Measuring Marketing Effectiveness
Is your organization constantly concerned with measuring marketing effectiveness? You’re probably not the only one company to do so. It’s the first place companies will look when results are less than desirable, maybe even slash advertising budgets (to improve their bottom line) worsening the situation.
However, poor sales cannot always be blamed on solely on the marketing team. It’s an integrated process. It’s like the continuing debate over Social Media Marketing (SMM) and whether or not it’s an effective lead generation tool for B2B marketing. But the point is can you afford to ignore it? Why not put your best resources towards making it work for you?
Marketing analytics and sales reporting has its place in financial or revenue metrics. It helps to evaluate the advertising strategies that are in place to determine what’s working and what’s not. Provided you take into account the whole picture and are measuring ‘quality’, not quantity.
Here’s what makes B2B marketing metrics worthwhile:
- Sales conversion rates
- Customer revenue generated from initial sale
- Sales acceptance
- Total customer revenue over time
Measuring marketing effectiveness is more than chasing numbers and keeping your sales funnel busy. It requires an analysis of the quality of your leads vis-à-vis the conversion process. Use reporting as a guide to map out your future plans and tweak your demand generation strategies to match changing market scenarios.
Investing in sales analytics is a good idea so long as you don’t exhaust your budget on technology that’s too complicated and doesn’t fit in with the rest of your process. Beware of services that throw jargon at you and try to sell you fancy software that you have no need for.
More importantly, consult your sales team to determine what will work for them. There’s no replacing traditional marketing. Planning, preparation and process require a human touch. Don’t get hung up on marketing metrics or use it to hire and fire your sales team.
B2B marketing requires a synergy of online and offline efforts. It needs a solid plan that includes several sources for lead generation including social media without relying too heavily on a single one.
Give your marketing team the autonomy to run and test local campaigns. They will be more inclined to use financial metrics to measure results and your marketing programs will be more effective too.
ALEA’s strategic marketing advice and tactical marketing support programs have helped small, medium and large businesses expand their customer base and increase revenue significantly.
Call us today at (905) 709-3827 to discuss how you can maximize marketing initiatives and measure effectiveness.