Metrics in the digital selling arena matter. When applied correctly, metrics can provide invaluable information to B2B sales and marketing teams. Knowing what strategies are working and which are not working can aid in improving future strategies and greater lead generation. Key performance indicators (KPIs) can provide this invaluable information.
Successfully employing the information afforded by KPIs into your business’ digital selling and digital marketing strategies can improve the effectiveness of your business’ overall performance.
Your company website is the core of your digital presence and the best provider of invaluable performance data. Google Analytics is an important tool when monitoring the effectiveness of your website. It enables you to record the time that each visitor spends on the web page, along with how many clicks they register and what pages they visit. Knowing if your website has low views and what elements of the website aren’t working can help when implementing improvements.
Site traffic and channels
Site traffic is an important metric to be aware of. Alongside site traffics, the channels by which the traffic happens upon your website are as equally important. Understanding what proportion of your website traffic is due to organic and direct channels can identify where your digital selling strategy could be improved. Organic traffic consists of the visitors that have found your page through a search engine. If the number of organic visitors is low It could highlight the need for an improvement in the business’ SEO strategy. Direct traffic is the visitors who have searched the specific website URL, or who have clicked on a link from an outside source.
Social and email metrics
Digital selling is seeing the growing importance of a B2B company’s presence across social media platforms. Data pulled from the business’ social networking sites can help generate an understanding of engagement from current and potential customers. Social metrics including the number of followers and the number of likes and shares of your content can help increase the understanding of what consumers want. It also enables your business to successfully engage with potential buyers on a social level.
Email campaigns are still a core component of many B2B digital marketing strategies. Understanding what emails received the most open rates can help shed light on what marketing strategies are most effective.
Knowing the percentage of web page visitors that convert into customers can reveal the effectiveness of your web page and its content. Comparing conversion rates over time and following such changes in frequency can help determine which web page changes are working and which are not. A bad conversion rate may help uncover poor site optimization.
Conversion rates are also an important component to measure in relation to social and email metrics. Identifying which social media or email marketing campaigns have the greater conversion power can influence future marketing campaigns by providing information on what works and what doesn’t work.
Cost per acquisition
Having a clear outlook on how much on average it costs from a marketing perspective per new customer is important in the long-term. Keeping track of this KPI is key. If the cost of acquiring new customers is outweighing the profit earned new strategies need to be implemented. Maintaining profit margins is essential to proving your business model is successful.
Metrics garnered from pay-per-click advertisements such as AdWords can separate the successful campaigns from those less successful. Identifying their effectiveness can help improve future advertisement campaigns and aid in monitoring acquisition of leads.
Keeping track of your customer reviews is important to understanding your consumers and their needs, and if they are being successfully met by your business. While having a large digital presence is a sign of your brand being successful, it is also easier to leave customer reviews thanks to the power of social media. Being aware of poor reviews can help combat and rectify the situation. Increased awareness can ensure an effective response strategy is employed. Reviews aren’t all bad, however. Good reviews can help understand what your business is doing right, and help in ensuring your business continues this strategy.
Choosing the best KPIs for your business
Having a clear understanding of your business goals is the initial step of any successful B2B business. Document your goals along with the strategies that will help you achieve these goals. Introducing time-frames or frequencies to your goals can ensure you use the correct KPIs to reach your potential. For example, say you want a 50% increase in connections on LinkedIn within six months and to schedule a phone call or appointment with 25% of these connections with the aim of converting these into potential customers. KPIs can be reviewed weekly or monthly basis to ensure that you are on track to achieving that goal.
Understanding how in depth you want your reports to delve is an important aspect when choosing which KPIs to use to monitor your business and its progress. Figuring out what the KPI data is telling you and determining its relevance to your goals are important. Determining why the figures in your KPI data are what they are can be effective in monitoring your success. Understanding why the figures are changing and what the contributing factors are in relation to that change is important. Interpreting these figures is a complex procedure and can be often reliant on experienced individuals to comprehend. You must shy away from making assumptions. Experienced marketing teams often have fine-tuned strategies for testing and identifying the relevant figures.
The importance of certain KPI figures may vary between departments. While some KPIs will prove more significant to marketing teams and others more so to sales teams, there can often be an overlap. Bringing your sales and marketing teams together to determine what KPIs are significant for both departments can encourage the teams to work together in influencing and improving the relevant KPIs.
KPIs can produce many levels of data. Their level of detail can determine your schedule for checking the figures. KPI figures that affect your daily activities can be viewed daily, while those figures which give more of an overview can be viewed on a monthly basis.