Understanding data is the key to the future success of many businesses. Some of the information out there makes tracking and monitoring B2B data sound like something impossibly complex. In this post, we’re keeping it simple.
Let’s explore the number one B2B marketing statistic central with building and developing your sales funnel.
First up, step away from your vanity metrics
It’s difficult to measure the success of any campaign outside of the obvious, such as revenue generated as a direct result from a sales email. With B2B, we know that leads have real value also – we know that they are absolutely central to our sales funnel.
In this way, it is not enough to focus on what is often called ‘vanity metrics’; a term penned by marketing expert Neil Patel. Typically derived from web analytics, this refers to data like website visits, bounce rates, social likes and follows. These are metrics that usually hold the most value for the generator of the content piece while not actually indicating much about performance.
Instead, focus on what means the most for your business
Every business is different. Determining which metrics and KPI's have the greatest value and impact on your business is essential.
The core difference between having a successful online campaign for example, isn’t necessarily about how many people clicked onto your email (an indication of successful content marketing/copywriting) which also may have been clocked in your Google Analytics as a website visitor – it’s ultimately the ‘conversion’ of the prospect that matters. That means, whether your prospect completed the pre-determined objective or goal of the campaign. Key examples include providing lead information via gated content or purchasing a product.
It’s all about conversion metrics
This is what holds the most sway for B2B organisations. It correlates to the adage saying about leading a horse to water, but not able to make it drink.
A B2B organisation that is playing its best game, is integrating sales with marketing processes. So the question becomes, what is the goal of your marketing?
If we’re aiming for lead opportunities such signing up to the a newsletter or registering information for a whitepaper or event – then the number of 'qualified' prospects are an indication of success. Page views or visitors here is not important, as the gold is in the action and activity.
The next step becomes how successful your sales or telemarketing team is at using this lead information to achieve the next goal in the wider sales and marketing strategy. Do their conversations result in further activity or conversion?
Have you set up Analytics for Goal Conversions?
One of the quickest and easiest ways to measure this online metric is via Analytics and a metric called ‘Goal Completion’.
You can set up a Goal, and determine how many visitors using a particular URL then went on to covert either via sales, or another b2b lead generation tactic.
Ready to do some tinkering?
Here’s one of the more up-to-day DIY videos, which can help you to set up Goals in Google Analytics for your business.
See also: Understanding Google Analytics - your own Google Analytics custom dashboard
B2B marketing analytics can certainly get more complex than this. Of course those easily deemed ‘vanity metrics’ are not superficial at all – they can help provide insight into what is working, key traffic sources and whether your SEO or paid campaigns are effective. There is a variety of automated software that can help steer your strategy towards great success, such as Salesforce Pardot and Marketo but it’s always good to ensure that you’re covering the basics in-house, especially when the information is free.
Want to talk challenges and ideas for your next B2B marketing campaign? Speak to the team at Make It Happen on 02 8249 1817 or info@mih.com.au