At DentalLabSupport, we create ways for marketers to understand the customer journey. We do this by tracking sales cycles and average velocity between stage transitions. These are indicators that content, events and other marketing touchpoints are driving prospects through the funnel faster.
These are also great indicators for planning, as well. In this blog post, we show how to approach and use customer journey data, namely velocity metrics.
Velocity as a Go-to-Market Performance Indicator
Implementing marketing attribution also adds dates to every touchpoint, including touchpoints where there is a stage transition. Knowing this we can derive the average number of days between stage transitions as a measure for velocity.
There are several uses for velocity data. Starting at a high level, if you’re a marketing leader, you want to understand performance across your different market segments. If this is the first time you’re seeing data like this, you can discover the customer journey in more detail, asking yourself whether this is what you expect.
If you’re entering a new market, measuring velocity gives you a baseline benchmark, and a great place to start when thinking about next year’s goals for that market. For example, if you want to invest in sales enablement for this new market, you’ll be able to track improvements in velocity.
If you’re tracking velocity across quarters or months, you can use it as an early warning system when important lead transitions have slowed. Lastly, if you are launching a campaign in a market, you can see whether that campaign correlates with faster velocity.
For more information, contact DentalLabSupport.com at 1.888.715.9099 or info@dentallabsupport.com
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