Hey Dan - hope you are doing well!
Foureyes tracks it both ways too. I reached out to my Solutions Engineer for color. Here is his response:
Different calculations have different purposes. They shine a light in different directions if you will.
- "Sold from leads" or what I call "raw close rate" is valuable for understanding your pacing and overall store performance "right now" aka this month.
- "Sold in timeframe" which we have as a 7, 30, 60, or 90-day close rate is the better indicator of process quality and evaluating a lead source over time.
Agreed [USER=2]@Alex Snyder[/USER]! We have been doing a TON of consultative work with our dealer partners of late to help them understand ROI... Return On Influence. "There is no consummation without an introduction."
It's the end of the year, economic factors have some worried... many Dealers are in cut mode. They print a report from the CRM and draw a cut line based on "close rate." Anything under the line gets the 30-day notice. I strongly advise against this.
I'll give one quick reference and a data point to consider.
How many leads in your CRM are attributed to your chat tool? Do you think consumers visit your website BECAUSE you have a chat tool? One of those vendors on your cut list is likely responsible for that lead. They may be responsible for DR leads, organic leads, finance apps etc.
The team at Foureyes reviewed data for 1500 dealers recently to put a number to the inherent risk of pulling a report and making a cut line. Check this out:
Customers referred by a third-party marketplace are 17.4% more likely to close than the average website lead.
If you aren't accurately tracking referral traffic from marketplaces at the lead level, a cut line is likely to be cutting your profits.
