How can you lead your company ahead of its competitors? What is the right approach to your marketing and planning goals? How do you ace the B2B market for your industry?
If you’re the CMO of a company, it is common to have such questions. The struggle to hold a successful campaign is also real. But what you may not believe, is that the answer to all your worries is only one term – effective marketing.
However, the stats for effective marketing are low in delivering consistent customer experience. Only 12% of B2B marketers rate themselves as “very effective” at it.
Hence, it is crucial to understand the strategies and organize them to adapt in favor of growth.
One of the best strategies to implement is the use of marketing metrics. These metrics establish your growth in the fast pacing B2B marketing world.
But how do you know which metrics to learn by heart?
Well, here’s a list of four most favored marketing metrics to consider:
- Customer Acquisition Cost (CAC)
Customer Acquisition Cost is the investment involved in convincing a customer to associate with your company or business. In simpler terms,
CAC = (the cost involved in acquiring customers in a given time) / (the number of customers acquired).
The cost involved is salary, commissions, bonus, advertising, and marketing expenses. These costs depend on the industry type and price point. Higher charges for getting new customer implies the inefficiency in understanding customer demand. Thus, it is advisable to use the resources in a wise proportion. And it is also essential to acquire knowledge of the ‘customer need.’
An excellent CAC can make things simpler. The reason why the use of it has increased today. And with the emergence of cost-effective web-based advertising campaigns, it is only growing. These campaigns are also easy to track, adding to the favor of the metric.
- Lead Generation in B2B Marketing
Lead generation in B2B refers to attracting and collecting leads from prospective customers. It measures the benefits of increasing Return of Investment (ROI). It is also helpful in acquiring more significant audience insights. One can generate good leads using SEO, social media channels, email marketing, etc . However, specified content marketing is the current favorite today.
Each strategy has its beauty. And the collaborative use of all the strategies can garner in an ample amount of quality leads. Not just that, there are countless studies to prove the worth of lead generation. One of which is a survey, according to which-
- 85% of respondent agreed that lead generation should be the top priority in marketing.
- 77 % of B2B marketers are focusing more on improving the quality of leads.
- 50% give importance to acquiring new customers.
- The study also revealed that 41 % of marketers think that the quantity of leads is more important.
This detailed survey states that the quality of leads is far more critical than the quantity. It also establishes the metric as a powerful resource in marketing.
- Predictive Analytics
“To achieve financial results, too many marketers have been using right brain- approach (creativity) when a left brain approach (data and analytics) is what’s called for.” – Debbie Qaqish
No matter how creative you are, only the right data can help you meet your end goals. Hence, predictive analysis is quite the answer to all your marketing goals.
Predictive analysis boosts asset performance and also reduces risks and cost. By implementing it, we can prevent the increase in price with risk. Also, 65 % of B2B marketers think that predictive analytics needs more attention. They further state that predictive analysis can fix 54% of the deals that never reach the finish line.
Further, drawing insights from data for future use could gain a competitive advantage. For instance, you could find and process the available information to improve production. Also, tailored services would give them an upper hand over their competitors.
- Aligning Marketing and Sales
Aligning marketing and sales team can add an edge to the growth process. It can add on to the generation of quality leads. And also, give you a better understanding of the customers. Sharing of data reinforces the accessibility of data across the business. One can improve data sharing by building an integrated relationship on both sides.
But why align marketing and sales, anyway?
Because when we don’t, the difference between the two results in a failing business. Not just that, keeping both aside has even stagnated the annual revenue generation. The need of the hour is alignment, and the world supports it. More than 200 employees have listed alignment of marketing and sales as a priority.
However, research states that 50 % of marketing leads goes ignored by the sales team. Further, 61% of the B2B marketers send all leads right to the sales.
Hence, the goal is not just to align, but also to fill in the gap between the two departments. And as the CMO, you can introduce an open line of communication between the two as the solution here.
Remember, a marketing campaign is a hit only when you bring in all the key performance indicators. Composite of different marketing metrics can help in efficient processing of B2B marketing. However, it is essential to use these metrics efficiently than use them at all. More because unplanned use of metrics can completely ruin your desired results. And as the CMO, you are always responsible for the significant calls.