You want your business to grow, right? That's a trick question. Of course, the answer is yes. One of the best ways to maximize growth is by creating efficiency between your sales and marketing teams. This means not only working together but measuring progress and success together as well.
There are several sales and marketing big data analytics tools to help you measure how well your teams are working together to produce results. Which are the most important metrics to check?
Here are a few of the top sales and marketing analytics to watch for your company.
1. Market Size Analytics
If nothing else, it's essential to have an estimate for your market size. This also helps you understand how large of a marketing budget you need to have. Understanding the size of your target market is key to knowing that your product/service is viable and that you can continue to grow and prosper.
You can find this information by taking a look at how much your business, and your industry as a whole, has sold at what cost and at what frequency. Look into government and industry data sources to determine this information.
2. Sales Growth
To be sure your business is on the right track, keep an eye on your overall sales growth. Ensuring that sales continue to increase is something that is on everyone in the sales and marketing departments' minds.
Take a look at month-over-month, quarter-over-quarter, and year-over-year sales to see if numbers are on the up and up. If your team happens to see a dip or drop in sales at any point, it's a good idea to look at all factors to determine why this happened and how you can avoid a loss in the future.
3. Lead Conversion Rate
This number affects both your sales and marketing teams. It's your marketing team's job to increase leads so that your sales team can increase customers. Taking a look at your lead conversion rate, the percentage of people who land on your sales page and turn into leads or customers, is a great indicator of how well your marketing campaigns are doing.
At the very least, if you have no other conversion data from your landing pages, you should be able to use Google Analytics to see how many people landed on your page and look in your CRM to determine how many leads came from that page. Conversion rate equals leads divided by visitors.
This is a great metric to track because it can help determine how well your sales and marketing teams are doing at closing sales. There are two parts of this: lead-to-quote and quote-to-close.
Lead-to-quote lands on your marketing team. How well are their lead nurturing campaigns doing at creating a new customer opportunity to ask for a quote?
Quote-to-close then lands on your sales team. After providing a quote or any initial product/service information, how well are they doing at closing that sale?
It's time to start paying attention to your sales and marketing analytics. For even more insight into your high-quality data, contact us for a free demo to learn more about our data management software.