This is the final post in a three-part series on funnel velocity.
As we talked about in my first post, velocity is a key measurement for marketing efficiency. In my second post, I talked about all the levers you could pull to increase velocity via a SLA between sales in marketing. In this post, I am going to give you some suggestions on how you might measure velocity in your organization.
Time stamps are critical to measuring funnel velocity. Most modern CRMs and marketing automation (MA) systems are capable of adding a time stamp when a field is updated. Within our organization, we date/time stamp our prospects as they flow through each step of our sales and marketing funnel. This can be done with a simple workflow rule and either your CRM or MA system is capable of accomplishing this feat.
Once you date stamp the transitions, you can then either export the data or use a fancy salesforce.com formula field to get the duration between the two date stamps. In excel, this is called a DAYS360 formula.
The DAYS360 formula is great for measuring large scale velocity changes in days or months. But, what if your SLA calls for a 1 hour response time on all inbound inquiries; how do you measure that? The process is generally the same but you will need to export the data and run one of the following formulas depending on how you want to splice the time.
|=INT((B2-A2)*24)||Total hours between two times (4)|
|=(B2-A2)*1440||Total minutes between two times (295)|
|=(B2-A2)*86400||Total seconds between two times (17700)|
|=HOUR(B2-A2)||The difference in the hours unit between two times. This value cannot exceed 24 (4).|
|=MINUTE(B2-A2)||The difference in the minutes unit between two times. This value cannot exceed 60 (55).|
|=SECOND(B2-A2)||The difference in the seconds unit between two times. This value cannot exceed 60 (0).|
If you wanted to get real fancy, you could set up an export of these date stamps on a periodic basis, do the calculations in excel and then schedule an import of the returned fields for dashboard reporting.
What are some of the ways you measure velocity within your organization?