3 metrics to develop the perfect lead pacing for your organization in 2024.
Published on 4 January, 2024 | Author: Digitalzone
Calculate your way toward lead pacing bliss.
Now that the confetti of the New Year has settled and resolutions are taking center stage, there’s fresh buzz in the B2B marketing landscape.
In 2024, forward-thinking organizations are adopting a transformative approach to managing and distributing their leads.
Well, much like determination to hit the gym, the strategy known as lead pacing has been gaining traction –and it’s becoming the hottest workout routine for businesses looking to flex their marketing muscles.
What’s the hype with lead pacing?
Lead pacing looks at the sweet spot of quantity and quality and focuses on the optimal distribution of leads based on the unique key performance metrics of your organization.
A lead pacing strategy ensures that each lead is given the right amount of attention at the right time, maximizing the chances of conversion and ultimately boosting revenue. This also prevents wasting opportunities and lower-than-expected conversion rates during quiet months or holiday seasons.
The crux of lead pacing lies in its ability to harmonize the distribution of leads with the capabilities of your team. Think of it like a well-conducted orchestra where each instrument plays its part at the right time to create a beautiful symphony.
With lead pacing done right, you won’t be overwhelmed with leads, nor will your sales reps be left twiddling their thumbs.
Measure up with the right metrics
Whether your business has relied on lead pacing for several years or your organization is just starting to calculate lead pacing in 2024, engaging with internal data is a great place to kick off the new year.
Here are a few metrics that you want to analyze, track, and master over the next twelve months.
- Average Deal Size: The Revenue Barometer
You know the drill. Average Deal Size = average amount of money each deal won generates for your org within a specific period. Consider this metric as your revenue barometer.A rise in the average deal size indicates that your business is focusing on high-value deals, which can significantly increase overall revenue. On the other hand, a decrease could signal the need for a strategic rethink.This metric is a valuable benchmark for determining the ROI of your sales team, too.
- NTD to MQL: The Effectiveness Indicator
Next, we have the ‘NTD to MQL’ percentage. This denotes the proportion of New-to-Database (NTD) leads you generated that converted into Marketing-Qualified Leads (MQLs).A high NTD to MQL conversion rate is a positive sign while a low rate may mean a piece of your lead pacing strategy is out of place. Are you attracting readers who aren’t buyers? Is initial outreach too slow/fast?Overall, this KPI gives a glimpse at how effectively your marketing efforts are attracting the right audience and nurturing them down the funnel into potential customers.
- MQL to Closed Won: Measuring Sales Success
Last but not least, we have the ‘MQL to Closed Won’ percentage. This shows the proportion of MQLs that convert into won deals. It acts as a critical measure of your sales team’s success and the efficiency of your lead nurturing process.A high MQL to closed won ratio reflects an efficient sales process and even-paced lead distribution strategy. If this ratio is low, it might be time to reassess your strategy.
Taking lead pacing into the future
Beyond those KPI’s listed above, lead pacing strategies truly aim to converge data and strategy for continuous improvement. In 2024, boosting closed deals means evolving your techniques in a changing B2B marketing landscape.
This commitment to data-driven learning + growth strategies is doubly beneficial:
One: Take out the guesswork. You can create more effective campaigns when you spend the time to calculate the lead pacing required for meeting the desired outcomes.
Two: Get your team to flex their muscles. More data analysis on a high level is going to trickle down to all members of an org. If you manage a team – now you have key KPIs to measure their success, empower their initiatives, and remove part of their strategies that are holding them back.
As we move into 2024, let’s align: lead pacing is more than just a fleeting New Year’s resolution – it’s the future for all B2B marketers.