What are the key metrics you need to be aware of when reviewing the success or failure of a B2B marketing programme?
I have listed a few below which I always tend use as a basis. Obviously certain campaigns and events will have specific goals you will want to measure success against but as a minimum i try and use the following criteria to allow a true comparison at the end of each quarter and year end.
• Name of marketing activity
• Type of marketing activity; advertising, direct mail, data list, event, exhibition, telemarketing campaign etc
• Allocated budget
• Actual spent
• Reach; eyeballs for an advert, impressions for online, footfall at an exhibition, recipients of a mailshot etc
• Number of leads generated; responses to a mailer, visitors to an exhibition stand, attendees at you event etc
• Number of meetings booked (this is a key metric for some B2B sales cycles but less so for others)
• Offers / Proposals sent out as a result of the activity
• Sales; Total number
• Sales; Total value
• Cost per lead
• Cost per Meeting
• Cost per Sale
• ROI for activity
Although this may seem like going back to basics it is amazing how many organisations fail to measure the success (or failure) of their marketing programmes. Businesses continue to spend money on activities just because they ran last year, because the competition are doing so or because the boss likes the idea rather than selecting where to spend marketing budget based on sound judgement and demonstrable results. This sort of measurement is also more than a tool for marketing to pat ourmselves on the back with when positive results are shown, this can also highlight any gaps in the sales cycle or flag any areas that require attention.
And in the words of Peter Drucker - You can't manage what you can't measure! (Drucker, 1993)