- – What metrics mean for B2B marketers
- – Essential metrics to measure for detailed marketing analysis
- – Best practices for effective marketing measurement to promote strategic improvement
“The goal is to turn data into information, and information into insight.”
Carly Fiorina, Former CEO of HP
Though 80% of marketers are driven by data, a majority struggle to properly measure their marketing success when gathering metrics for detailed analysis. Successfully measuring marketing metrics can fuel your team with data insight, helping them understand how to build better campaigns that improve vital results. This guide delves into the world of marketing metrics, and what they can do for your B2B marketing strategy.
Asking the right questions…
- – What is a marketing metric?
- – What are the benefits of measuring marketing metrics?
- – Which metrics must be measured to understand marketing success?
- – How can your team identify important channel metrics for measurement?
- – How do you gather vital metric results for analysis?
- – How can you turn metrics into action points to build a more effective strategy?
Understanding the importance of thoroughly measuring marketing metrics, and using their insight to build an exceptional strategy is paramount to achieving the ultimate marketing success. This guide has all the information you need to identify your most valuable metrics, measure them to gain understanding of marketing weaknesses, and evolve everyday processes to revolutionize results.
Download A guide to measuring essential B2B marketing metrics for free today.
What metrics mean for B2B marketers
A metric is a strictly numerical value, offering an objective and definitive reading that can be easily gathered, recorded and analyzed to offer an unbiased result. Attempting to measure marketing efforts through non-metric values causes results to be biased and vague, sometimes misleading your team to believe all marketing approaches are running smoothly, when they in fact need attention. Only with metrics can you gain an accurate and consistent understanding of marketing success.
When properly gathered and measured, metric analysis can provide highly valuable insight, helping your team understand your target audience in detail. Knowing which channels they respond well to, what calls to action successfully entice them and how to build product value that speaks to their business requirements, metrics provide all the answers to building the most effective marketing strategy.
What marketing metrics are essential to measure?
Whilst each marketing channel offers its own array of useful metrics for measurement, there are some values every business must take into account to properly understand their current success, and identify ways to improve results.
- Lead generation – This metric is essential. It outlines your success in delivering new business opportunities to your sales team, which is the key goal of every marketing department. Though this metric outlines departmental performance, 1/3 of teams struggle to gain accurate readings of this metric because of difficulties surrounding lead definition and response criteria. This metric is additionally important, as after making strategy tweaks and additions, this result bears the fruit of marketing labour, helping you understand successes and pitfalls.
- Lead qualification – Understanding how many of the leads you generate meet ideal buyer criteria is key to understanding which channels successfully reach your desired audience, and which communication elements promote the right message and product value. For the average B2B organization, 50% of the leads generated are bad fits for their product, and offer the business no chance of revenue return. When every lead costs money, you want to be sure they offer your team a genuine chance of sales success.
- Sales close – Understanding this metric offers insight into how many leads are required to meet overall business results. And, helps you establis what your marketing team need to drive business growth and success. If your team needs to close 25 sales per month to produce profit to meet business expansion targets, and they manage to turn one in every six leads into clients, you’ll need to generate a minimum of 150 leads per month. This metric also offers insight into which channels generate leads with a deeper understanding of product value, and an increased likelihood of product purchase.
- Revenue– It’s easy to think revenue isn’t a metric that applies heavily to marketers. But, without measuring revenue, you can’t measure return on investment, which is a vital metric to consider when building future strategies. Without understanding revenue gained, you’ll struggle to know where best to invest budget, and which channels you can safely apply additional budget to.
Using these metrics as a starting point, your team can discover why their marketing efforts bring in current results, and how to optimize each channel to improve campaign outcome.
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