A founder and CEO shares the spreadsheet her team uses to figure out what marketing efforts bring in more revenue and what's a waste of time and money

  • Marketing agency Influence & Co. created a Key Performance Indicator (KPI) spreadsheet, to set goals each year, track monthly and quarterly progress, and identify weaknesses along the way. 
  • The team found that sending sales reps to conferences to land new clients wasn't bringing in the expected payoff, and instead routed that money to email and content marketing efforts. 
  • The company reported a 47% increase in marketing-generated revenue as a result. 
  • CEO and founder Kelsey Raymond shared the template for this spreadsheet and explained how other companies can incorporate it into their marketing strategies. 
  • Visit Business Insider's homepage for more stories.

In hindsight, marketing agency Influence & Co. seemed to be ahead of its time. The marketing and sales team of seven didn't know a global pandemic would soon halt all travel and in-person conferences, but they're glad they already had a solution in place. 

Three years ago, the company was sending its sales reps to conferences and events to land new clients, but it proved unsustainable over time. The money they were putting into these efforts weren't yielding the results they'd hoped for. 

That was until the company shifted its focus away from outbound marketing to prioritize inbound efforts, like emails and content creation. The team redistributed all its spending on events and conferences to its inbound budget.  

"It really started from seeing that there were some gaps in the systems we were using and we needed a way to tie together marketing and sales to get a very quick, clear picture of what was driving results," founder and CEO, Kelsey Raymond told Business Insider. 

A revenue-generating marketing KPI tracker

The team created their own Key Performance Indicator (KPI) spreadsheet, to set goals each year, track monthly and quarterly progress, and identify weaknesses along the way. 

Influence & Co. generated fewer leads in 2019 compared to the previous year, but those leads were more interested in becoming clients. This led to a 47% increase in marketing-generated revenue over about two years, the company reported. 

The company shared its KPI tracking spreadsheet exclusively with Business Insider. Raymond explained how business owners can use the spreadsheet to set and track their marketing goals. 

Readers can download the template at the bottom of this article. 

Tab 1: Marketing and inbound goals and projections

The first tab of the spreadsheet sets the stage for where you believe your company can go, Raymond said. This is where you'll set goals and keep last year's numbers for comparison. Influence & Co. sets projected numbers, the ones they are confident they will meet, and a goal, which can be more of a reach. The projected number determines their team's budget. 

The "SDR" on this tab, and throughout the spreadsheet, stands for sales development representative.

"It's really important before the beginning of every year to set some benchmarks of where we think we can go," she said. And if the company expects to improve from the previous year, they need to ask why. "There better be a reason that we think we can do better."

Tab 2: Outbound goals and projections

While the first tab sets projections and goals for marketing and inbound efforts, the second tab sets the same for outbound efforts. Influencer & Co.'s marketing team creates much of the content for the outbound team, like white papers, articles, and case studies, so their goals can be closely tied.

"This might seem kind of counterintuitive to some people," Raymond said, "we really see [sales] as very connected to the marketing team."

 

Tab 3: Contact form submissions

One of the many ways Influence & Co. gets leads is through the contact forms on its site. The team uses Zapier to auto-populate the data from submissions into the spreadsheet. 

Tab 4: Monthly sales calls

Sales calls are another method the team uses to connect with potential clients. Each salesperson inputs the data from their calls manually, but companies could also choose to automatically populate it. 

Raymond noted the team pays close attention to the "email converted" field, which indicates the email that led to a sales call and tells the team open rates and click rates for email communication. 

"Ultimately, you want to know as a marketer which emails are resulting in someone actually having a sales call with us," she said. 

 

Tab 5: Monthly recurring revenue

The fifth tab is where the team tracks monthly recurring revenue (MRR). Most clients sign a year contract at an average rate of $5,000 to $10,000 per month, Raymond said. 

"Months to close is also a really important metric because this is telling us what's the average sales cycle," she said. 

Monthly and quarterly reporting tabs

The following 16 tabs are automatically populated from the previous three tabs, so the team can track progress on a monthly and quarterly basis. This is where they assess what strategies are working or need improvement, like if call rate drops or which emails lead to the most calls, as well as see how salespeople are performing. 

"MQL" stands for "marketing qualified leads." The team uses HubSpot to automatically qualify online visitors who fill out a contact form or download a white paper. Visitors receive an initial score based on their job title, company size, and average budget. Then if they open an email or read a blog post, HubSpot adds more points to their score. Once a visitor hits a 12-point threshold, Influence & Co. considers them a qualified lead and the team reaches out. 

"That's a really big metric that we want to be tracking every month and every quarter to see how many qualified leads we are driving," Raymond said.  

"Call rate" tracks how many qualified leads made it to a call with the team and "call metrics" tracks how many calls led to new business.

"A lot of these metrics that we're tracking are a trigger for us to go look into something further, to try to figure out what tweaks we need to make, or where do we need to switch resources around," she said.

 

Tab 22: Year-to-date tracking

The final tab on the sheet tracks annual progress, automatically populating data from the previous tabs as a cumulative view of each metric. 

Raymond said the key to using this spreadsheet effectively is tying a company's sales and marketing teams together. "Too often we see one spreadsheet for marketing, one spreadsheet for sales, and you're not able to easily connect the dots," she said.  

Click here to download Influence & Co.'s Marketing KPI Tracker to use for your business »

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