Wednesday, March 29, 2017
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Four Funnel Insights Management will Love

Four Funnel Insights Management will Love

I’ve seen this numerous times (and yes, I’ve done the same). There is a Marketing review and management wants to see some results matched up against that funnel process Marketing and Sales keeps touting. This is the “oh s*#^” moment.  The funnel slide in the executive deck looks tremendous but reporting on it is a whole other story.

The problem for many organizations is that this data is spread across numerous systems in different reports with different processes.  In Salesforce, you have to run different reports for Leads and Contacts. Then, you have Opportunities that closed this quarter with leads that were created over multiple quarters. Oh, and let’s not forget that you can’t report on processes that didn’t exist six months ago. Management doesn’t want to hear the excuses so you cobble something together that looks pretty good but isn’t really accurate. Sound familiar?

We covered how you set your business up for success in a previous post, Six Steps to Transform Your Lifecycle into a Revenue Machine. After your business has worked through the process and technical setup, it’s time to get to the good stuff. Here are four funnel insights that can shape your business.

1) Waterfall Funnel Insights

Do you know your MQL-to-Won rate?

Use waterfall reports to answer the questions: “How are leads moving through our process?,”  “Where are leads leaking?,” and “How has our process improved over time?” They are called “Waterfall” reports because leads flow from one column to the next. Just like a waterfall, once water flows over, it never goes back.

In this below example, we see great improvement of MQL conversions from Q1 to Q4. If everything else is the same, an organization just doubled Sales with the same marketing spend.

Waterfall reports are great to review quarterly and should include numerous breakouts depending on your needs (by industry, Sales rep, lead source, etc.).

In this example, we see great improvement of MQL conversions from Q1 to Q4. If everything else is the same, an organization just doubled Sales with the same marketing spend

In this example, we see great improvement of MQL conversions from Q1 to Q4. If everything else is the same, an organization just doubled Sales with the same marketing spend

2) Program Success Snapshot

When your CEO asks how many deals a program influenced, can you currently get that number in 30 seconds?

Leveraging several techniques discussed in Six Steps to Transform Your Lifecycle into a Revenue Machine, those high-level numbers become a lot easier to attain.

In this below Eval signup example, the analysis does not stop at Fills out Form. We see that nearly 4,000 progressed to MQL or greater with 974 of them turning into revenue. For a company with an ASP of $5,000, that’s about $5 million in influenced revenue.

Program snapshot analytics

 

3) Closing the Loop with Marketing Investment Insight

Where should your organization invest? Taking it a step further, one can compare programs to see which is the most cost effective for driving leads to revenue.

Diving into the below fictitious example, it is clear that CES outperforms all events when it comes to name capture at 1184. However, when cost per deal is broken out, that number is three times higher than the others.

This type of insight can help your business decide where to invest for future trade shows.

Figure 1 – Comparison of Events. This is a standard Lead Performance report that has been exported to excel for additional calculations.

Figure 1 – Comparison of Events. This is a standard Lead Performance report that has been exported to excel for additional calculations.

4) Provide Intelligence to Sales

Forget about management sitting in the boardroom. What about the Sales reps? How do they see how they are stacking up? To build alignment, any solution must provide funnel insights to the Sales team so it can work more effectively.

Using all the data generated from your funnel, your business can easily design an array of dashboards, reports and lead queues within your CRM.

SalesforceDashboard

Contributed by Revenue Pulse

Wrapping Up

The 80/20 Funnel model offers powerful results without a complicated model. It is a great way to gain insights on a business to make it more predictable and reportable.

If you haven’t done so already, feel free to download the 40-page eBook that dives into how to make the funnel a reality.

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About Jeff Coveney

Jeff is an accomplished marketing expert with more than 20 years success in generating demand and creating buzz for leading technology organizations. Jeff is the founder of RevEngine Insider and regularly consults via RevEngine Marketing.