The short version
- Six numbers are enough: lead volume, response time, contact rate, meeting rate, conversion rate and handling age.
- A number without a definition is just an opinion. Write down what is counted and where it comes from, and keep the definition fixed.
- Read the funnel from the start: the first narrow neck is what is most worth fixing.
- The examples and tools here are for illustration. There is no industry average, and your own numbers are the only ones that matter.
Many agencies run the business by feel: “this month was quiet”, “I think we converted less”. Feel is a reasonable starting point, but it doesn't help you decide what to fix. To know, you need a few well-defined numbers calculated the same way over time. Let's start with six.
The six numbers#
| Metric | Definition | How to read it |
|---|---|---|
| Lead volume | How many new enquiries arrived in the period (week or month), split by source | Shows which channels bring enquiries. Doesn't show quality |
| First-response time | Time from the lead arriving until a person first replies | Lower and steady is better. Watch the difference between working hours and after hours |
| Contact rate | Of the leads, what percentage were actually reached, i.e. a conversation took place | A drop points to a follow-up problem or to lead quality |
| Meeting rate | Of those reached, what percentage booked a meeting or review call | Shows how well the first conversation turns into a step |
| Conversion rate | Of the period's leads, how many became clients | The top-level metric. Break it into stages to see where you lose |
| Handling age | How long a process has been open in its current stage, and what share is stuck | Old processes signal a bottleneck or forgetting |
- Lead volume
Definition
How many new enquiries arrived in the period (week or month), split by source
How to read it
Shows which channels bring enquiries. Doesn't show quality
- First-response time
Definition
Time from the lead arriving until a person first replies
How to read it
Lower and steady is better. Watch the difference between working hours and after hours
- Contact rate
Definition
Of the leads, what percentage were actually reached, i.e. a conversation took place
How to read it
A drop points to a follow-up problem or to lead quality
- Meeting rate
Definition
Of those reached, what percentage booked a meeting or review call
How to read it
Shows how well the first conversation turns into a step
- Conversion rate
Definition
Of the period's leads, how many became clients
How to read it
The top-level metric. Break it into stages to see where you lose
- Handling age
Definition
How long a process has been open in its current stage, and what share is stuck
How to read it
Old processes signal a bottleneck or forgetting
A fixed definition above all
What counts as a “lead”? What counts as “reached”? When did someone “become a client”? Define once, write it down, and don't change it midstream. If the definition moves, you can't compare month to month.
How to read the funnel#
A funnel is simply a series of stages: enquiry, contact, meeting, client. At each stage some stay and some drop. The key question isn't “how many dropped” but “at which stage is the drop large relative to what we expected, and can we influence it”. Here is an illustration only:
100
enquiries (example)
70
reached (example)
35
meetings (example)
12
clients (example)
Illustrative numbers only
The values above are a worked example, not an average, an industry measure or a target. Don't compare your agency to them. Compare yourself to yourself, month against month.
In the example, the stage with the largest relative drop is between meeting and client. But look at what you can change: sometimes you raise the contact rate easily and get many more clients, even if the absolute drop there is smaller. The tool below lets you play with your own numbers and see what changes when you improve one stage.
Pipeline health: what's stuck and what's cooling#
A funnel answers “what happened”. A pipeline answers “what is happening now”. When dozens of processes are open, the important thing is knowing which ones aren't moving. The tool below arranges your open processes by their age in the stage and shows which are at risk of getting stuck.
Common measuring mistakes#
Measurement that misleads
- Metrics with no written definition
- Looking only at the last number (conversion) and not the stages
- Comparing with another agency or an “industry average”
- Measuring daily and reacting to fluctuations
- Numbers nobody acts on
Measurement that helps
- One fixed definition per metric
- A funnel broken into stages
- Comparing yourself to yourself over time
- A fixed weekly or monthly review
- Every metric has an owner and one action if it falls
Start tracking in one week
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To see it in practice: Financi CRM: leads, processes and metrics in one place.
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Book a demoThe information in this article is general only and is not financial, pension, legal or tax advice, nor a substitute for personal advice. Demos and calculators are illustrative models: your numbers will differ.
