Do you know how to determine whether you are giving credit where it’s due? Did you reward your sales team for getting new customers but don’t know whether you should reward your marketing team as well? Don’t worry. There is a way to figure it out. All you have to do is take into account all of the new customers that marketing interacted with while they were leads, anytime during the sales process.
The Metric is called: Marketing Influenced Customer %.
How to calculate it: To determine overall influence of the marketing team, take all of the new customers your company accrued in a given period, and find out what % of them had any interaction with marketing while they were a lead.
Formula: Total new customers that interacted with marketing / Total new customers = Marketing Influenced Customer %
Total new customers = 10,000
Total new customers that interacted with marketing = 7,000
Marketing Originated Customer % = 7,000 / 10,000 = 70%
So what does that mean? It means that 70% of all leads for a given time period were touched by the marketing team somewhere along the process. This metric can indicate how effective marketing is at generating new leads, nurturing existing ones, and helping sales close the deal. It gives you a big-picture look into the overall impact that marketing has on the entire sales process.
Did you find this article helpful? Check out our free cheat sheet 6 Marketing Metrics Your Boss Actually Cares About.