded differently for another. There is not just one method that will fit all prospects, or There's no one method the fits all.That’s why it’s imperative to mix up the ingredients of your approach and continually take notes throughout the process.

     

    The best way to troubleshoot is by recording your results and then cross-examining what is being generated weekly and monthly. This will allow you to adjust accordingly based on what’s working and what’s not. It may take some time to find the best combination of message, delivery and frequency, but once you find it, you’ll start maximizing your results. This will also help the success of future campaigns as you master the art of troubleshooting. Next week we will take our discussion of data management one step further by bringing accountability to the table through putting someone in charge.

    Learn more about testing the health of your list in our previous post.

    Stay tuned as we discuss the final pillar of database management!

     

    Topics: sales, marketing, strategies, lead nurturing

    Comment below to share your feedback!