Dashboards & Reporting

alex_callcott
Participant

Month-on-month conversion rates

SOLVE

So, at the moment, we have three reports set up to showcase the conversion rates from prospect --> lead, lead --> MQL and MQL --> opportunity, which report on these rates on a monthly basis. What we would like to be able to do is report on these conversion rates month on month, without having to change the dates on the report, move the numbers into a different spreadsheet and create the graph that way, or anything like that. 

 

I know there are integrations with other third party software reporting applications, but this should be something that we are able to build for ourselves in HubSpot. It would help the marketing team with goal setting in future, if we're able to see monthly trends.

1 Accepted solution
danielruby
Solution
Participant

Month-on-month conversion rates

SOLVE

Hi Alex, I would (of course) promote Demand Sage for this, but I'd like to noodle on how to build this in HubSpot, if it's doable. Snapshotting of conversion metrics can be hard to do.

 

Question: do you want to have a rolling conversion rate (a la everyone who was a lead between 1/1 and 1/31, what percentage moved to MQL during that period) or do you want a cohort report (a la everyone who was created between 1/1 and 1/31, what percentage became MQLs and opportunities regardless of when)?

 

Either way, I think, here's how I'd probably do it: build a custom contacts report for every month you want to look at (Reports --> New Custom Report --> Funnels --> Contacts as the object). Under the Configure Funnel header, pick the applicable stages to your funnel. You'll have to leave it set to "Show contacts that have gone through all stages," otherwise you lose the next step and cumulative percentages (so if your contacts can skip a stage, they'll be missed in the conversion metrics; but if you fear this is an issue, a workflow that runs against contacts where Became opportunity date is known, but Became marketing qualified lead is unknown, and basically just writes the Opportunity date to the MQL date).

 

Next go into Filters. If you're doing the report on Create Date monthly cohorts, you want to select Date range: Custom Date Range, as this is specifically the date range for Create Date. Now you can create a report for every monthly cohort of create dates, save them as individual reports, and add them to a dashboard.

 

For the non-cohort version, it may be a little trickier. You want to see everyone who was at a particular stage in a particular month, and how they converted. If the Filters selection had an "Or" or "Not" option, it'd be pretty easy, but as they don't, we're going to need to build some active lists to feed the Reports.

 

Make an Active List for October - Prospect to Lead. For the Active List logic, select "Became a lead date is unknown OR Became a lead date is after 10/1/2020 AND Create Date is before 10/1/2020." This should give you the cohort of everyone who was a Prospect at any point in October.

 

Then make more Active Lists for October - Lead to MQL, October - MQL to Opportunity, with the same logic (Became a marketing qualified lead date is unknown OR Became a marketing qualified lead date is after 10/1/2020 AND Became a lead date is before 10/1/2020) for MQLs and Opportunities.

 

Now, back at our custom funnel report, under Filters, select Date range: All data, and under Other filters, select List membership: is any of [October - Prospect to Lead] [October - Lead to MQL] [October - MQL to Opportunity].

 

Now you have the cohorts of people who were at certain stages coming into the month of October. Alternatively, you can create a separate report for each stage movement (make the filter only one of the lists rather than all).

 

Now you should have funnel metrics that you can add to a dashboard. Each month is going to need its own custom report, but if you pre-build a few dozen you'll be set and forget.

 

If this doesn't work, I apologize, but the logic should provide you what you want.

 

(Also please try Demand Sage if you have any interest in a live updating spreadsheet of your HubSpot data)

 

Dan Ruby

Head of Marketing

Demand Sage

View solution in original post

3 Replies 3
danielruby
Solution
Participant

Month-on-month conversion rates

SOLVE

Hi Alex, I would (of course) promote Demand Sage for this, but I'd like to noodle on how to build this in HubSpot, if it's doable. Snapshotting of conversion metrics can be hard to do.

 

Question: do you want to have a rolling conversion rate (a la everyone who was a lead between 1/1 and 1/31, what percentage moved to MQL during that period) or do you want a cohort report (a la everyone who was created between 1/1 and 1/31, what percentage became MQLs and opportunities regardless of when)?

 

Either way, I think, here's how I'd probably do it: build a custom contacts report for every month you want to look at (Reports --> New Custom Report --> Funnels --> Contacts as the object). Under the Configure Funnel header, pick the applicable stages to your funnel. You'll have to leave it set to "Show contacts that have gone through all stages," otherwise you lose the next step and cumulative percentages (so if your contacts can skip a stage, they'll be missed in the conversion metrics; but if you fear this is an issue, a workflow that runs against contacts where Became opportunity date is known, but Became marketing qualified lead is unknown, and basically just writes the Opportunity date to the MQL date).

 

Next go into Filters. If you're doing the report on Create Date monthly cohorts, you want to select Date range: Custom Date Range, as this is specifically the date range for Create Date. Now you can create a report for every monthly cohort of create dates, save them as individual reports, and add them to a dashboard.

 

For the non-cohort version, it may be a little trickier. You want to see everyone who was at a particular stage in a particular month, and how they converted. If the Filters selection had an "Or" or "Not" option, it'd be pretty easy, but as they don't, we're going to need to build some active lists to feed the Reports.

 

Make an Active List for October - Prospect to Lead. For the Active List logic, select "Became a lead date is unknown OR Became a lead date is after 10/1/2020 AND Create Date is before 10/1/2020." This should give you the cohort of everyone who was a Prospect at any point in October.

 

Then make more Active Lists for October - Lead to MQL, October - MQL to Opportunity, with the same logic (Became a marketing qualified lead date is unknown OR Became a marketing qualified lead date is after 10/1/2020 AND Became a lead date is before 10/1/2020) for MQLs and Opportunities.

 

Now, back at our custom funnel report, under Filters, select Date range: All data, and under Other filters, select List membership: is any of [October - Prospect to Lead] [October - Lead to MQL] [October - MQL to Opportunity].

 

Now you have the cohorts of people who were at certain stages coming into the month of October. Alternatively, you can create a separate report for each stage movement (make the filter only one of the lists rather than all).

 

Now you should have funnel metrics that you can add to a dashboard. Each month is going to need its own custom report, but if you pre-build a few dozen you'll be set and forget.

 

If this doesn't work, I apologize, but the logic should provide you what you want.

 

(Also please try Demand Sage if you have any interest in a live updating spreadsheet of your HubSpot data)

 

Dan Ruby

Head of Marketing

Demand Sage

caesilva
Participant

Month-on-month conversion rates

SOLVE

Hey @danielruby - nice stuff! Quick one: I don't seem to be able to edit the "became a marketing qualified lead date" in hubspot. Have I missed any of your tricks?

0 Upvotes
JessicaH
HubSpot Alumni
HubSpot Alumni

Month-on-month conversion rates

SOLVE

Hi @alex_callcott,


Thanks for reaching out.
I want to tag in some subject matter experts to see if they have any suggestions.
Hi @MAC-MCB @danielruby @craiggrella, do you have any thoughts on this?

Thanks!
Jess  


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0 Upvotes