Video 4 Seven key outbound and inbound metrics to measure


In a series of video interviews, Owen Scott, Concentrate’s Managing Director, talks with Matt Aird, the CEO of Sales Science. Matt and the Sales Science team help B2B companies get more meetings with their ideal prospects, using sophisticated outbound sales programmes that combine the best people, technology and processes.

In the final interview of this series, Matt and Owen go through the inbound and outbound marketing metrics that tech companies should be monitoring regularly. For inbound metrics, they are:

  1. Website visits
  2. How many website visitors convert to leads
  3. How many leads convert to sales

 

There are four key outbound metrics that sales teams should focus on:

  1. How many sales meetings have been booked
  2. How many contacts are landing in “priority status”
  3. How many contacts has a salesperson reached out to
  4. How many calls has the salesperson made

Owen explains why it’s important to move away from traditional metrics such as Google Analytics and focus instead on these key outbound and inbound metrics, as these high-level metrics are the ones that drive revenue.

The transcript of the interview can also be found below.

Keen to find out more about scaling sales for your tech business_

Watch the rest of the Interview series:

Scaling Sales – Moving Away from the Founder Selling

Why your tech company should hire a BDR

Prioritising which leads to follow up

Transcript:

Matt Aird
All right, joined again today by Owen Scott, Managing Director at Concentrate. The agency that works with technology companies helping them to, to drive more revenue through more effective marketing. So thanks for joining us again, Owen.

Owen Scott
It's alright, thank you.

Matt Aird
Alright, so today we're gonna be talking about metrics. So there's a chapter in your ebook, which is about you need to measure it in order to manage it. And you know, that really caught my eye. So, talk me through some of the metrics that you think are most important or introduce the I suppose the topic of why you included this into the book as well as a starting point and what you see out in the marketplace at the moment.

Owen Scott
Okay, thanks. So I think that for marketing people, really the biggest challenge is to move away from I suppose the numbers that have traditionally been looking at which is, you know, sort of dominated by Google Analytics. Marketing people and an online channel, they look at things like bounce rates, and what people are doing on websites and exits, etc. Whereas really what we're trying to do is look at the sales funnel, and put some metrics around that around the sales process for three absolute key metrics for us and building an online system as website visits. How many people we get into the website we want to grow that. And then leads. How many of those visits are we turning into leads. And you want to grow there. 

Matt Aird
Yep.

Owen Scott
Obviously at the bottom how many of those leads to turn into customers. That's sort of the three main ones and then over time, we can start maybe, you know, dissecting those leads into a couple of different types of leads, like marketing qualified leads, and sales qualified leads. Sort of get a bit more refined. And that's really the the main matrices, and then sort of the second most important thing after that is to look at the source of those metrics. Where are my visits coming from? Are they coming from Google search? Are they coming from LinkedIn, social media? Are they coming from email marketing, whatever channel we're trying, and then also where the leads come from? Sales funnel and will the people come from?

Matt Aird
Yep. So if we dig into that, the lead source a little bit, are you looking? Is there anything there that you're looking at to be optimal? Or you want a mix of lead sources? Are you targeting certain percentage from let's say, organic or SEO? Or does it really vary campaign by campaign?

Owen Scott
It varies but let's just say in a business or business or HubSpot have done a huge study on this. And a business business seems your two main ones are organic and direct. So organic, you know, that's people basically using Google search engine that's normally around, you know, the low 30s. And then 30%, 33% near direct traffic, which is people typing in, you know, www.concentrate.co.nz straight into search is about 46%. So sort of like, you know, 70 to 80% of all your traffic comes from those two huge sources, which primarily is that people know who you are, but also getting into the search engine.

Matt Aird
Yeah, sure. Okay. And so that, again, just reinforces your point, I think, right? Because you can spend, you know, a million hours a week focusing on little vanity metrics, or, you know, optimising small tweaks to Facebook or Google cost per click campaigns. But that may only make a marginal difference to what you're getting in terms of website traffic, and then leads then funnel conversions. So what you want to focus on is those, those, those high level metrics, because as long as we're getting the website, visitors which the majority of what you're going to come from those two sources, then we can make sure that we're delivering the self esteem.

Owen Scott
Yeah, totally. Okay. Yeah, It's just like it's just trying to see the wood for the trees. You know, we're gonna have the the high level metrics focused on the sales funnel, rather than all the little shiny lights that are going off and on and you have technology.

Matt Aird
Yeah, that makes sense. And then feeding back from sales to marketing. Are you doing anything where? Or do you look at anything where or do you look at anything where sales says this is (voice unclear) this is all it all this counts as a, let's say (voice unclear).

Owen Scott
Sorry, Matt. I lost it.

Matt Aird
Cut out. Sorry. Zoom from home. This is great. So the the question was do you do anything to distinguish the leads that are coming through to sales like the doing anything to categorise them as I don't know, we touched last week on the priority status but it's there. Anything that you're looking at and trying to get a certain number of those leads, or a certain percentage of those leads to be sales qualified or a high quality and a tracking that over time?

Owen Scott
Yeah. So I mean, I suppose that their higher level, we talked about visits, lead sales. And if we break leads down your leads, we just mean this like, new people new contacts into the system. And what we want to then do is have a target around the number that marketing thinks are good enough or qualified enough to hand to sales. So marketing qualified leads, and we need to target around it. And then we need sales person on the other side of the fence to have a target. Like we call them SQL sales qualified leads, which is out of those leads, which ones are they going to accept?

Matt Aird
Yep, exactly. Makes sense. I think you know, and we've seen this a bunch at a few tech companies as well as that, you know, marketing or generate a lead and it just gets fired to sales. And there's no there's no rhyme or reason as to why that happens. As soon as we get an email address, it's passed on to sales, and that's their, their domain from there. But then what happens is if you start to generate a ton of leads, right, then you've got, you know, 2,3,4, or 500 leads a month to get through as a sales department. Those are going to convert at a really low percentage, because there's no there's no quality to them. It's just an email address or something like that, right? And then sales doesn't trust those leads anymore. And so they don't get worked and the whole system breaks down.

Owen Scott
Yeah, that is really good, too. I know, you said we sort of touched on creating that the priority of these leads, but it is good to classify them and to have that little contract between marketing and sales to say, I'm going to give you 10 A type leads and 20 level B. And you as a salesperson, you're going to tell me for level A, you're going to respond to them within 24 hours. You know you're going to respond within maybe within a week together just low level ones. So we need to have that risk agreement.

Matt Aird
Yeah, I love that. Yeah, I've I've seen a few companies that have, you know, a written service level agreement between the marketing and sales departments, right, where the marketing, look, this is our commitment. And the sales is this is our commitment. And the meeting between the two is to say, you know, are we meeting our commitments to each other to drive revenue for this, you know, for our business? Yeah, I think that's a really good way to get that, you know, that sales and marketing alignment,

Owen Scott
I think sort of, you know, to sort of sum up to is that not to be not to be scared or afraid of matrix and being held accountable to them. So, you know, a lot of marketing in the past has not had metrics. It's sort of a new thing. We're a bit nervous about these metrics. You know, we just love metrics here. Because we just because then you know, what's happening as soon as you've got everything in a dashboard, you've got goals, you've got metrics, we can see what's happening, and then we can do different plays in a marketing sense and see what what works and what doesn't like, you know.

Matt Aird
Yeah, hundred percent right knows, you know if what you're doing is generating anything out the back. Right and and yeah, it's perfect. I love the way you measure it. So just those three high level metrics again was website visits and leads and then converted into sales. Yeah, yeah, that's great. Okay, cool. So they're a from an outbound point of view. There's four metrics that we measure. And the way that we do this is that we've got dashboards set up, across all of the accounts that we run, and this full matrix that we review with all of our reps on a daily basis. And these there's a couple of leading indicators and a couple of lagging indicators, but it really quickly gives management an idea on how the accounts are performing, and whether we need to dive into, you know, into the data or any further to see how we can make changes or improvements right and so there's four of them. So the first one naturally is meetings booked, or calls booked? Yeah. Right. So how many of the people that we've prospecting to do actually scheduling in for some time to talk to them in more detail? So that's the first one. That's the key metric that we're really held to, for all of our all of our clients. How many meetings are we putting on their calendar every month? The second is, how many people are landing in the priority status, or how many people have landed, landed in priority status this month? Right. So how many people are engaging heavily with the content that we're sending out to them? That, again, is a bit of a lagging indicator of how well our campaigns are performing, right? But we've got a target that we want in terms of how many people are going to end up in priority status every month. The third is how many contacts have we worked this month? So every month we've got a target in terms of how many ideal clients that we want to reach out to any given month, and we track that again over the course of the month. So that's a leading indicator, right? If we're getting halfway through the month, and we haven't gotten to the point where we've contacted half of the people that we want to by that point, we're gonna be in trouble. And then the final one is, how many dials has the rep made to this point? Right? And again, this is just a really key old school metric, but it's really important. How many dials are you making every day to those people in your target market. And the reason this is important is because those conversations that you have when you're on the phone to someone, they're not only lead to meetings, but they also allow us to gather data and intelligence from the market as well. Right? Because we can get context around if they say no, why are they saying no? Are they using a competitor? Are they not in the market yet? Are they looking to buy in three months? Not right now? Right? All of that stuff comes when we get someone on the phone and we get to engage in conversation with them. And for our clients is just as important as you know, booking the meeting is understanding if they're not buying now, when will they buy and what will be the drivers behind that?

Owen Scott
And how do you how do you tie those metrics back to, to give feedback to marketing around the quality? You know, what happened to the leads in terms of what kind of system?

Matt Aird
Yeah, really good question. So all of the leads that come in attributed to the lead source, right. And so when we get the lead, it's attributed to whatever lead magnet or whatever method, it came into the business. And so when we're working that lead that then ends up in we then assign it a sales status once we've finished working it. And then we can run reports and HubSpot to see okay, all the leads that came in through this status, what was the outcome at the end? And that helps our clients to get the full picture on, you know, hey, we generated a lot of leads from this eBook, but they converted at a really shitty percentage. So maybe we don't do that again, right? Or, hey, we didn't generate money from this webinar, but they all turned it to calls. So that was a really good lead source for us. Let's try to drive more traffic to that next time. So yeah, it's a good question. But it's it's making sure that we're mapping and tagging each contact as to how they ended up in the in the CRM or in our outreach sequences to begin with. Yeah. Cool. Anything else you want to add there at all, Owen?

Owen Scott
No, I think that's good. I think the main thing is just to have some, you know, well, first thing is you've got to have metrics

Matt Aird
100%

Owen Scott
Because if we're not measuring anything, we've got no idea what's going on here. So anyway, we need to put some good metrics in and each metric instead of a goal. And then we can measure against it.

Matt Aird
Yep, hundred percent. All right. Well, thanks again, Owen. It was really good talking to you and we'll chat soon.

Owen Scott
Okay.

Keen to find out more about scaling sales for your tech business_

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