In the world of business-to-business (B2B) marketing, measuring success can be a bit more complex than in business-to-consumer (B2C) marketing. While B2C marketing is typically focused on reaching a large number of individuals, B2B marketing is often more targeted, focused on building relationships with specific companies or decision-makers.
For more information and assistance, you can work with a digital marketing expert – and take advantage of resources online. For example, LinkedIn recently published a list of common measurements that businesses should be monitoring.
As you get started, it’s important to understand that key performance indicators (KPIs) for B2B marketing may differ from those used in B2C marketing. Here are some useful KPIs to track in B2B marketing:
This is the ultimate KPI for any business, including B2B companies. Tracking sales revenue can help you understand whether your marketing efforts are generating real business results.
Customer lifetime value (CLV):
CLV is a metric that predicts the total amount of revenue a customer will generate over the course of their relationship with your company. Understanding CLV can help you make informed decisions about how much you’re willing to invest in acquiring new customers.
This measures the percentage of leads that ultimately become customers. By tracking your conversion rate, you can identify which marketing channels or campaigns are most effective at driving sales.
Cost per lead (CPL):
This measures the cost of acquiring a lead. It can help you identify which marketing channels or campaigns are most cost-effective, and can also help you set budgets for future campaigns.
Tracking website traffic can help you understand how many people are visiting your website and where they’re coming from. This can help you identify which marketing channels are driving traffic to your site, as well as which pages or content are most engaging to visitors.
By tracking these KPIs, B2B marketers can gain a deeper understanding of the effectiveness of their marketing efforts and make data-driven decisions to improve performance over time. While every business is unique and may prioritize different KPIs based on their goals and objectives, these metrics provide a good starting point for any B2B marketing campaign.