Tracking 101: Setup Your CRM for Success

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Tracking 101: Setup Your CRM for Success


In our product demo, we presented a case study of our successful clients.
As a refresher, both the mortgage and life insurance case study screenshots are below.

Mortgage Case Study #

Insurance Case Study #

A critical element of achieving that success was for us to track key metrics with those clients.
Proper tracking is critical in order to make data-driven decisions. Businesses who fail to use tracking to inform decision making make poor decisions.
We’ve seen it time and time again. Businesses will falsely determine a campaign is not performing, when in fact, it is. Because they are blind to the data, they pull the plug on a campaign and lose out on massive opportunities.
The fact is that 90%+ of businesses fail with lead generation online. Do some lead generation companies provide crummy leads? Yes. But if you don’t know how to measure performance then you won’t be able to tell the difference between a good or a bad lead.
By learning how and when to measure performance, you can determine the good from the bad. This will help you avoid the lead generation company carousel. A situation many businesses find themselves in. Moving from one company to the next, spending lots of time and money, and never seeming to get results.
So which metrics do we need to track? The important details of the lead’s journey through their sales pipeline:

Contact Metrics #

The first step to building your pipeline is getting in touch with the leads. The metrics below will help you assess your performance of getting in touch with leads. By measuring this performance, you can identify weak points and work on solutions to fix them.
  • Contact made with lead (yes or no)
  • Speed-to-Lead (how fast was the lead contacted after received)
  • AVG # of contact attempts made per lead

Won/Lost Metrics #

Next you’ll need to properly track the outcomes of leads. Did you lose the deal? If so, for what reason? Have a list of common reasons that you can pick from, and assign that reason to each lost deal. This will help you identify patterns that can help lead to solutions to lose less deals. For the deals that you do win, make sure to track them and track the value of the deal (revenue). This will be important for calculating your ROI later on.
  • Deal won or lost (& reason IF lost)
  • Revenue per deal won

Timeline Metrics #

Knowing what to measure is only half the equation. Its equally important to know when to measure. In industries with long sales cycles, it can take 30, 60, 90 or more days for the average deal to close. So if you measure your results too soon, you won’t get an accurate picture of the true sales conversion rate. For example, with mortgages, the shortest timeline to close was 34 days & the median was 131 days, in our case study. Unfortunately, most brokers don’t take this into account and are ready to bail after only 30 to 60 days.
  • Deal won or lost (& reason IF lost)
  • Revenue per deal won
  • Date lead received
  • Date deal won (IF won)
(It is also important to tag each lead to indicate the source the lead came from. In this case, you should tag the leads as source = FinanceVine. If not, then you won’t be able to easily segment your leads to review performance by source.)
Now that you have this checklist, ensure your CRM is setup to track these metrics. Then ensure that your sales team tracks this information for each lead.
As part of monthly reporting process, we’ll ask you to export your data and report back your results. In the first 30-60 days, we don’t expect any sales results. The point will be to ensure the data is being tracked properly. In month 4 we’ll perform our first full ROI review with you. That will be the earliest point when meaningful results will become available.
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Updated on 9 June 2022