Use Case – What We Did When Marketing Win Rate Was Decreasing
Sales Team
We’ve historically been a partner and sales sourced company. Oddly enough we had success in 2020 shifting to more marketing sourced so that we could have a healthier ratio AND a more cost effective ratio. We started 2021 off at 50% for our Marketing Win Rate. We have a pretty strong sales team that has a Sales Win Rate of 40% so 50% for Marketing was high even considering we’re operating in a relatively mature market that spans SMB, Mid-Market and Enterprise. I should not this has created a healthy dose of competition between the Sales and Marketing team now that this can even be measured.
Marketing Team
A dropping Marketing Win Rate is not inherently a bad thing, compared to other metrics where a decrease or increase is either a cause to celebrate or ring the alarm. A decrease in Marketing Win Rate measures how effective is marketing at sourcing deals compared to all deals sourced overall. An increase in Marketing sourced leads but not Closed Won Opps means marketing is very effective but could also signal sales or other lead sources are lagging. We made some changes to the marketing agency team to account for that decrease by focusing more on inbound (content + SEO) and less on outbound. We feel our target should be around 35%, which represents a healthy amount of Closed Won Opps.
Results
Inconclusive. We believe another month of data should start to show our marketing tactics changes especially as we begin to also measure successes and areas for improvement in the Buyer’s Journey. A percentage point difference from one month to the next or week over week is not that important as is the trend week over week or month over month. A steady Marketing Win Rate is good, it means you have predictability in your revenue operations, but seeing wild swings in one direction or the other should direct you to look at the quality of your marketing sourced leads.
How we continue to win
We’re introducing outbound to the mix so we’re really keen on keeping an eye on both the Sales and Marketing Win Rate to see if there are any large shifts one way or the other on a week to week basis. Checking this metric weekly has become a key habit for our marketing leadership and RevOps manager.
See how to increase your Marketing Win Rate here.
