∞Direct answer
Direct answer
Measure the search process, not a promised result. Give each lead a start date. Save its route, fit facts, proof, human step, and stop reason. Show counts and rates with the time span and full group count. Do not call a meeting, term sheet, or next step a return. NIST says a measure must fit its use and audience. It says limits must be saved. [3]
Keep process and returns apart
Early-stage returns can take years. Price, terms, reserve cash, and later choices can change them. A new search plan cannot prove a return.
A search measure shows work before a deal. It can show which leads came in, what was checked, and why a lead moved or stopped.
ILPA's performance template links return measures with cash put in and cash paid out. That is not a lead list. [2]
Use the right name. A first-call rate is a first-call rate. It is not a win rate or a return.
- Process: lead entry, checks, wait time, and stop reasons.
- Proof: links, dates, gaps, and human checks.
- Returns: cash flows and a stated math method.
- Choice: a human call that can be checked later.
Make one lead card
Start the clock when a lead enters the list. Do not wait for a partner to see it. That can hide early work.
Give each lead one ID. Save its route and date. Save stage, place, field, cheque size, and conflict state if known.
Add a first proof link for each key fact. A referral can help with context. It does not prove a firm fact.
Mark a fact as not known when it is not known. Do not turn a blank box into a low score.
- Lead ID and first date.
- Source route and source name, when fit.
- Fit fields: known, not known, or not a fit.
- Proof link, source date, and check date.
- Human step, step date, and clear reason.
Use a few clear measures
Pick measures that can change one work habit. Keep the set short. A long screen can hide a poor record.
Count new leads and unique leads. Show the count of repeat records. Many repeats may show a list fault. They do not show poor firms.
Track leads with the fit facts you need and one usable proof link. Put the full group count by the rate.
Track time from entry to a first human step. Show the mid point and time span. An old open lead is not a failed lead.
- Full-record rate: leads with key fields, out of all fit leads.
- Proof rate: leads with a checked key link, out of all fit leads.
- First-step time: from entry to a saved human step.
- Reason rate: moved or stopped leads with a clear reason.
- Repeat rate: repeat records, out of all records sent in.
Compare routes with care
Use the same entry rule and time span before you compare routes. A warm lead and a web form may bring different facts. Keep that gap plain.
Put the lead count by each rate. A group of ten can make a sharp rate that says very little. Mark small groups as small.
First compare proof and review steps. Ask which route brings more full records or more leads that fit the written brief.
Do not say one route makes better deals from early moves. A pass, call, or term sheet is an in-house step. It is not a return.
- Use one entry window for each route.
- Show route, lead count, and gap rate together.
- Use the same fit rule for each route.
- Save the reason for a pass, hold, or next step.
- Do not rank routes from a few late events.
Set limits before you share
Write what each measure cannot show. Save risks and facts you did not measure, with the reason. NIST calls for this record. [3]
Check a small set of lead cards each month. Test the link, fact, and reason. Save the check result.
If a tool sorts leads, save its version, inputs, output, and human edits. NIST says teams should set methods, measures, limits, and fix steps. [3]
For a US adviser ad, a key fact needs support. The SEC bars false or misleading claims. It also asks for fair treatment of key risks and limits. Get compliance advice for your case. [1]
- Measure name, use, owner, and check date.
- Meaning, time span, top count, and full group count.
- Data source, gap rule, and sample check.
- Known limit and fix step when a record fails.
- Avoid: return, outperformance, or proven quality.
FAQ
Frequently asked questions
Can I share an advance rate?
Yes, if you call it an advance rate and say what it means. State the time span, lead count, rule, and person who made the call. It shows list movement. It does not show deal quality or return.
What is a good first measure?
Start with the full-record rate. Count fit leads with the key fields, proof link, and first step you need. Show the full group count. This can show a data gap without a deal claim.
Should I compare routes by later exits?
Not at first. Early groups can be small. Later events can take years. First compare entry, proof, review, and fit with the written brief. Keep a later result apart and state its limits.
REF
Sources
- 1
U.S. Securities and Exchange Commission
SEC Adopts Modernized Marketing Rule for Investment Advisers ↗ - 2
Institutional Limited Partners Association
ILPA Performance Template ↗ - 3
National Institute of Standards and Technology
AI Risk Management Framework Playbook: Measure ↗ - 4
U.S. Securities and Exchange Commission
Marketing Compliance Frequently Asked Questions ↗