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401 Report: Velocity - Marketing & Sales Cycle from First Touch to Major Benchmarks

Last Updated: Feb 05, 2016 10:24AM PST
Marketing & Sales Cycle - First Touch to Lead Creation and Win
 
A report to measure the # of days it takes your leads to move from first touch to Lead Creation and revenue (Win). You have an idea of your sales cycle (Lead Creation to Win), but how long is the Marketing Cycle or the Marketing & Sales Cycle? Which Channels have the fastest First Touch to Win cycle?
 
Skill level: 401
Time: 30 mins
Who will love it: Digital Marketing Directors, CMOs, everyone at your all company meeting who sees your awesome skills.
Fields of focus:
  • Bizible WebSource (FT) - The Source related to the Lead's First Session on your site. (FT) = First Touch
  • Bizible Date (FT) - The First Touch Attribution Date
  • FT to Lead Create - A new field which calculates the days between Date (FT) and the Lead Create Date.
  • FT to Win - A new field which calculates the days between Date (FT) and the Opportunity Close Date.
Prerequisites: 
  • Bizible v3.9
  • Ability to create SFDC fields
  • Expert SFDC reporting skills (or learn as you go)

1) Create a new field: FT to Lead Create
  • Click Setup » Leads » Fields » New Field
  • Select Data Type = "Formula", click Next
  • Title the field "FT to Lead Create"
  • Select Formula Return Type = "Number" with 0 decimal places, click Next
  • Enter this formula:
    ABS(DATEVALUE(bizible__Data__r.bizible__FT_Date__c)-DATEVALUE(CreatedDate))
    
    Check Syntax and click Next
  • ​Select the profiles who will use this field in reporting (Marketing team, Admins, C-Levels, Interns?), click Next
  • Select the Page Layouts on which you'd like to view this field (or select none), click Save.



2) Create a new field: FT to Win
  • Click Setup » Opportunities » Fields » New Field
  • Select Data Type = "Formula", click Next
  • Title the field "FT to Win"
  • Select Formula Return Type = "Number" with 0 decimal places, click Next
  • Enter this formula:
    ABS(DATEVALUE(bizible__Data__r.bizible__FT_Date__c)-CloseDate)
    
    Check Syntax and click Next
  • ​Select the profiles who will use this field in reporting (Marketing team, Admins, C-Levels, Interns?), click Next
  • Select the Page Layouts on which you'd like to view this field (or select none), click Save.




3) Create a new report with report type: 
Leads with converted lead information and Bizible Attribution

Tip: Converted Lead Information reports allow you to report on Leads and Opportunity data in one report.  Please note, this report will only consider Opportunities created from a Lead Conversion.  It will not consider Opportunities created from an Account or a Contact.

Tip: The Bizible Attribution object houses the Bizible Date (FT) field.

4) Configure your report settings
  • Show: All Leads
  • Date Field: Date (FT)
  • Date Range: Any
  • Format: Matrix Format

Tip: Matrix reports allow you to group and summarize data by both rows and columns.  Use this report type for comparing related totals, as in this report where we'll be comparing FT to Win and Bizible Websource (FT).





5) Create Bucket Fields for FT to Lead Create & FT to Win
  • Double click "Add Bucket Field"
  • Select FT to Lead Create from the drop down
  • Name the Field "FT to Lead Create (Bucket)"
  • Create and name your range and intervals. I've created a 150 day range at 30 day intervals.
  • Click Add to create a new interval
  • Click OK
  • Repeat for "FT to Win (Bucket)"
 


6) Create Filters
  • Click and drag Lead: Bizible Websource (FT) into the filter area.
  • Set Filter: Websource (FT) | not equal to | (leave blank)
  • Click and drag Stage into the filter area.
  • Set Filter: Stage | equals | Closed Won (or whichever Opps stage(s) represent a win)
Tip: All Leads, Contacts and Opps tracked by Bizible will have a value in Bizible Websource (FT).  This is a great field to use for filtering by digital channel for all Marketing Attribution reports.  By setting the filter to "not equal to (blank)" we're showing only records tracked by Bizible in this report (AKA: Leads which came from your website).


7) Create a Column Grouping for FT to Win (Bucket) and a Row Grouping for Bizible Websource (FT)
  • Find FT to Win (Bucket)
  • Click and drag it into the blue "Column Grouping" area.
  • Find Bizible Websource (FT)
  • Click and drag it into the blue "Row Grouping" area.
Tip: Experiment here. Try adding FT to Lead Create in the column grouping. Doing so will create a Marketing Cycle Report.




8) Save, Run and Analyze the Report

This report shows Closed Won Opps summarized by FT to Win in 30 day buckets and also summarized by marketing channel (Bizible Websource (FT)).

Findings from this report:

Our Marketing & Sales cycle is about 90 days.  Put another way, considering only our Closed Won Opportunities, it takes on average 90 days from the first time someone visits our site to become a paying customer.



To put that in perspective, let's compare the traditional sales cycle, which is time between Lead Creation and Win.  The average sales cycle in this case is 45-60 days.  Much less than the Marketing & Sales Cycle.



Here we found that about 30-60% of elapsed marketing/sales cycle time happens before the lead ever reaches out for info, or talks to the sales team.  The lead is spending more time on the site, learning, before reaching out, which makes A/B testing and website functionality paramount.

Speaking of A/B testing, did you know all Bizible plans include our Optimizely Integration?

Take it to the next level

Create a report showing FT to Lead Conversion or FT to a certain lead status (MQL, SQL) or opp stage (SAL, SAO).

Hints:
  • Create a formula field calculating the days between any 2 date fields in Salesforce.
  • Try bucketing the Bizible Websource field for a higher level channel report which CMOs love.

Contact Us

  • (800) 913-2620
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