Metrics for Success
Company leaders often ask us about how they can measure success. First, metrics should be relatively simple – each person should be able to gather the numbers in less than 15 minutes each week. Second, you should only be measuring and tracking information that allows you and your leadership team to make decisions in the time frame of the numbers. Here are some examples:
Looking specifically at sales, a few metrics stand out from the most effective companies of the more than 150 Ed Tech companies we’ve worked with. One of those is Marketing Qualified Leads (MQLs), or leads that have reached a point where a salesperson should call. Out of 100 MQLs:
If your numbers are better than these, that’s great, but might mean you have room to get more leads into your process. Don’t wait until you know they are good to put them into your system – you may be excluding potential sales. To put it into baseball terms, we would rather have a batter hitting .250 over 1,000 at-bats – 250 hits! – than one who bats .500 but will only go to the plate 100 times to face just those pitchers they feel confident against.
And how much should you be spending to generate these leads? It varies, but should be no more than 5 percent of the revenue you see from that type of customer. There are some specific guidelines we use, however, including between $25 and $50 on digital marketing for site-based administrators, and $150 for trade show marketing aimed at district-level administrators.
If you’d like to take a closer look at your metrics but don’t know where to start – or if you’ve taken a look and don’t like where they’re at – get in touch with us at email@example.com to see how Arc can help.