Driving marketing growth in B2B
As marketers, we are often answering the question of “How is my campaign doing?”. In B2B marketing, over the years the need to measure brand and revenue metrics have been ever-increasing and thanks to a plethora of tools and analytics, with the data available to us, we can keep track of a few key performance indicators (KPIs) that will unravel a wealth of insights in real time.
So, how does one navigate through all the data and define the B2B marketing KPIs. Are we using the right metrics? How do we account for indicators that are intangible?
Here's a very interesting piece I stumbled upon on LinkedIn Collective, a community for marketers on LinkedIn. The author, Sam Fox, has outlines three steps that B2B marketers can take to measure their campaign performances.
The three steps are broadly classified as:
1. Accept the multiplicity and challenge :
The scale and complexity in B2B marketing, makes measurement complex as well. As marketers keep their eyes on leads, engagement and awareness metrics, tracking of ROI across touchpoints is only adding to the complexity of measurement. Understanding the ‘hard’ ROI is essential, not only because marketing is competing with sales for budgets, but because only by understanding the incrementality of marketing across touchpoints.
2. Using the right tools, make 'what is not' measurable
Using a combination of analytical tools is the need of the hour as one tool cannot provide a complete picture. There are also metrics that cannot be measure in a straightforward manner - creativity for example! Measurement criteria of creative campaigns are evolving thanks to data driven, AI tools.
3. Tailored creativity, and staying the course
Measuring the impact of brand building and demand generation across complex B2B journeys while connecting disparate data, and applying predictive analysis requires not only technical expertise and creativity, but also patience. Hence, for B2B marketers the journey is long in terms of defining what measurement metrics makes sense for their business and their long- term vision for the brand.
The full article can be accessed here:
What are your thoughts on measuring Marketing performance in AV companies? What are some of the measurement methods that have worked for you? What tools would your recommend as must have in your marketing toolkit, when it comes to measuring performance and or brand performance?
Feel free to drop in your comments.
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