As a marketer, how confidently can you define the success of your B2B campaign & the factors responsible for it?
Any project that is undertaken has an important task to be accomplished once its execution has been completed- Measuring its performance & contribution to the business. Similarly, Marketers work day in & day out to put together B2B Marketing Campaigns in order to reach out to their customers and increase client base. There are several parameters or metrics based on which the campaign achievements can be measured. But crucial metrics that are major guideposts to achieving business goals are called Key Performance Indicators (KPIs).
KPIs according to John Standaloft are “Measurements of activity that is a vital gear in your business machine”. KPIs may be defined as important metrics that help to measure the overall effectiveness of the sales and marketing strategies. Thus, keeping track of KPIs is a major task that every business must carry out with high precision to determine the performance of their marketing campaigns and evaluate the rate of achievement of business objectives. Let’s look into the top 11 KPIs that every marketer must keep track of to measure their campaign productivity.
Revenue Achieved From Sales
Designing an inbound marketing campaign and acquiring sales requires the joint efforts of marketing as well as the sales teams. It is very crucial to measure the impact of the inbound marketing strategies and the amount of revenue they fetch. These metrics give a clear picture of the efficiency of the present process and manpower and also help to determine further strategy designs for better revenue. Driving larger revenue with each campaign is the ultimate aim of every marketer thus this KPI needs regular tracking for the management of the entire marketing and sales cycle and to save on investments in unyielding campaigns.
Unique Website Visitors
With the digital boom in the business world, there is an increasing need to maintain the efficiency of our websites as it is to maintain our marketing and sales success. The number of unique visitors to your website gives a measure of the true value of both the online and offline activities that contribute to the growth of your company. According to a study, 94% of B2B purchasers research online before making a purchase. This means that even an offline campaign must cause an increase in the number of unique website visitors, thus indicating the effectiveness of the campaign. The number of unique website visitors is considered the most easily tracked KPI and is the best method of measuring all your online activities.
Lead Acquisition Cost
Acquiring leads for a marketer is like uncovering a treasure. But the total profit from the treasure must outnumber the investments into the treasure hunt. This is the case with generating leads too. In order to calculate the total acquisition cost per lead, it is important to integrate the CRM platforms & marketing automation as well as accounting for all related costs with ERP integration. Getting an understanding of the cost per lead can help in providing important insights for making your marketing more cost effective and productive.
Customer Value & Retention
Inbound marketing offers a plethora of opportunities to measure customer value for your business by reaching out to your customers. This not only helps to keep in touch with your prospects and customers but also aids in reducing the churn rate and enhancing the life time value of customers by keeping them happy with your products & services.
The best possible way to increase & sustain customer value is to have well-designed lead nurturing campaigns in place which regularly inform existing customers of your latest products & services.
Customer Retention is a KPI that is related to the customer value and is of high significance in measuring the effectiveness of a campaign. Retaining customers requires capturing and holding their interests for better deals and consistent sales. Engaging new customers incur more costs as compared to prospecting of existing customers hence customer retention can empower your brand reputation & customer service process as well as boosts the overall customer experience.
Measuring the website traffic that fetches qualified leads whether it comes from social media, organic, or mobile platforms is a great index of your marketing impact. Moreover, it also gives better website optimization insights. For instance, if you are getting a good amount of website traffic but are unable to garner equivalent leads from it, then it is possible that your website requires changes that will fix the issue and thus amplify your traffic-to-lead ratio.
A well-strategized marketing campaign serves two purposes- helps in better prospecting & helps in lead qualification to make them sales ready. Once you have identified your prospects and transformed them to marketing qualified leads, the next step is to convert the leads into sales. Getting an idea of the prospect to sales ratio is another KPI that can help track the efficiency of your B2B marketing campaign.
Landing Page & Form Conversion Rates
So your landing page is ready & you have designed it so beautifully that you can’t take your eyes off it, what’s more, it has all the features of a perfect landing page. But the important question is- does it get you leads & help in their enrichment for faster conversions?
Even if the landing page is driving a good amount of traffic but does not help in getting enough leads then no matter how well it has been designed, it is pointless. A landing page must contain attractive CTAs that deliver good value, persuasive content, a concise form and good amount of proof of social accomplishments such as reviews, awards etc.
Forms just like landing pages need to be optimized regularly to provide a better conversion rate. Mainly aimed at converting unknown visitors into leads, forms that usually fail at driving lead numbers fall short of one or more of the following:
- Do not provide offers that deliver value
- Forms are too long compared to the value they provide
- Forms are not responsive enough
Thus, in order to measure the impact of your campaign and market reach, it is important to keep a check on the form conversion rates.
The returns on investment from marketing campaigns is a vital KPI for any organization in order to keep their budgets in check as well as to design efficient future campaigns. The ROI of a marketing campaign can be calculated by taking the number of leads generated from the campaign and dividing them by the opportunity value, alternatively, the ROI could also be obtained by dividing the average value-per-win ratio by your average lead-to-win ratio.
Click Through Rate (CTR)
The click through rate (CTR) is an effective measure for the digital marketing campaigns and gives a good idea of the engagement numbers the marketing campaign is able to gather. Thus, CTR is a critical KPI that must be tracked by every marketer.
Cost Per Click (CPC)
If you are a digital marketer, you know that your online ads are faring well only when you see the money flowing in through a higher click rate. Cost-per-click is the amount you pay for a click to your website/ads. Cost-per-click is a comparatively easy but important KPI to be tracked for the following reasons:
- It helps measure the investment required to generate the desired profits.
- It can be easily tracked relative to the specific keyword or ad generating the clicks.
- It can be optimized to achieve better ROI.
Social Media Reach
With social media becoming a trending place to connect & capture interest, it is becoming increasingly important to devise social media marketing campaigns that expand your market reach efficiently. Social Media Reach is, hence, another Key performance Indicator to be tracked to determine how well your social media marketing is doing on various platforms such as Facebook, Twitter, LinkedIn etc.
Once you have understood the critical importance of tracking KPIs for effective marketing campaigns, the next step is to organize this data mostly in the form of business intelligence dashboards. Having said that, it is also important to track other metrics besides the KPIs since these metrics aid in understanding fluctuations in a more comprehensive manner.
So get on with planning and executing better campaigns that bring in fabulous returns by keeping track of major KPIs and feel your business growth reach new altitudes!