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B2B Marketing

Making Marketing Metrics Work for YOU

In the business world, numbers are king. After all, companies must know the numbers related to profit, loss and everything in-between. Numbers give businesses a clear picture of what is working and what is not and where money should be spent. Marketing metrics are part of this overall picture and are an important piece of advertising or marketing for any company.

Marketing Metrics

Marketing metrics are measurements used to make decisions about a particular marketing campaign. For example, metrics compare new sales and leads with individual marketing campaigns to measure the effectiveness of the campaign in order to make further business decisions about that advertising.

Overall Marketing Metrics

There are two kinds of metrics – overall and specific. Here are some of the overall metrics to consider when it comes to company marketing:

– Profit

In the end, revenue generated by the marketing campaign should meet and exceed the cost of the advertising program. If there is no profit, the marketing campaign should be re-evaluated.

– Optimization

Review every part of a marketing campaign to ensure utilization in the best way possible to reach as many people as possible within the target audience. This includes everything from graphics to tag lines.

Specific Marketing Metrics

Here are several examples of specific metrics to consider:

– Frequency

Frequency is the number of times an advertising campaign presents to an audience.

– Impressions

Impressions are the number of times the audience sees the advertisement.

– Reach

The audience size seeing the advertising campaign is the reach of the campaign.

– GRP

Gross rating points are the size of the reach multiplied by the frequency.

– TRP

Target rating points is the size of the GRP multiplied by the ratio of the total audience to the target audience.

– CPM

Cost per thousand is how much it costs to reach 1,000 individuals for the campaign.

– CPP

Cost per point is how much it costs to reach just one percent of the target audience.

Gathering Marketing Metrics

There are several ways to compile the information necessary for metrics once the overall and specific metrics gathered. Here are some suggestions:

– Survey

Always ask the audience how and when they saw the marketing material in order to know what works and what does not. This can be as simple as a question at the bottom of an online form, a question made by the sales team when speaking with potential customers, and a quick question from other staff members when working with clients.

– Database

Create a database that notes the specific marketing campaigns and the associated sales and leads. This information should include dates of the campaign, basic information about each campaign and specific numbers about sales and leads created as a result. The database should be easy to view and the information easy to sort in order to view the results from different angles.

Marketing metrics can be a powerful tool when used consistently and thoroughly in order to optimize the money spent on any given marketing campaign.

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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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