B2B Marketers are doing WHAT? How not to measure your marketing ROI
With 2015 just around the corner, it’s time to examine our year-to-date marketing performance so we can really hit the ground running in the New Year. But in order to do that, us B2B Marketers need to provide a little more insight than ‘we’ve had a great year’.
We’re talking about proving hard metrics. Can you demonstrate how your marketing activity has really impacted the bottom line this year? By proving real impact to overall business performance, you’ll most likely be given bigger and better opportunities in 2015… and more budget too (every marketers dream, right?).
But before you get stuck in, why not download the Ultimate ROI forecaster? It will take the hassle out of proving ROI for good (we promise!)
B2B Marketers are doing WHAT?
Only 15% of marketers currently rank “proving ROI” as their No.1 priority and only half of us are doing anything to measure it at all.
But get this, marketers that measure ROI are 12x more likely to generate a greater return– meaning just the act of measuring your ROI correlates with generating great results.
Not measuring ROI is a big no, no. If you want a bigger budget in 2015, you’re going to need some solid proof you can generate a return.
Equally, if you’re going to start testing new online channels next year, you’ll need to have some solid ROI forecasting in place to ensure you’re not throwing budget down the drain.
Are you guilty of these ROI crimes?
So what ROI blunders should you avoid if you want to be successful in measuring and generating ROI. Are you guilty?
Don’t build a team of analytical marketers
70% of B2B Marketers admit their team has ‘gaps’ in the digital skills required – most notably lack of analytics and reporting skills. If you don’t want your marketing to be successful in 2015, definitely don’t check in with your team to ensure their up to scratch with the analytics and forecasting required. Nope, no sir!
Definitely DO NOT measure anything past revenue vs spend
With the growing amount of data available to marketers, it’s no longer enough to just investigate what’s happening at the top of the funnel. So if you don’t measure conversion and at every stage of your sales cycle, you can be sure you won’t be generating the very best ROI possible.
Ignore what your boss wants to know
If you really want to be super unsuccessful, then don’t bother asking what other metrics your senior management team want to see either. They definitely don’t want to know anything about customer acquisition costs at all (Hint: they actually do).
How to own the numbers like a pro
According to the IDM B2B Barometer, 30% of marketers said “lack of budget” and “demonstrating importance” were their most significant challenges this year. And guess what? They both tie back to ROI.
In order to secure the budget and resources you need for 2015, you’re definitely going to have to prove the potential for ROI across your existing and new marketing activity.
So, before 2015 rolls around, it’s time to get into some good habits. Before you even consider investing another penny in any online marketing activity, download the Ultimate ROI Forecaster and you’ll be able to:
Forecast performance at every stage of the sales funnel
If you want to generate the best return possible, you’re going to have understand how your conversion at each stage of sales cycle effects your overall return on investment.
Benchmark conversion rates to stay in control of your activity
What are the industry standards? What are the standards across your company? What does your senior management expect to see? Set these as your low, medium and high conversion targets to get a clear overview of where you need to be.
Avoid any nasty surprises with the ROI scale
Understand exactly what results you need to drive at the top of the sales funnel to deliver a return, and benchmark your ROI scale for instant visibility of forecasted performance and opportunities to over-perform.
This blog was originally posted on the Lead Forensics website. Read the original article here.