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B2B Marketing

Leveraging Marketing Metrics

While many people might not consider marketing to be an analytical field, the fact is that marketing metrics can be a powerful business tool that not only inform the company about the effectiveness of marketing campaigns but also can even produce a higher return on investment. Essentially, marketing metrics use data points to analyze the effectiveness of marketing strategies in terms of business goals and related profit.

About Marketing Metrics

As the world becomes digital, the better marketing metrics become. This is because marketing campaign data is now monitored and analyzed from start to finish, such as the number of people visiting the company website before and after a marketing campaign launches or how sales increase during a sale or promotion.

However, marketing metrics are not simply about seeing how well the company is performing. Specifically designed to measure the effectiveness of targeted marketing campaigns, marketing metrics make it possible to adjust or change the marketing campaign or business goals accordingly.

Specifics

There are some detailed metrics that most accurately predict the success of the marketing department, such as an increase or decrease in order value, customer buying decline or increase, customer acquisition rates, overall profit rates and customer satisfaction data.

In addition, in the world of social media, marketing campaigns launched on websites such as Facebook or Twitter can relate to an increase in Facebook page “Likes” or Twitter “followers”, which (hopefully) in turn lead to increased sales.

Marketing Data

Additional data compiled includes costs compared to sales and/or leads and other performance indicators from the company website. When a customer or visitor clicks on the company website or fills out a “Contact Us” form, the website should automatically compile some basic information about that customer, allowing compilation of customer demographic information.

Another marketing metric factor includes the cost per click for the website, the number of times a website visit resulted in a sale or a contact to the company, and the associated marketing return on investment, which is determined by dividing the profit by the cost of the specific marketing campaign.

Some companies use a customer relationship management computer system, called a CRM, to collect information and produce specific reports about sales, marketing and customer service.

Creating Marketing Metrics

If the company does not yet utilize metrics, start by determining the goals of the marketing department. Each marketing strategy must be an actionable item that is measured, tracked and analyzed accordingly.

Once the data is available, be willing to adjust, change or shift marketing plans as necessary to maximize the marketing ROI. After all, business is built on the premise of profit, whether the profit stems from the sales department or the marketing department. Each department is responsible for coming up with actionable items that will help increase the company’s visibility and reputation, market share and overall profit.

 

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Julie Andrews

No, not "that Julie Andrews". Trust me, I get it all the time... Business marketing is truly a fascinating area. Over the past 5 years new methodologies and tactics have really taken off. Its especially important for B2B marketers to evolve and use these new tools to remain competitive. Myself, along with the team at MarketingThis.com is here to help educate and advise you every step of the way.

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