What are the metrics that matter? For too long B2B marketers have focused on metrics metrics that measure tactics, not success. In this episode of Adventures in B2B Marketing, Sonjoy Ganguly, SVP of Product at Madison Logic, breaks down why marketers should turn away from metrics that measure tactics and redirect their attention on those that measure success. But what are these metrics? You’ll have to watch the video to find out.
Transcript: It’s time to STOP measuring tactics and START measuring success.
Hello, I’m Sonjoy Ganguly – and I want to welcome you back to Episode 6 of Adventures in B2B Marketing.
In this episode we want to talk about Measurement, and more importantly THE METRICS THAT REALLY MATTER.
As a marketer, analytics are part of your life. And in a digital world they’re attached to nearly everything you do: Click Through Rates, Pageviews, time-spent… these are the things with which we evaluate our efforts.
But it all really boils down to a metric we can sum up in three simple letters. R…O…I. Yep, Return On Investment.
Are your efforts paying off? Is that display campaign worth the money your spending? What value is that whitepaper delivering? As a marketer, you JUST have to know these things.
But like most marketers, you probably answer to a higher authority…your CEO. And she doesn’t care about Click Through Rates. Pageviews mean little to her.
What she cares about is pipeline, velocity, conversions…sales. She cares about the bottom line. R…O…I. Is marketing making money for the company.
How are you going to demonstrate this? Let’s break it down
In the beginning, there were clicks. But we soon learned that clicks didn’t mean much. Research has shown that 8% of Internet users account for 85% of clicks. Clicks can be fraudulent or simply in error. But that doesn’t mean that digital ads are disappearing.
A ComScore study revealed that more than 5.3 trillion display ads were served to U.S. users in 2013, and in the ensuing years, that number has grown exponentially. The typical Internet user is now served more nearly 2,000 ad units per month, and, sadly, we get excited about click through rates with performance numbers like .08%!
That can’t be good. Could it? That tell’s us that its not a meaningful metric. What does it tell us after all?
So what should you be measuring instead? And how should you be measuring it?
First off, both content and ads should be targeted. Your goal is to reach the right individuals, not inventory. With rich data powering your campaign you’re going to get your message in front of the prospects who are actively researching products and solutions like yours.
Now, first are you reaching who your targeted?
At the most basic level, you need analytics that will tell you whether you are in fact reaching the people you intended to
What about engagement? Engagement is all about how effective your message is at getting the attention of your target accounts.
There are many different ways of measuring engagement, and you should focus on the engagement metrics that you can help you attribute to performance.
Metrics like Exposure and Site Traffic are great measures of Engagement and Attribution that help you measure the success of, not just whether you are reaching your target accounts, but how effectively you are interacting with them.
Now it’s a content marketing play. And this should be done in two ways. Your site should absolutely have a robust resource center where prospects can download helpful content in exchange for contact information. But savvy marketers will take this to the next level with content syndication.
This is next generation lead gen: relevant, useful content that appears at a prospect’s fingertips at exactly the right time.
Now you’re measuring engagement. Who’s engaging with your campaign? Who’s downloading your content. Measure this at the account level, and you can see a clear path cutting through the pipeline. What you’re seeing is not a marketing qualified lead, but a marketing qualified account.
Every buying committee is comprised of individuals, and you want to reach them all. So when more individuals from one account appear in your pipeline, you can assume that that account is likely ready for a sales call.
Pipeline. Conversions. These are the metrics that matter.
Then you must think about Opportunities, Pipeline & Revenue. These are the top measures of performance that you can take to the bank. Because revenue is not always instant, deppedning on your sales & revenue cycles,
These metrics take time to generate, so its important to start with engagement metrics that you can later attribute to metrics like opportunity size, pipeline and revenue.
Let me wrap things up with this. Legacy metrics measure tactics. They might help you make small decisions about your campaign, allowing you to steer it down a more successful path. For your CEO, however, those tactics in isolation don’t mean much. Everything, and I mean everything, should be measured by account. It’s the only way you’re going to prove ROI to your CEO.
To lean more about how account based marketing can help you achieve B2B marketing success, download our whitepaper Account Based Marketing: Targeting With Intent.