A company is struggling to acquire new customers. After careful analysis, it realizes its value proposition is not resonating with potential customers, so it develops a new value proposition.
Which metric should the company use to track the effectiveness of the new value proposition?
Lead conversion rate is a metric that the company should use to track the effectiveness of the new value proposition. A value proposition is a statement that summarizes how the product can solve the customer's problems, fulfill their needs, and provide them with benefits that outweigh the costs. Lead conversion rate is a measure of how many leads (prospects who have shown interest in the product) become customers (prospects who have bought the product). Lead conversion rate helps to evaluate how well the value proposition resonates with potential customers and influences their purchase decisions. Reference: https://www.salesforce.com/resources/articles/value-proposition/#value-proposition-metrics