Lead volume tells you where enquiries came from. Revenue tells you what they were worth.

Start with source consistency

A source that generates more leads is not automatically the source that generates better business. Start by using consistent source names. Duplicated or ambiguous labels make later comparisons unreliable.

Record what you actually know. Do not guess a source simply to fill a field. Agree on how manual referrals, advertising enquiries and imported records are labeled.

Track the journey after capture

Follow source context through the sales process. Compare captured leads with conversion and outcomes, not just traffic or enquiry totals. Keep expected pipeline value separate from won revenue.

• Leads
• Cost
• Cost per lead
• Conversion
• Pipeline value
• Revenue
• Average deal value
• ROI

Source → Lead → Opportunity → Outcome

Why CPL alone can mislead

Consider a simple illustrative example, not an industry benchmark: one source creates twenty low-cost enquiries but no wins; another creates five more expensive enquiries and two wins. The cheaper cost per lead does not, by itself, tell you which source created better business.

Look at downstream conversion and revenue, as well as the effort needed to work the leads. Use comparable time windows and allow for the sales cycle before declaring a source unsuccessful.

Attribution has limits

Source tracking helps businesses understand performance, but attribution can be more complex when several interactions influence the same sale. A prospect might encounter an advertisement, visit the website and later arrive through a referral.

Treat the recorded source as useful operational context, not proof that one interaction caused the entire outcome. Document the attribution approach used in your review and avoid combining incompatible reporting assumptions.

Use the data to make decisions

Review whether to invest more, improve qualification or fix execution after capture. Poor conversion may reflect weak targeting, but it may also reflect missed follow-ups or unclear ownership.

Use the Source ROI Framework to gather inputs consistently. Verify spend, revenue, currency and reporting period before interpreting the result. Missing data should remain visible rather than being disguised as certainty.