What is this measuring?
Time to Lead Conversion measures how many days, on average, it takes for a lead to be converted.
Why is this important?
Understanding the speed at which you convert leads can help with accurate forecasting, provide a measure of whether your sales process is improving, measure individual reps performance, or see how well aligned your marketing > sales teams are.
This example report will allow you to see on average, how many days it takes a Lead to be converted from when it was created.
Create the report
1. Use the ProsperWorks Custom Report Builder to export Opportunities into a new Google Sheet. Your export should look something like this:
2. After you have imported your data, create new tab on that sheet. In this example we will name that tab "Data". We will then be using a query to find the date difference between Lead Created and Opportunity Created dates. Copy the following query and enter it in the 1st cell of the new "Data" tab (In the query, the "X" is Opportunity Created column, "Y" is Lead Created column in this example, but yours may differ):
=query('All Opportunities - Inside Sales'!1:1000,"select X,Y, dateDiff(X,Y)")
If you enter that query, it should return information like this:
3. Create a cell that averages the column with the difference between the two dates (column C in the above example). To do that, you can use the following formula: =average(C1:C)
4. Create a 3rd tab for any charts that you want to visualize. In our example we create a gauge from the average of column C:
As a bonus, you can adjust the query to bring in another field, such as Source. The new query formula would look like:
=query('All Opportunities - Inside Sales'!1:1000,"SELECT X,Y,N, dateDiff(X,Y)")
Finally, if you are familiar with pivot tables, you could create one to view Time to Lead Conversion by Source:
and then create a chart from that table:
This spreadsheet has the above examples so you can explore the setup. If you want, make a copy of it and try some of your own reports!
Potential Reporting Enhancements
- You could run this report by the 'Source' of the Leads (example above).
- You can look at how each owner performs and compare reps to each other.
- Grouped by the month the Lead was created to find out if the time to conversion is increasing or decreasing.