Driving Marketing Success for B-to-B Organizations
6. Measurement and optimization. Measurement is often talked about but rarely done well. Not enough thought is given to the few critical measures that really drive success. It's essential that your marketing measurements lead to sales conversions, revenue from new customers and other business-driven objectives. It’s no longer simply page visits and response rates, it’s revenue-focused key performance indicators (KPIs) that demonstrate real marketing contribution and business value.
What’s on your dashboard?
Now that the foundation for revenue generation has been established, it's crucial that KPIs are tracked with a well-designed marketing dashboard. Each organization needs to determine what its critical KPIs should be. The following metrics are a good start, however, you should prune or add as needed:
- program ROI;
- customer acquisition costs;
- quality and value of sales-qualified leads;
- quantity and value of marketing-sourced pipeline leads;
- average sales cycle of marketing-sourced leads (against all other sources); and
- revenue generated per marketing dollar spent.
Ultimately marketing can back up its claim of contribution by pointing to key measurements such as:
- forecasted pipeline generated from marketing activities;
- percentage of marketing leads to closed business;
- revenue of marketing leads to closed business; and
- year-over-year increase/decrease in marketing results and revenue.
With a framework of marketing tracking and measurement in place, not only will both right- and left-brained marketers succeed, but their credibility and relationship with sales will improve. Only then will marketing have a substantiated claim to its contribution to revenue growth and success.
is executive director of client acquisition and marketing at Quaero, a CSG Solution.