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Full Circle Insights

Using the Achieving Dashboard

AFTER READING THIS ARTICLE, YOU WILL BE ABLE TO: Understand all the components of the Achieving dashboard and get ideas on how to most effectively use the provided information. 

 

Achieving

The Achieving dashboard provides all the key metrics that today's most successful marketers use to measure how actual sales and marketing metrics are progressing relative to the organization’s established goals. Measuring achievement is typically done on regular basis throughout the entire year. Having these metrics easily available can help with at-a-glance achievement reviews, meeting preparation, etc. 

There are several metrics of importance in this category: 

  • Revenue Goal
  • Opportunity Coverage (this unique, important metric is featured below in an example use case)
  • MQL – volume, conversion rate and velocity rate
  • SAL – volume, conversion rate and velocity rate
  • SQL – volume, conversion rate and velocity rate
  • Opportunities – volume, conversion rate and velocity rate
  • Sourced Revenue by Department
  • Average Deal Size
  • Opportunity Volume and Revenue – Wins
  • Opportunity Volume and Revenue – Wins, Losses, and Open Opportunities
Example Use Case: Opportunity Coverage (aka Pipeline Coverage)

Opportunity Coverage can serve to be a critically important metric. This metric provides a forward-looking evaluation of the amount of revenue potential teed up for future fiscal quarters relative to an organization’s current Opportunity-to-Closed-Won conversion rate. Or put more simply: opportunity coverage is the amount of business in an organization’s pipeline relative to the revenue goals for a given period. It can be a very beneficial metric that helps prevent revenue surprises for organizations.

Below is an example dashboard component showing Opportunity Coverage This Quarter. 

Achieving – Pipeline Coverage This Quarter.png

Let’s consider an example. 

Let’s say we just started our Q1 of our new fiscal year and our organization has a goal of achieving $2M in revenue (closed sales) in Q2. If we know that our opportunity-to-won conversion rate is 25% (borrowing from our earlier planning example), we can quickly surmise we are going to need $8M in opportunity value for Q2. In other words, since 25% of our opportunities typically become closed-won sales, we know we will need $8M in opportunity value to achieve $2M in revenue. Or put differently, we know we will need to have 4x opportunity value entering into the forthcoming quarter (4 x $2M = $8M). 

This same concept can also be applied to future fiscal quarters. However, there is a very important nuance to consider—and it has to do with timing. Let’s dive in.

Let’s assume we are still the beginning of Q1 and we know we are going to need to close another $2M in Q3—same as we are planning for Q2—and our opportunity-to-won conversion rate remains 25%. At first glance we might estimate that we are going to need $8M in opportunity value. On the surface, that might be true—but it ultimately depends on the timing of when the metric is being calculated. 

Because we are in the beginning of Q1, there is still time for more opportunities to be created for Q3; after all, there are several more months of marketing and sales activity that should be contributing to revenue creation. Due to this timing, we might elect to reduce the amount of opportunity coverage needed in Q3 at this given time (again, currently in the beginning of Q1). 

So, for example, instead of requiring $8M in opportunity coverage in Q3 at the beginning of Q1, we might instead choose to use a 3x ratio for needed opportunity coverage in Q3. That means right now, in the beginning of Q1, instead of needing $8M in opportunity value for Q3, perhaps we decide we need only $6M in opportunity value. Or put differently, we know we will need to have 3x opportunity value entering into the forthcoming quarter (3 x $2M = $6M). 

Note: Quarterly opportunity coverage ratios should be thoughtfully and collaboratively determined by Sales, Finance and Marketing. Many organizations use a 4-3-2-1 ratio schema for determining opportunity coverage (4x for the approaching quarter; 3x for two quarters out; 2x for three quarters out; etc.), but there are differing opinions on the matter. It is important to determine what works best for each organization. Also, it may be helpful to understand velocity rates (which affect timing of leads and opportunity creation). Velocity dynamics can contribute to the overall opportunity coverage dynamic and conversations. 

The Achieving category also features volume, conversion rates and velocity rates for all funnel stages: MQL, SAL, SQL, and Opportunity. Each funnel stage has a dashboard component that provides the three metric dimensions. Sourced Revenue by Department and Average Deal Sizes round out this category’s metrics.  

Review of Additional 'Achieving' Dashboard Components

Revenue Goal

  • This dashboard component shows won revenue compared to the revenue goal. In the example with sample data below, the organization has currently achieved 24% of its annual revenue goal. 
  • Time Parameter: Fiscal Year to Date

Achieving – Revenue Goal.png

MQL Metrics – Volume, Conversion Rate, Velocity Rate

  • This dashboard component shows three key MQL metrics: 
    • Total MQL Volume
    • MQL to SAL Conversion Rate (percentage)
    • MQL to SAL Velocity Rate (in days)
  • Time Parameter: Fiscal Year to Date

Achieving – MQL Metrics.png

SAL Metrics – Volume, Conversion Rate, Velocity Rate

  • This dashboard component shows three key SAL metrics: 
    • Total SAL Volume
    • SAL to SQL Conversion Rate (percentage)
    • SAL to SQL Velocity Rate (in days)
  • Time Parameter: Fiscal Year to Date

SQL Metrics – Volume, Conversion Rate, Velocity Rate

  • This dashboard component shows three key SQL metrics: 
    • Total SQL Volume
    • SQL to Pipeline Conversion Rate (percentage)
    • SQL to Pipeline Velocity Rate (in days)
  • Time Parameter: Fiscal Year to Date

Pipeline Metrics – Volume, Conversion Rate, Velocity Rate

  • This dashboard component shows three key Pipeline metrics: 
    • Total Pipeline Volume (i.e., sum of pipeline opportunities created)
    • Pipeline to Win Conversion Rate (percentage)
    • Pipeline to Win Velocity Rate (in days)
  • Time Parameter: Fiscal Year to Date

 NOTE:

The Conversion Rate figures listed above use conditional formatting in order to help quickly and visually illustrate the actual conversion rate compared to the established goal for the given time period. For example, if the MQL to SAL Conversion Rate is highlighted in red, the actual conversion rate is underperforming relative to the established goal. 

 

Average Deal Size

  • This dashboard component shows shows average deal size for all wins.
  • Time Parameter: Fiscal Year to Date

Opportunity Volume and Amount – Won

  • This dashboard component shows, by quarter, cumulative win revenue (left Y axis) and volume of wins (right Y axis). Note: There is currently a blue dot to indicate the volume of wins. As more fiscal quarters are added that blue dot will turn into a trend line to help visualize the volume of wins by quarter. And each fiscal quarter's cumulative win revenue will be demonstrated by a unique green bar chart for the given quarter. 
  • Time Parameter: Fiscal Year to Date (by quarter)

Opportunity Volume and Amount – Won, Lost, Open

  • This dashboard component shows, by quarter, total opportunity pipeline value (left Y axis)—including wins, losses and open opportunities—and volume of pipeline opportunities (right Y axis). Note: There is currently a blue dot to indicate the volume of total pipeline opportunities. As more fiscal quarters are added that blue dot will turn into a trend line to help visualize the volume of total pipeline opportunities by quarter. And each fiscal quarter's cumulative total opportunity pipeline value will be demonstrated by a unique green bar chart for the given quarter. 
  • Time Parameter: Fiscal Year to Date (by quarter)

Sourced Revenue – by Department

  • This dashboard component shows the distribution of revenue by organizational department (based on campaign sources)—in other words, the amount of revenue for which each organizational department is responsible.
  • Time Parameter: Fiscal Year to Date

Note: New customers deploying Response Management from April 1, 2017 onwards will receive this reports and dashboards package as part of the implementation.  Existing customers interested in this package should log a case on the Full Circle Community to arrange to have the package installed.

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