Marketers talk a lot about Key Performance Indicators (KPIs) in relation to sales volume, the number of leads, Instagram followers and what rank their website is on Google. These metrics are often referred to as vanity metrics because they make us feel good about what we’re doing but they don’t necessarily paint the whole picture.
With limited marketing dollars to spend, there is no excuse to not track and analyze KPIs to improve ROI. According to a council post by Forbes on digital marketing, you can use big data to track anything down to the smallest detail, giving you a huge competitive advantage if you choose to take advantage of it.
The following 5 KPIs are not wild new concepts, but you may have been going about them all wrong. It’s easy to focus on the bottom line but the details of how you got there are often just as important.
Your website is the hardest working tool in your possession when it comes to 24/7 marketing. It’s often the first thing people see to start building an impression of your company. Not only does it have to look nice but it has to be easily found, useful, and work great on mobile devices. According to a BCG report, more than 80% of B2B buyers are using mobile smart devices like phones and tablets when they access the internet for work.
The marketing KPI report will always show how much traffic the website is getting but here are some even better KPIs that will help you shape and tweak your website and SEO strategy for the future:
- Who is visiting your website?
- Where are they located?
- How much time do they spend on your site?
- What pages are most popular (people spend the most time there)?
- What is your traffic to lead ratio?
- How effective are your PPC campaigns, what is the cost per click?
- What keywords brought you the most traffic from search engines or PPC?
#2. The Best Lead Generation KPIs
Leads are the lifeblood of any B2B company and they often come in wide and fall through a funnel that narrows the list down to those most likely to buy. Not all leads are equally useful, you want to attract the most qualified leads possible, especially when you are spending time and money acquiring them.
Powerful key performance indicators for lead generation include; the buying power of the lead, the readiness of the lead to buy, the potential for the lead to buy repeatedly, how many touches does it take to convert this lead, and how much it cost to acquire the lead.
#3. Social Media KPIs For B2B Marketing
Social media marketing is cheap and very effective but Sprout Social cautions marketers that true social media KPI’s go well beyond how many follows or likes you have. Here are some KPIs you might not have thought about that could have a huge impact on your digital marketing efforts.
- How many people hear about/see your brand
This is most company’s favorite part, how many followers you have on social media can be worn like a badge of honor. However, followers can be bought and therefore aren’t always a true measure of influence or power on social media. You’ll also want to track the number of impressions your social media posts and profiles receive.
- Engagement between consumers and your brand
Having a lot of followers doesn’t do you any good unless the followers are engaging with you, which means “likes” and “shares” and comments. Comments are infinitely more valuable than followers. The stronger your engagement is, the more organic power you’ll have over that platform’s algorithm.
- How often does engagement transform into conversions
If you have a lot of engagement and no conversions, that could be an indication of a problem either in your product itself, or the way in which you are asking for the sale. Maybe the next step isn’t clear enough.
#4. Important Email Marketing KPIs
Hubspot reports that 93% of B2B marketers still use email marketing and consider it crucial to their marketing strategy. You can use email to obtain new leads, provide ongoing touches to existing leads being worked, and continue a relationship with past buyers for repeat business and referrals. The most important email KPIs are the rates of:
- Delivery – If your emails aren’t getting delivered it’s time to clean up your list.
- Opens – If you aren’t getting enough opens then change the day or time you send them, tweak the titles and opening lines as well.
- Conversions – How many people buy or set up appointments directly from an email?
- Unsubs – People unsubscribing from your list is inevitable but pay attention to dips and spikes in unsub rates to determine if your email messaging or pacing might be an influencer.
- Forwards – If people like your email enough to forward it or share it, then you’re doing something right.
#5. The Really Important Sales KPIs
Reporting the sales number for the week, month, quarter or year can be exciting (or devastating, as the case may be) but that singular number doesn’t tell you much. Here are some sales KPIs that can help you change the way you market and follow up on leads:
- Sales Volume
- Sales Margin
- Cost To Aquire Sales
- Time To Aquire Sales
- Satisfaction of Buyers
The length of the sales cycle could be influenced by the quality of leads. If you aren’t targeting the right audience this can lengthen the sales cycle as the decision goes through multiple people for approval. Taking the time to look at the cost and time it takes to create sales can impact your marketing plan.
For a full report on how to create a successful B2B marketing campaign, check out this detailed guide by Digital Authority Partners. From strategy to implementation, and tracking results, you’ll find everything you need to start improving your marketing success rate.