How do you know if Nexus is working?

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December 9, 2019

One of the most regular challenges our customers face is that despite knowing that Nexus is making their sales and marketing function more successful, they sometimes struggle to show data to support exactly how.

There are a number of ways you can track the impact that Nexus is making and demonstrate to whoever you are reporting to that your strategy is working.

A model showing how you could track your success is the Demand Unit Waterfall method from Sirius Decisions.

Waterfall

Target Demand – Every company that you know of that is a good fit for you in Nexus. These companies can be loaded into Nexus as “Tracked Accounts”.

Active Demand – This is the number of Tracked Accounts in Nexus that are showing research activity which we would recommend targeting with marketing activity. This will change over time as companies move in and out of buying journeys. You can also find “lookalike” accounts in Nexus that aren’t tracked accounts but are a good firmographic fit alongside showing compelling intent activity to indicate that they are in buying journey. These are the accounts that you should be focusing your marketing activity on including:

  • Social advertising
  • Display advertising
  • Email campaigns
  • Telemarketing
  • Content Syndication
  • Direct mail campaigns

Ensure that you tag these accounts in your CRM using either the Nexus connectors to assign Nexus information to each account or implement a system to manually tag them. It’s very hard to measure how Nexus is having an impact if you don’t do so this is essential!

Engaged Demand – These are accounts from the Active Demand that show interest through your marketing activity which could include responses to telemarketing, landing page form fills, chatbot conversations or “click throughs” to landing pages which can be picked up through Nexus Engage with the Engage Tags functionality. These are the accounts we would recommend prioritising to be worked on by your outbound business development team.

Prioritised Demand – Are accounts that the outbound business development team have made contact with and identified a need within that business. There may be several other criteria that need to be met before this is passed through to the sales team.

Qualified Demand – Once someone in the sales team has had a conversation with the lead and confirmed that there is an opportunity the lead would be classed as qualified demand.

Pipeline – Live opportunities being managed by your sales team

Closed – Closed Won deals 

The main question to ask yourself when applying Nexus success criteria to your business is: What did you need to achieve when you purchased Nexus in the first place?

  • Generate more high quality leads to support faster sales growth
  • Help scale an ABM strategy
  • Increase Customer Account engagement and awareness
  • Improve lead to sale conversion

With this in mind you can start to form your success criteria using the model above.

Generate more high quality leads to support faster sales growth

With this objective the following are suggested success metrics:

  • By recognising “Active Demand” and focussing marketing activity on that rather than the larger “Target Demand” segment is it costing you less per “Engaged Demand” account identified than before you started using Nexus?
  • What is the conversion from Target Demand through to Engaged Demand using Nexus compared to without
  • Do the leads that were identified as “Active Demand” have a higher conversion rate to “Prioritised Demand”, then through to “Qualified Demand” compared to before Nexus was implemented

The third success metric here could be described as increased conversion from your total addressable market to Marketing Qualified Leads and then an improved conversion rate on to Sales Accepted Leads.

Help scale an ABM strategy

With this objective the following are recommended success metrics:

  • Do you see increased engagement in the accounts picked up in Nexus which make up your “Active Demand”
  • Are you seeing more opportunities generated from these accounts?
  • How much Pipeline has been generated from these accounts?

Increase customer account engagement and awareness

With this objective the following are recommended success metrics:

  • Are you generating more opportunities from your existing customers which are showing in Nexus
  • How much additional Pipeline has been generated from these accounts?
  • Has Nexus had a positive impact on customer churn and how much revenue has been saved by securing companies researching your competition?

Improve lead to sale conversion

With this objective the following are recommended success metrics for companies showing in Nexus that are already Sales Accepted Leads:

  • Using the insights in Nexus are your sales team having a better conversion rate to Closed deals?
  • Is the time taken to move deals from SAL to Closed shorter than companies not in Nexus?

There are lots of ideas above which could help you establish how you can better measure the success of your marketing. We would highly recommend you talking to us about how you could implement them in your sales & marketing functions to demonstrate how you are having a positive effect on your outputs using Nexus.

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