Inquiry volume is easy to count. It can also distract you from whether the source produces suitable, worthwhile jobs.
Record the source when the inquiry arrives, including customer or partner referrals where known. If attribution is uncertain, record that. A person may see you in several places before contacting you, so avoid pretending every job has one perfectly measurable cause.
Follow a group of inquiries through the process
Compare inquiries that arrived in a defined period and have had enough time to reach a decision. Keep open opportunities visible. Do not compare this month's advertising spend with wins from inquiries that arrived months earlier without explaining the difference.
The following is a fictional comparison of two fully reviewed inquiry groups. “Contribution” here means revenue less the defined variable delivery costs, before the acquisition spend shown.
| Measure | Source A | Source B |
|---|---|---|
| Acquisition spend | 1,200 | 600 |
| Inquiries | 24 | 8 |
| Suitable inquiries | 6 | 6 |
| Won jobs | 2 | 3 |
| Contribution before acquisition spend | 3,000 | 3,600 |
| Contribution after that spend | 1,800 | 3,000 |
Source A produced more inquiries. Source B produced more contribution after the stated acquisition spend in this example. Neither figure is final business profit; overhead and any other excluded costs still matter.
Count the effort as well
Record the time spent answering, qualifying, traveling and quoting. Include acquisition labor and fees consistently, without counting costs twice. A source that creates many unsuitable inquiries can become expensive through handling time even if the lead charge looks low.
Separate problems with the source from problems with your response. If suitable inquiries wait several days for an answer, changing channels may not fix the outcome.
Make a measured decision
Choose whether to continue, change the targeting, improve the process or stop the test. Give the change a review period that fits the sales cycle. Small samples can suggest a direction but do not establish a stable conversion rate.
Go further: lead source tracking: one record from first inquiry to outcome, and channels compared with the same definitions.