Understanding the return on investment of your marketing dollars is one of the keys to success for anyone in the marketing profession. Good marketing is all about strategy and on a fundamental level, it’s critical that you understand what works well and what doesn’t.
Yet, for marketers, in particular those in the B2B space, measuring ROI can be a challenge. After all, business-to-business decisions are complex and usually involve many touch points over a long period of time. In the end, it’s very difficult to pin down what caused the buyer to choose your product or service because typically there are dozens of factors that influenced the decision. The result of this that in the B2B world, while marketing is usually a contributing factor, it is very rarely the only factor in winning a new client.
So, how do you measure the ROI of your marketing? By focusing on the contribution your marketing has made along the way in advancing your targets through your sales funnel. Put another way, focus on the degree to which each of your marketing tactics push or pull a prospect further along their journey to becoming a client. Of course the metrics you measure really depend on the makeup and goals of your organization but here are a few key metrics to consider.
- Website statistics such as number of hits, bounce rate, online searches for your brand
- Advertising metrics such as number of views, clicks and downloads
- PR metrics such as number of releases, number of articles, total online views
- Overall brand awareness (Based on primary research)
- Web statistics (time on site, number of return visits etc)
- Number of article or white paper downloads from your site
- Number of attendees at events or webinars
- Number of new sales calls
- Social media metrics (number of likes, shares, followers etc)
- Open rates on email campaigns
- Number of proposal opportunities
- Number of requests for additional information
- Number of inbound sales opportunities
- Win rate on proposal opportunities
- Client satisfaction rates
- Client retention rates
Cross-selling statistics such as share of wallet calculations