B2B Marketing ROI – does it come as standard? It should!
ROI should come as standard. Every campaign can, in some way, effectively measure it’s
performance and illustrate whether it was of value or not. Here is Panovus’ top line guide for
tracking and measuring B2B marketing ROI.
Data is king – what data do you have already?
Sounds obvious but historical information is often ignored in the maniacal pursuit of new business.
When someone purchases your service, product or fills out an enquiry form, where does this data go?
Identifying where this information lives, what’s being stored, and who is managing your company
database (CRM) will enable you to intelligently plan for the future.
Once you fully understand what information you’re capturing in your database, determine what
metrics you need to report on. For example, you may find that you gather customer and prospect data,
but you have no idea where these contacts are coming in from. If this is the case, you may want to start
passing information into your database (CRM) about what marketing channel people originated from.
Configure & analyze – understand what the data is telling you.
What are your B2B marketing ROI success metrics and KPI’s? How is the sales and marketing team
measured? Is it on revenues ($,£,€), sales pipeline or leads produced? Always start with the end goal
and work backwards through the sales funnel. Make sure your reports show total leads, sales
opportunities, and closed revenues produced by marketing for any given time. These CRM reports
can be segmented and filtered by stakeholders to make them more meaningful.
Are there others in your organization looking at similar ROI metrics? It’s imperative that the whole
business view the same data in the same way; therefore centralising your measurement process.
Create killer marketing campaigns – let creative do their thing
According to Accenture, up to 40% of organizations still rely on gut instinct, rather than data
analytics, to make important business decisions. Data is information – with it you make more
informed business decisions.
• Data identifies audiences
• Data identifies where the audience resides
• Data identifies how best to reach the audience
• Data informs creative briefs and strategic planning, ergo, it assists tactical implementation
• Data tells you what to measure, when, and how to do it
Now let your marketing and creative people get on withit. You have supplied the relevant
information; they will create campaigns that illicit a response. Campaigns that drive demand and
make the audience buy. Watch… have faith… if they are good they will deliver! If not, get some
Channel marketing success. From root-to-fruit.
So the campaign hits the audience, you have response mechanics in place, you gather data, you feed
the sales pipeline. What next? CLOSE THE LOOP – align the sales and marketing functions by having
marketing follow up on identified opportunities. What’s been done with the leads and the opportunities?
What have you sent them, what did they say? Have you closed the deal? How far has the relationship
Plant the seed, see the roots grow and watch it bare fruit… You’ll know open rates, click thrus, page
views, downloads, mentions, likes, re-tweets, shares and of course sales. You’ll have data you can
segment by geography, job, interests and a whole host of demographic details. You’ll know the cost
of the campaign versus opps generated; you’ll understand which marketing channel offers the best
return, what the cost of marketing is in relation to the average order value. You’ll know your
conversion rates throughout the sales cycle. You’ll understand what volume of leads you need to
generate one closed deal. You’ll understand what investment you need to commit in order to get a return.
And what do you do with all that data? Well, you feedback into the database and start all over again!