Revenue is a lagging indicator.
- A J
- Jan 27
- 4 min read
By the time it shows up on your P&L, the marketing work is already done. The buyer already decided. The relationship is already built. And yet,
most leadership teams still default to asking: "How much revenue did marketing generate this quarter?"
It's not the wrong question because revenue doesn't matter. It's the wrong question because revenue doesn't tell you what's working until it's too late to adjust your strategy.
Here's the reframe: Marketing owns the work that happens before the sales conversation starts. And that work has leading indicators, signals that show buying confidence is building before the invoice arrives.
This post breaks down what those leading indicators are, how to track them without expensive tools, and how to interpret what they're telling you about your buyers' journey.
The Problem: Leadership Teams Ask the Wrong Questions
Most boards and executive teams want to know if marketing is "working." But they define "working" as revenue generated.
The challenge: By the time revenue shows up, you've already invested months in content creation, relationship building, and trust development. If the revenue doesn't materialize, you can't rewind time to fix what wasn't working.
What you need instead: Earlier signals that show whether your marketing is moving buyers closer to a purchase decision, or whether they're stuck.
The Framework: Five Leading Indicators
Leading indicators show movement through the buying process. Here are the five signals that matter most:
1. Repeat visits to your site
When someone visits your website three, four, or five times in a 30-day window, they're not casually browsing. They're coming back because the problem is resonating. They're building familiarity with your brand. They're moving from "I don't know if this is relevant" to "This might be the solution."
How to track: Website analytics → Audience → User Explorer → Filter for users with 3+ sessions in the last 30 days.
2. Multiple stakeholders from the same account engaging
When you see two, three, or four people from the same company downloading your case study or attending your webinar, they are evaluating internally. Someone could be gathering information to build a business case.
How to track: CRM or email platform → Filter by company domain → Count unique contacts engaging in the last 60 days.
3. Solution-comparison content consumption
When someone moves from reading your "What is X?" content to your "X vs. Y comparison" content, they've shifted stages. They're no longer asking "Do I have this problem?" They are now asking, "Which solution fits my situation?"
How to track: Website analytics → Behavior → Site Content → Filter for comparison pages, pricing pages, feature pages.
4. Pricing page traffic from target accounts
Pricing page visits signal buying intent. They're not researching whether they need this; they're evaluating whether they can afford it. The timing conversation is happening internally.
How to track: Website analytics → Behavior → Site Content → All Pages → Filter for /pricing or /plans → Cross-reference with target account list.
5. Case study views from your ICP
When your ideal customer profile is consuming proof that you've solved this problem for organizations like theirs, they're in provider evaluation mode. They know the problem, they know the solution type, now they're deciding: "Is this the right provider?"
How to track: Website analytics → Filter case study page traffic → Cross-reference visitor company data with ICP criteria.
How to Set Up Basic Tracking (No Fancy Tools Required)
You don't need expensive marketing automation platforms to track leading indicators. You need three things:
Google Analytics (free) or whatever website analytics you currently use
Your email platform's built-in analytics (every platform has this)
A simple spreadsheet
Step 1: Set up your website analytics filter
In Google Analytics:
Go to Audience → User Explorer
Create a segment: Sessions > 2 in last 30 days
Save this segment as "Repeat Visitors"
Step 2: Create your tracking template
Download our free spreadsheet template (link below) with three tabs:
Tab 1: Repeat website visitors (track weekly)
Tab 2: Multi-stakeholder accounts (track monthly)
Tab 3: Content progression (track which pages high-intent accounts visit)
Step 3: Log data once a week
Every Monday morning (or whatever cadence works), spend 15 minutes:
Pull last week's repeat visitor count
Note any accounts with 2+ stakeholders engaging
Track which content high-intent accounts consumed
That's it. Fifteen minutes weekly gives you the data to show leadership: "Marketing is moving buyers through the journey."
How to Interpret What You're Seeing
Scenario 1: High repeat visits, but only homepage traffic
What it means: Problem awareness stage. They're trying to understand if this is even relevant to them.
What marketing should do: Create content that validates the problem and shows you understand their situation. Case studies, problem-definition content, "Do you have this issue?" self-assessment tools.
Scenario 2: Repeat visits moving from homepage → solutions → case studies
What it means: Solution evaluation stage. They know the problem, now they're comparing approaches.
What marketing should do: Comparison content, "Why we chose X over Y" articles, framework explanations, methodology breakdowns.
Scenario 3: Pricing page traffic + team bios + implementation guide
What it means: Provider evaluation stage. They've decided on the solution type, now they're deciding on the provider.
What marketing should do: Proof of expertise content, detailed case studies, client testimonials, and "How we work" process documentation.
What to Do When You Spot a Leading Indicator
When you see 3+ repeat visits from a target account:
Review what content they consumed
If they're stuck on awareness content: Create a nurture sequence addressing their specific concerns
If they're in evaluation: Consider direct outreach from sales (warm lead)
When you see multiple stakeholders from the same company:
Flag this account for sales as "active evaluation"
Create account-specific content (if high-value opportunity)
Monitor progression weekly
When you see pricing page traffic:
This is a hot lead—someone is building a business case
Sales outreach is recommended within 24-48 hours
Provide ROI calculator, implementation timeline, or other buying-decision support content
Conclusion
Marketing's job isn't to generate revenue—it's to reduce uncertainty in the buying process so that when your sales team has a conversation, the buyer already trusts you, understands the solution, and is ready to move forward.
Leading indicators show whether you're doing that job well. Revenue is the outcome, but leading indicators are the work.
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