Marketing Metrics
Metrics for measuring marketing performance, demand generation, and brand health.
Funnel Metrics
Visitors
Definition: Unique visitors to owned properties (website, app).
Formula:
Visitors = Unique visitors in period
What it tells you: Top of funnel awareness and reach.
Visitor-to-Lead Rate
Definition: Percentage of website visitors who become leads.
Formula:
Visitor-to-Lead = Leads captured / Visitors × 100
Benchmarks:
- Below 2%: Below average, optimize capture
- 2-3%: Average for B2B websites
- 3-7%: Good (majority of SaaS market)
- 7-12%: Excellent / top performers
By channel:
- Referral traffic: ~2.9%
- Organic search: ~2.6%
- Email: ~2.4%
- Paid search: 1.5-3.2%
- Social: ~1% or less
Free trial impact:
- With credit card required: ~2%
- Without credit card: ~10%
What it tells you: Website and content effectiveness at capturing interest.
Sources:
Leads
Definition: Contacts who have expressed interest (form fill, signup, etc.).
Formula:
Leads = Total new leads captured in period
Break down by source: organic, paid, referral, direct, events.
Marketing Qualified Leads (MQLs)
Definition: Leads that have demonstrated sufficient engagement and intent to warrant sales attention, based on criteria established between marketing and sales.
MQL criteria (typical):
- Behavioral: Demo requests, pricing page visits, content downloads, webinar attendance
- Firmographic: Company size, industry, role matches ICP
- Engagement: Lead score threshold reached
High-intent signals (prioritize these):
- Demo/trial requests
- Pricing page visits
- Buying guide downloads
- Contact sales form fills
Formula:
MQLs = Leads meeting MQL criteria in period
What it tells you: Volume of potentially sales-ready prospects.
Key distinction: MQLs show engagement but not confirmed buying intent. SQLs pass sales qualification (BANT: Budget, Authority, Need, Timeline).
Sources:
Lead-to-MQL Rate
Definition: Percentage of leads that become MQLs.
Formula:
Lead-to-MQL = MQLs / Total leads × 100
Benchmarks:
- Below 15%: Low quality leads or strict MQL criteria
- 15-30%: Average
- 30-50%: Good quality leads
- Above 50%: May indicate loose criteria
Sales Qualified Leads (SQLs)
Definition: MQLs accepted by sales as worth pursuing.
Formula:
SQLs = MQLs accepted by sales in period
What it tells you: Marketing and sales alignment on lead quality.
MQL-to-SQL Rate
Definition: Percentage of MQLs accepted by sales as qualified.
Formula:
MQL-to-SQL = SQLs / MQLs × 100
Benchmarks:
- Overall average (all industries): ~13%
- B2B SaaS average: 20-30%
- B2B SaaS top performers: 40%+
- Website leads: ~31%
- Referral leads: Highest conversion
By lead scoring approach:
- Basic demographic scoring: ~20%
- Behavioral scoring models: 39-40%
Speed-to-lead impact:
- Response within 1 hour: 53% conversion
- Response after 24 hours: 17% conversion
What it tells you: Quality of MQLs from sales perspective and marketing-sales alignment.
Sources:
SQL-to-Opportunity Rate
Definition: Percentage of SQLs that become pipeline opportunities.
Formula:
SQL-to-Opp = Opportunities created / SQLs × 100
Benchmarks:
- Below 30%: Low conversion
- 30-50%: Average
- Above 50%: Good
Lead Velocity Rate (LVR)
Definition: Month-over-month growth in qualified leads. Considered by many to be the most important leading indicator in SaaS.
Formula:
LVR = (Qualified leads this month - Qualified leads last month) / Qualified leads last month × 100
Origin: Popularized by Jason Lemkin (SaaStr), who calls it “the most important metric in SaaS” because it predicts future revenue 12-18 months out.
Why it matters: Revenue is a lagging indicator (tells you about the past). LVR is real-time and predicts the future.
Benchmarks (per Jason Lemkin):
- 10%/month: Target after $1M ARR
- 8%/month: Target after $3M ARR (supports 100%+ YoY growth)
Critical: Must use qualified leads (MQLs), not raw leads. Otherwise it becomes a vanity metric.
What it tells you: Pipeline growth momentum. If LVR is consistently positive, you have the raw ingredients for growth.
Limitation: Doesn’t measure conversion quality. Track alongside MRR growth.
Sources:
- SaaStr: Why LVR Is The Most Important Metric
- Wall Street Prep: Lead Velocity Rate
- Corporate Finance Institute: LVR
Efficiency Metrics
Customer Acquisition Cost (CAC)
See Core Metrics for full definition.
Marketing typically owns a portion of CAC (marketing spend / new customers).
Marketing CAC
Definition: Marketing-only portion of acquisition cost.
Formula:
Marketing CAC = Marketing spend / New customers acquired
What it tells you: Marketing efficiency at generating customers.
CAC by Channel
Definition: Customer acquisition cost broken down by marketing channel.
Formula:
Channel CAC = Channel spend / Customers acquired via channel
Channels: Paid search, paid social, organic, content, events, referral, partner.
What it tells you: Which channels are most efficient.
Cost per Lead (CPL)
Definition: Cost to acquire a lead.
Formula:
CPL = Marketing spend / Leads generated
What it tells you: Top-of-funnel efficiency.
Cost per MQL
Definition: Cost to acquire a marketing qualified lead.
Formula:
Cost per MQL = Marketing spend / MQLs generated
Benchmarks (B2B SaaS 2025):
- Average range: $30-$120
- SMB-focused: $50-$150
- Mid-market: $150-$400
- Enterprise: $400-$1000+
Cost per Lead (CPL) for context:
- B2B SaaS paid channels: ~$310
- B2B SaaS organic: ~$164
- Blended average: ~$237
- Demo request leads: $600-$800
By channel:
- Google Ads: $150-$250
- LinkedIn: $100-$200
- Bing: $80-$180
- SEO/Organic: Significantly lower
What it tells you: Lead generation efficiency and channel performance.
Sources:
Marketing Sourced Pipeline
Definition: Pipeline value attributed to marketing efforts (first-touch attribution).
Formula:
Marketing Sourced Pipeline = Sum of opportunity value where first touch = marketing
Benchmark: Strong programs generate 30-50% of sales pipeline from marketing.
What it tells you: Marketing’s contribution to sales pipeline.
Marketing Sourced Revenue
Definition: Closed revenue attributed to marketing efforts (first-touch attribution).
Formula:
Marketing Sourced Revenue = Sum of closed won revenue where first touch = marketing
What it tells you: Marketing’s contribution to actual revenue.
Marketing Influenced Pipeline/Revenue
Definition: Pipeline or revenue where marketing touched the deal at any point (multi-touch attribution).
Formula:
Marketing Influenced = Pipeline/Revenue where any touch = marketing
Typically 2-3x higher than sourced (multiple touches on most B2B deals).
Note: B2B buyers average 6-8 touches before purchase, so influenced is often more representative than sourced.
Sources:
Channel Metrics
Organic Traffic
Definition: Visitors from unpaid search.
Formula:
Organic Traffic = Visitors where source = organic search
What it tells you: SEO effectiveness and brand awareness.
Paid Media Efficiency (ROAS)
Definition: Return on ad spend.
Formula:
ROAS = Revenue attributed to ads / Ad spend
Express as ratio (e.g., “3:1” or “3x”).
B2B SaaS Benchmarks:
- Below 2x: Below average, but may be acceptable if LTV is high
- 2-3x: Average for mid-market SaaS
- 3-4x: Good
- 4x+: Strong / top quartile
By segment:
- Enterprise: 2-3x typical (long sales cycles)
- Mid-market SaaS: 2.6x average, 4.1x top quartile
- SMB: Higher ROAS expected
By channel:
- Google Ads (Search): ~2.8x average
- LinkedIn: ~2.2x average
- Facebook: ~1.9x average
- Branded search: Very high (captures existing intent)
Important: Lower ROAS can be acceptable if customer LTV is high. Always consider LTV:CAC alongside ROAS.
Sources:
Email Metrics
| Metric | Formula | B2B SaaS Benchmark |
|---|---|---|
| Open Rate | Opens / Delivered × 100 | 25-40% |
| Click Rate (CTR) | Clicks / Delivered × 100 | 2-4% |
| Click-to-Open Rate | Clicks / Opens × 100 | 5-7% |
| Unsubscribe Rate | Unsubscribes / Delivered × 100 | <0.3% |
| Bounce Rate | Bounces / Sent × 100 | <2.5% |
| Spam Complaint Rate | Complaints / Delivered × 100 | <0.1% |
Cold email/outbound (SaaS SDRs):
- Open rate: 38-42%
- Reply rate: 3-8% (good: 5-10%)
- Meeting booked rate: 1-2%
Important: Apple Mail Privacy Protection (46% of email clients) inflates open rates by preloading images. Treat opens as directional only; focus on replies and conversions.
Sources:
- HubSpot: Email Marketing Benchmarks
- GetResponse: Email Marketing Benchmarks 2024
- SalesHive: B2B SaaS Email Benchmarks 2025
Content Performance
| Metric | Formula |
|---|---|
| Downloads | Content pieces downloaded |
| Engagement Rate | Engaged visitors / Total visitors × 100 |
| Content-to-MQL | MQLs from content / Content engagements × 100 |
Brand Metrics
Brand Awareness
Definition: Percentage of target market aware of brand.
Measurement: Survey-based or search volume proxy.
Share of Voice
Definition: Brand mentions relative to competitors.
Formula:
Share of Voice = Brand mentions / (Brand + Competitor mentions) × 100
NPS (Marketing context)
Definition: Net Promoter Score for prospects/market (vs customers).
What it tells you: Brand perception in broader market.
Summary Table
| Metric | Type | Primary Indicator Of |
|---|---|---|
| MQLs | Funnel | Marketing output |
| MQL-to-SQL Rate | Funnel | Lead quality |
| Lead Velocity Rate | Funnel | Pipeline momentum |
| Marketing CAC | Efficiency | Marketing cost efficiency |
| Cost per MQL | Efficiency | Lead generation efficiency |
| Marketing Sourced Pipeline | Attribution | Marketing contribution |
| ROAS | Channel | Paid media efficiency |
| Organic Traffic | Channel | SEO and brand strength |