If the abbreviation KPI still stands for "no precise information" in your B2B marketing, then it's high time to look into better evaluation criteria. We would like to recommend Key Performance Indicators to you. With their help, you will receive information data that will enable you to implement your marketing strategies more efficiently.
Your success in B2B marketing can be broken down
Depending on the industry, company goals and defined strategy, the KPIs that can be specifically used for this purpose differ. In order to assess the success of your B2B marketing campaigns, it is sufficient to focus on these 7 most important KPIs:
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Customer Lifetime Value (CLTV)
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Revenue
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Customer Retention Rate
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Conversions
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Engagement (Content, Social Media, Mails etc.)
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Traffic (evaluation of website visits)
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ROAS
1. Customer Lifetime Value - scouting out lucrative customers
Customer lifetime value (CLTV for short) is a key business figure. It includes all monetary sales that a customer has brought your company so far and also takes into account the future sales that this customer will probably bring.
2. Revenue - Weighing of cost/profit factors
Revenue marketing serves as a decision basis for the use of marketing budgets. Turnover and the necessary means to achieve it are put in relation to each other. In business administration, revenue is the meaningful indicator of income generated
3. Customer Retention Rate - your fixed customer base
With the Customer Retention Rate you reflect the percentage of customers that your company has retained in its customer base within a defined time interval. Logically, this automatically results in the churn rate.
4. Conversions - traceable change
The conversion rate is the number of your target persons whose status has changed into a new one, e.g. from a prospective buyer to a customer. The relationship between clicks/visits and conversions becomes transparent here. The conversion rate also shows the relation between visits and newsletter subscriptions or downloads. The best way to monitor the various conversion rates is within the framework of a funnel report.
5. Engagement Rate - where does engagement pay off?
The engagement rate measures, among other things, the interactions with your content on social media pages such as Facebook, Instagram, LinkedIn, etc. It is calculated by dividing the daily average total of likes, comments and shares by the total number of fans. It is calculated from the daily average total of likes, comments and shares divided by the total number of fans. It also includes reactions to blog posts and emails
6. Traffic - Increase website visitors
The determination of the traffic does not only tell you the number of your website visitors. You can also track the number of sub-pages called up (page impressions). In addition to the number of visitors and page clicks, traffic analysis tools show you the following characteristics, which can help you optimize your content:
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Dwell time of the respective website user
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Average time spent on the individual sub-pages
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Which are the most frequently visited pages
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At which peak times do the most visits take place?
7. ROAS - Return on Advertising Spend
ROAS is responsible for measuring the profitability of advertising spend. The German translation of Return on Advertising Spend (ROAS) means: return on advertising spend. Therefore, this key figure is especially important for your performance marketing. Here you compare your expenses for advertising measures and the income that was generated by them.
Do I have to evaluate everything?
Measurable performance parameters come in endless varieties. We'll guide you to the relevant metrics that provide you with the most concise metrics you need to manage your campaign goals. After all, drowning in a sea of data is not the declared goal. The purpose of your respective B2B marketing KPI is to keep you fully on track. The respective KPI is the compass that gives you the direction so that you, as the captain, can steer confidently towards your chosen port.
How do you know in time which way the wind is blowing?
You can only take off with your B2B company if you are always informed about which way the wind is blowing. Your Key Performance Indicators are the orientation guide for you to ignite your engines accordingly and to stay on flight level under optimal conditions.
What does your entrepreneurial journey look like?
When you take the wheel, you are responsible for where your plane is going. What goals and objectives do you want to achieve for your company? That's what determines the selection of your relevant B2B marketing KPIs. And based on these clearly evaluable indicators, you can make your decisions in such a way that you elegantly fly around recognized turbulence, avoid unnecessary crash landings and, if necessary, redirect the course.
Keeping your bearings among a bewildering array of online KPIs
Being fed interesting data is all well and good. But no one needs too much data salad!
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What data do you really need to clearly define your strategic marketing goals?
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Where is your priority at the moment?
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Are you concerned with traditional branding objectives or is it more important to skyrocket sales?
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Is new customer acquisition a priority for your business?
There are the right solutions and metrics for every purpose
Is your focus on lead generation?
Marketers refer to a qualified contact from a person interested in a product or company, who leaves their address data for a further dialogue. (Lead = data record). Compliance with the Data Protection Regulation (DSGVO) must be observed when using the necessary cookies for the purpose of precise data analysis. A permanent lead generation brings you decisively further on B2B marketing level. KPIs that assess traffic and engagement are informative metrics for this purpose.
Do you declare sales increase as the most important goal?
Promotional marketing campaigns and sale offers magically attract customers who are looking for your product or service area. When attractive features such as discount codes are associated with your promotional campaign, you'll quickly have new customers and potential buyers firmly on your hook. The exact responses can be derived from the KPIs in such a way that you can see which Sale campaigns prospects are responding to most actively. For the developments in your sale area, you should, for example, keep a close eye on your conversion rate.
Do you want to position your brand more strongly?
Successfully positioning a new brand in an oversaturated market is one of the biggest challenges today. Increasing brand awareness and maintaining consumer trust in your brand are among the most effective tactics. To do this, it is essential to maintain a constant close dialogue with and conversation with customers. This marketing strategy is where many companies put all their focus. Accumulated knowledge of user behavior and responses is imperative to successful branding. KPIs are your indispensable companions on your journey to unforgettable brand success.
Design a cool B2B marketing KPI dashboard
Data, data and more data. So that you don't lose sight of the big picture when it comes to data collection, you should design your KPI dashboard in a well thought-out way
Often, several employees from different departments rely on regular data analysis and use of features in teamwork
Quick Infos instead of a confusing data jumble, clear visual presentation in a mature design, short loading times etc. increase the effectiveness of data handling.
Useful B2B Marketing KPI Dashboard Parameters
The crux of the successful use of KPIs lies in the result of marketing activities and the actual sales achieved through them
Only an analysis of the entire customer journey reveals the direct connection between investments for the marketing concept and economic results
Individual paths of leads from campaigns can be linked to sales or customer interest, and reasons for successes and failures can be traced.
Conclusion: A few select KPIs are more
With our little guide to the most important key performance indicators for business management, we have deliberately reduced ourselves to the essentials. Limit your data collections to their relevance and thus get clear, concise data correlations! Unless, of course, you are a born data freak who likes to invest his time in superfluous analyses.
