Demand Gen KPIs: What to Track and How to Measure Success

In the world of B2B marketing, demand generation isn’t just about creating interest — it’s about turning that interest into pipeline and revenue. But how do you know your demand gen campaigns are actually working?

This is where KPIs (Key Performance Indicators) come in.

Tracking the right demand generation KPIs helps you understand what’s working, what’s not, and where you need to optimize. Whether you’re running paid campaigns, organic strategies, or account-based marketing (ABM), choosing the right metrics is critical.

In this guide, we’ll break down:

Why demand gen KPIs matter
Top KPIs to track at each stage of the funnel
How to measure success across your campaigns
Benchmarks and tools for better reporting
Common mistakes to avoid

Let’s dive in.

Why Demand Generation KPIs Matter

Without clear KPIs, you’re flying blind.

You may be generating leads, but are they qualified? Are they moving through the funnel? Are your campaigns impacting revenue?

Demand generation KPIs help you:

Justify spend to leadership
Align sales and marketing goals
Optimize campaign performance
Forecast pipeline more accurately
Scale what works

For B2B marketers, measuring success means tracking not just volume, but also quality and impact.

3 Categories of Demand Gen KPIs

To measure effectively, we group KPIs into three categories:

1. Top-of-Funnel KPIs (Awareness & Reach)

These metrics show how well you’re creating visibility and initial engagement.

Website Traffic (organic, paid, referral)
Click-Through Rates (CTR)
Ad Impressions
Cost per Click (CPC)
Social Engagement (likes, shares, comments)
Email Open Rates

Why it matters: You can’t generate pipeline without reaching your audience. These KPIs help assess your reach and attention.

2. Mid-Funnel KPIs (Lead Conversion & Engagement)

Here’s where interest turns into leads.

Lead Volume (MQLs, SQLs)
Conversion Rates (landing pages, ads, forms)
Cost per Lead (CPL)
Email Click Rates
Content Engagement (downloads, time on page, webinar attendance)

Why it matters: These KPIs help evaluate how well your content and offers convert interest into action.

3. Bottom-Funnel KPIs (Pipeline & Revenue Impact)

This is where marketing proves its value to the business.

Opportunities Created
Cost per Opportunity (CPO)
Sales-Qualified Leads (SQLs)
Win Rate
Average Deal Size
Marketing-Influenced Revenue
Return on Ad Spend (ROAS)
Customer Acquisition Cost (CAC)
ROI on Campaign

Why it matters: Bottom-funnel KPIs connect marketing activity to real business outcomes — sales pipeline and closed revenue.

Must-Track KPIs for B2B Demand Generation

Let’s go deeper into some of the most important KPIs you should be tracking:

1. Marketing Qualified Leads (MQLs)

MQLs are leads who show intent and meet your qualification criteria.

✅ Measure: Lead scoring, form completions, asset downloads, webinar registrations.

???? Success Benchmark: Varies by industry, but >20% MQL-to-SQL conversion is healthy.

2. Sales Qualified Leads (SQLs)

SQLs are leads vetted by sales and deemed ready for contact.

✅ Measure: Sales accept/reject rate, lead progression in CRM.

???? Success Benchmark: Aim for 50%+ MQL to SQL conversion over time.

3. Cost per Lead (CPL)

CPL tells you how efficiently you’re generating leads.

✅ Formula: Total Campaign Spend ÷ Number of Leads

???? Tip: Track CPL by channel (LinkedIn Ads, Google Ads, email, organic SEO) to compare ROI.

4. Cost per Opportunity (CPO)

CPO goes a step further, showing how much it costs to generate qualified pipeline.

✅ Formula: Total Spend ÷ Opportunities Created

???? Why it’s critical: It aligns marketing closer with sales goals.

5. Pipeline Influenced

Not all leads convert directly. Some influence multiple deals.

✅ Measure: Use attribution models (first-touch, multi-touch, U-shaped) to track influence.

???? Tools: HubSpot, Salesforce, Marketo, Dreamdata.

6. Win Rate

Win rate tells you how many opportunities turn into deals.

✅ Formula: Closed Deals ÷ Opportunities Created

???? Benchmark: 20–30% win rate is a strong target for B2B SaaS or services.

7. Return on Investment (ROI)

The holy grail of KPIs — shows the business return from marketing.

✅ Formula: (Revenue - Cost) ÷ Cost × 100

???? ROI Tip: Run ROI per campaign type (e.g., LinkedIn Ads vs. Email Outreach) to optimize budget.

8. Lead Velocity Rate (LVR)

LVR tracks how quickly leads are growing month over month.

✅ Formula: (This Month’s Leads - Last Month’s Leads) ÷ Last Month’s Leads

???? Why it matters: Consistent LVR growth is a key signal for scalable demand gen.

Attribution: Measuring What Matters Most

Attribution is how you tie marketing actions to business outcomes.

Choose the right attribution model:

First-touch: Credits the first interaction. Great for understanding discovery channels.
Last-touch: Credits the final action before conversion.
Multi-touch: Distributes credit across all interactions. Ideal for complex B2B journeys.

✅ Tip: Use marketing automation platforms (like HubSpot or Pardot) integrated with CRM to get clearer attribution reporting.

Tools to Track Demand Gen KPIs

To measure effectively, you’ll need the right tools. Here are some of the top platforms:

Tool	Function
HubSpot	Full-funnel marketing automation, attribution, CRM
Salesforce	Sales pipeline tracking, opportunity creation
Google Analytics 4 (GA4)	Website and behavior data
LinkedIn Campaign Manager	Paid campaign metrics
Zapier	Connect platforms for KPI dashboards
Tableau / Looker / Power BI	Custom KPI dashboards and visualization

Common Mistakes in Tracking Demand Gen KPIs

❌ Tracking too many metrics

Stick to metrics that align with business outcomes.

❌ Ignoring quality for quantity

High volume of leads means nothing if they don’t convert to opportunities.

❌ Not aligning with sales

Always collaborate with the sales team on definitions of MQL, SQL, ICP (Ideal Customer Profile), etc.

❌ Not updating benchmarks

Benchmarks change as your campaigns scale. Regularly audit and reset goals based on performance.

How to Set KPI Benchmarks for Your Team

Benchmarks vary by industry, channel, and campaign type — but you can start with the following:

KPI	Healthy Benchmark
Email Open Rate	20–30%
Email CTR	2–5%
Landing Page Conversion	10–25%
MQL to SQL Conversion	30–50%
SQL to Opportunity	50–60%
Opportunity to Win	20–30%
ROI	>300% (especially for high-ACV deals)

Regularly revisit benchmarks with your team and stakeholders.

Final Thoughts: KPIs Drive Growth, Not Just Reports

Demand generation is both an art and a science. The science part? KPIs.

At The LeadCrafters, we believe demand gen success starts with clarity — clarity in goals, clarity in audience, and clarity in measurement.

By focusing on the right KPIs, B2B marketers can move beyond vanity metrics and toward sustainable pipeline and revenue growth.

Whether you're running paid campaigns, SEO, ABM, or email nurture programs, always ask:

“Is this moving the needle toward qualified opportunities?”

Ready to Optimize Your Demand Gen Strategy?

If you're looking to improve your lead quality, lower CPL, and drive more ROI from your marketing efforts — TheLeadCrafters can help.

???? Contact us today for a free demand gen performance audit.
???? Get in Touch

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