One of the major aspects of B2B product marketing KPIs is that launching a new venture into the market is like throwing away your fortune in the wilderness. Tapping into the desires and ambitions of your prospective customer and formulating a campaign resembles an art. However, once your content is out in the market, you can determine how it works the best and the reformations it needs if any. You need specific b2b marketing metrics to determine whether your campaign is working in the right direction.
Detailed studies show that almost half of the marketers use the basic metrics to judge their success. It results in the fact that nearly 70% of B2B content ends up unused-
That big chunk of content remains unused because the buyers are not interested in going through the contents with the same platform. All the efforts, labour, and time invested by your marketing team into building content will go in vain if the buyers do not notice it. The main problem is that they miss out on the most important KPIs for any business.
You can indulge in successful b2b marketing measurement if your business development KPI metrics are correct and effective. Let us now discuss the most important KPIs for any business;
Sales happen to be one of the primary business development KPI metrics that will help you determine whether your business venture performs well. However, it is very important to keep one thing in mind that while measuring sales, just measuring the sales on a weekly and monthly basis will not help. You need to keep track of the revenue generated throughout.
Salesforce puts it, “Revenue and performance aren’t equal and should be treated as mutually exclusive.”
The various business development KPI metrics concerning sales include:
- Sales volume: The amount of your product that the people are buying.
- Margin received: The profit that you earned after the money you have in investment.
- Customer satisfaction: Customer satisfaction helps you figure out whether your sales impact the customers.
- Cost to acquire sales: Your investment should be a metric to judge your sales.
- Timelines: The time that took your sales to get the profit that you wanted to.
Leads are the main propellers behind sales. When you have adequate leads at your disposal, your sales will automatically be high. However, look for the strong and weak leads to identify the strong ones and invest your energy in them.
- Marketing qualified lead: It refers to a lead that has enough importance to attract the marketing team’s attention.
- Sales qualified lead: A lead that passed through all the engagement process and is finally a paying customer.
Cost of Customer Acquisition
The cost of customer acquisition refers to the cost you incur to convince a prospect to become a paying customer and opt for your services.
Essentially, it’s the “difference between how much money can be extracted from customers and the cost of extracting it.” -Therefore, if you want to calculate your customer acquisition cost, add your total cost to acquire customers to the number of customers acquired within the amount you spent.
Total cost to acquire new customers divided by the number of customers acquired within the period the amount spent
Customer Lifetime Value
Another metric that will help you in B2b marketing measurement is Customer Lifetime Value (CLV). Customer Lifetime Value is a metric that allows you to figure out the profit that a customer gives you the whole time he is a customer. It is one of the best metrics to determine quarterly profits and maintain a healthy customer relationship over a long period.
Customer Lifetime Value: But the simplest way to look at CLV is as follows:
Revenue from customer – the cost of acquiring and serving them
Other calculations factor in the average number of repeat purchases made by the same customer:
Revenue x gross margin x average number of repeat purchases
Website traffic refers to the people visiting your websites. Such an activity will help you generate leads and convert such leads into potential customers. However, lead generation via website traffic depends on the quality of your content marketing.
Digital marketing is one of the decent ways to generate leads for your B2B business:
59% of B2B marketers have acknowledged that SEO is the most successful lead-generating channel for them.
50% of LinkedIn users say they are more likely to buy from a company they have interacted with on LinkedIn.
when your B2B company runs along with the eCommerce site, website traffic and digital marketing are the primary b2b marketing metrics.
Website Traffic to Website Lead Ratio
Website traffic can only be good if the traffic in your traffic converts into leads. The ratio between your website traffic and website leads acts as one of the business development KPI metrics that will help you find out two things;
- What type of visitors your website attracts: Find out if they are your prospective customers or normal people going through your website and have no connection with your products and services.
- The conversion rate: Look into how capable your website is in converting leads into customers.
Email Marketing Performance
59% of B2B marketers point to email marketing as the most effective revenue-generating channel
73% of B2B marketers believe that email marketing is essential for business growth
you must be investing adequate time in your email marketing performance to make sure that your emails are engaging enough to attract your audience.
You can judge the performance of your email marketing through the following metrics;
- Open rate
- Delivery rate
- Unsubscribe rate
- Click-through rate (CTR)
- Conversion rate
- Number of forwards or shares
Besides these, social media metrics are another important aspect that helps you determine your B2B marketing success. Now that you know all the necessary metrics get into measuring your marketing advances. Websites like bizprospex help you with their email appending, and data appending help you with your marketing metrics.