- Something went wrong, and I need to figure out what.
- I am conducting an experiment with one of those touchpoints and I need to know if it's a success.
We want to know how effective this channel (Meetup groups) and tactic (coffee cards) is, so we measure the number of webinar signups from the Meetup groups. Based on our ROI calculations, we know the dollar value of a webinar registration, and we get more than enough to cover the sponsorship, printing and coffee gift cards. It makes sense to roll out the Meetup program nationally, right?
Not necessarily. The above calculations handles the quantitative component of the marketing effort, but not the qualitative component. If rolled out nationally, the result could be a ton of unqualified prospects jumping at the deal. Some of these could be making it all the way through your lead nurturing program and end up as leads handed to sales. What happens when sales calls on these leads? They turn out to be garbage and sales now becomes just a bit less likely to follow up on the next lead you give them.
How do you fix this? By completing the feedback loop. We use three metrics to complete the feedback loop:
- Actual sales
- Sales indicators (size of deal, likelihood to close)
- Subjective lead quality
In the case of our above experiment, we'll definitely want to use the lead quality score provided by sales because if we're doing our experiment correctly, it's a small dataset before rolling the program out nationally. If the average subjective lead quality produced by the experiment is at or above benchmarks, then pull out all the stops and let the program roll. If not, perhaps this audience is just a little off target and it's time to move on to the next experiment.
In a future post, I'll discuss how the same feedback loop can be invaluable in troubleshooting problems.