The business owners of modern times have access to more performance data and marketing opportunities than ever before. With an ample amount of data available, it can be challenging to discern which Key Performance Indicator (KPI) is most significant for your marketing and sales program. Although all KPIs provide useful insights, Cost Per Opportunity (CPO) provides you with the clearest view of your B2B lead generation and serves as a gauge of demand.

While planning your marketing strategies, it is important to determine the two key factors involved:

1.       Marketing: Lead Generation and Prospecting Program

2.       Sales: Getting customers to buy your product

Though both the aforementioned actions come under separate categories of marketing and sales, it's vital to integrate them and acquire a desirable CPO in order to achieve maximum omnichannel lead generation. The classic adage, "You can lead a horse to water, but you can't make him drink," perfectly encompasses this.

Marketing: Leading the Horse to Water

The "leading a horse to water" bit represents your marketing plan to attain lead generations. Every activity aimed to increase traffic on your website, and convert them into customers is all part of the program. This may include advertisements, content creation, content marketing, etc.

The entire process depends on effective back-and-forth communication between the marketing and sales departments. Given the fact that marketing is determined to generate efficient rates and CPL, it's equally important for sales to work towards converting potential customers (leads) into opportunities (sales) at a desirable cost. CPO here works as a binder in strengthening the ties between marketing and sales.   

Sales: Getting the Horse to Drink

The goal of leading the horse to water is ultimately to make it drink. Therefore, there's not much to gain in creating potential customers if they aren't buying your product. To ensure this, it's important that you:

·         Target the right audience.

·         Reflect on your company's value proposition and make sure it resonates with the target audience.

·         Understand that these people are planning to buy within a reasonable time frame.

Moving on to the next step, it's vital to know that you only have a successful sales opportunity when the customer comes with buying power. In other words, setting the "right price" impacts your lead generation. Moreover, know that your offering should be what the customer needs. Lastly, the product must work; only then will a customer be willing to buy your product.

CPO's Relationship with Your Company

CPO bridges the gap between the marketing and sales of your products. While indicating demand, it tells you the exact cost per product. If your close rate is high and CPO is low, know that you are targeting the right audience- people who want your product and you are selling it. A low CPO means that both sales and marketing are nailing their jobs. CPO helps the management to determine what's wrong with their B2B lead generation process and develop a scalable demand-generation program.  

Once you start tracking down your performance, to acquire desirable CPO metrics it's imperative to improve and monitor. Now, you know what to do to take your sales to the next level. Contact our experts at SalesGig to learn more.