In modern B2B marketing activities, data has become the preferred reference for B2B companies to make a proper decision. An increasing amount of companies are aware of the importance and benefit of data collection and analysis.
According to a survey by the Economist Intelligent Unit (EIU), 60% of the respondents believed that data is becoming a strong factor in generating revenue within their companies, and 83% said it is making existing services and products more profitable.
For B2B marketers, lack of available data of high quality will make one of their biggest barriers to lead generation and thus business growth.
Realizing those mentioned above, B2B companies should also keep in mind certain best practices for collecting and analyzing on data.
Best practices begin with knowing which metrics matter. Vanity metrics such as total traffic will not enable B2B companies to make proper data-driven decisions.
Metrics that Benefit B2B Companies
B2B companies should set well-defined goals based on results-driven marketing metrics, in order to evaluate the effect of campaigns that will actually help with business growth. The following are some examples of metrics which can provide real insight into a marketing campaign.
1.Marketing Qualified Leads (MQL)
A marketing qualified lead (MQL) is a prospect already within the reach of your lead tracking, who is interested in the your product or service and passes a set of lead qualifications in order to progress further down the funnel. MQLs are often generated by marketing efforts (such as social media, advertising and blogging) and are not quite ready to buy.
The definition of an MQL is determined by each business based on specific qualification, characteristics, or standards such as company size, number of employees, industry category, average annual revenue, etc. Having a great number of MQLs means the marketing campaign is very effective in attracting qualified potential customers to the site, and inspiring interest in the company.
2.Qualified Leads per Marketing Channel
Where are your prospects coming from? Companies should be sure to break down measurements between marketing strategies, such as organic traffic, email marketing and paid advertising.
For this purpose, make sure first you have marketing automation software in place or have a well command of Google Analytics. These tools will help you track how much traffic converts from each marketing channel. Then, by pairing the measurements with conversion points through the funnel, you can see where the most qualified leads are derived from at the initial stage.
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Furthermore, this metric can tell your marketing team which marketing channel to focus on with effort that is most likely to produce results.
3.Sales Qualified Leads (SQL)
An SQL has been nurtured along the sales funnel and is more likely to purchase than an MQL. This lead is most likely now in touch with the sales team, who is nurturing them into a customer. Like marketing-qualified leads, marketing teams identify SQLs by setting a unique definition for what makes a lead “sales qualified.” Do they request a demo? Click a link in an important conversion-focused email? Show interest on your pricing page?
Measuring SQLs will help you understand if your sales funnel is functioning properly. If there are many MQLs but not many SQLs, you’re not properly nurturing along the sales funnel. Therefore, you may need to adjust messaging and content for these contacts.
4.ROI of Marketing Campaign
Producing ROI for a specific marketing campaign demonstrates the value that the strategy can yield. And by figuring out how much value is generated, compared to the total cost of the campaign, you are enabled to decide whether to invest further in that marketing strategy.
This metric is an exact measure of how a marketing campaign performs, as well as how each campaign compares to the others. The data can then serve as the decision-maker for future marketing.
In summary, marketing campaigns change often, but they change based on data reporting, not on what a marketer thinks the target wants. So making efforts to data collecting and analyzing can help adjust marketing campaigns to constantly improve them for the best results.