There’s one key trait that anyone working within a B2B sales and marketing environment will have by the bucket load – ambition. You’ll be hungry to drive those hot leads, smash your targets and reap the rewards.
And whether your long-term goal is to manage larger projects, secure a bigger budget or to bag yourself that highly prized promotion, being able to prove your worth is all important.
Studies have found that 20% of content marketers are more likely to receive a higher budget if ROI is tracked, and they’re twice as likely to have their budget increased if that ROI is higher than the previous year.
What this means is that to secure that all-important step-up you need to be able to prove the impact of your marketing activity and the return on investment being achieved. Plus provide accurate forecasts for what you will achieve moving forward, so you can present a solid business case.
So how do you do it?
It’s time to bring out the big guns and those hard hitting metrics that will blow your senior management team away. To prove your value, use these four metrics to show you’re ready to take your marketing up to a whole new level.
Mega Metric 1: Increased conversion rates by X%
The fact that your marketing activity is successfully driving enquiries is great (well done!), but the truth is if those enquiries don’t convert then you won’t be generating revenue and all your hard work will be for nothing.
The world of sales has changed, 94% of business buyers do some form of online research before ever speaking to a potential supplier, so if you have a leaky sales pipeline it’s your responsibility to fix it. You need to know where your conversion rates may be dropping and why then to get on the case and do something about it.
By measuring the success of your marketing activity at every stage of the sales funnel and linking it directly to each sale, you’ll be able to gain complete visibility. This will help you see where your marketing channels are performing well in terms of revenue and where you may have an opportunity to improve performance even more. Increasing your sales velocity is the name of the game.
Mega Metric 2: Reduce Customer Acquisition Costs
This metric is essential for defining exactly how much it costs to create a new customer. You can calculate it by combining your total costs across both sales & marketing and dividing that by the number of new customers you gained over a set period.
Using this metric will show you’re thinking of marketing and beyond by taking into account the effect of your marketing activity on wider business costs.
Having marketing and sales teams in regular communication about strategies will also help raise awareness of any blank spots that need to be covered off, so make sure you get together and you‘re aligned in your thinking.
Mega metric 3: Improve Customer Lifetime Value by X%
Don’t forget to keep an eye on your customer relationship management KPI’s either – calculating your Customer Lifetime Value (CLV) will allow you to estimate the financial value of each customer during the lifetime of their relationship with you.
If you can prove low customer acquisition costs, congratulations! But before you get too comfortable, if those new clients are churning like never before then it’s likely to be having a detrimental effect on overall business performance.
Try and pinpoint which channels are generating those clients with the highest CLV and see if there are opportunities to increase low performers. The insights you gain via customer service intelligence can loop back into your content marketing and help improve the entire circle of activities.
Concentrating on customer experience and user experience go hand in hand. Teams on the phone, on the ground and your website design team, need to work together to ensure a seamless experience, as this will work wonders for improving customer retention levels.
Mega Metric 4: Increase ROI
Proving ROI remains the biggest challenge for marketers year after year but if you take steps to do it and can show a positive ROI, then it’ll all be worth it in the end – especially as it could lead to an increased budget.
Depending on your content marketing experience (whether you’re a total beginner or a seasoned pro) you will have different aims and goals with regards to proving what you’re doing is working. Increasing ROI is going to be important, however, no matter what phase you’re in.
Here are some points to consider for improving overall ROI:
- Data collection
Are you making sure that as much data as possible is being collected? Every touchpoint between a potential prospect or customer, and your brand or product, needs to be recorded somewhere. Digital tools and systems can help you here and are becoming increasingly sophisticated, so use them and ensure you have the right ones in place.
- Reports created
Once you’re collecting good data you need to do something with it. Strong reporting means making sense of the data you hold. Figure out which KPIs are truly important and make sure those KPIs are linked to the overall business goals. Everyone in your organisation will be interested in different reports depending on the information they value the most. For example, the CEO will want to look at the overall picture, while a copywriter/content manager will want to know in detail how well the last e-book performed.
- Interpreting the data
Your data will tell you all sorts of stories, depending on how you look at it. Make sure you eliminate as much bias as possible in your reports and any assumptions you have made. Be sure to dig deeper to find the answers. It’s crucial you analyse the data correctly so it can help you make the right decisions moving forward. Always test your assumptions and keep a logbook with all the insights and decisions you take, so you can refer back to it.
And there you have it – the four key metrics that can help you prove your worth and the impact you are making within your organisation. Armed with this information you’ll soon have senior managers sitting up and taking notice, recognising you as one to watch.