If you are in B2B than this data could be very interesting for you! Moreover if you read them backwards you can learn how to overtake about 33% of your competition by simply measure your marketing ROI.
A new research done be Sagefrog Marketing Group and reported be eMarketer found out that about 33% of B2B companies did not track return on investment (ROI) at all.
Do you measure your marketing ROI? If not yet you should do it as soon as possible. To measure the marketing ROI is easier than you think.
What does this mean to your business when you are selling primarily to B2B?
When you actually are able to measure your marketing ROI effectively this could mean that your marketing department is working closely with your sales department to generate and to close leads. This also means you have set efficient CRM and follow processes to support your lead to customer conversion, measurement and reporting.
But if you have not already done these steps above than you will need to rethink your business strategy if you want to overtake about 33% of your competition by apply these simple tasks and processes to your business.
To apply powerful marketing ROI measurement you will need to invest time, effort and money. You will need to do an audit of your whole business and recent processes to learn where you stand at the moment.
From this point you can do a plan to execute your pathway to marketing ROI measurement and to overtake the mentioned 33% of your B2B competition. But be aware that your competition is also not sleeping and they read the news and such reports like this as well. So you should start right away to improve your market position.
Here are some quick steps you could do make your marketing ROI more visible:
- - Measure your traffic and the traffic sources.
- - Find out which of your pages attract the most traffic and the how long the visitors stay on those pages.
- - Optimize those pages and include effective business lead generation tactics on those pages. You could do call to action and you could offer more bonus info by registration through a short form.
- - Use technologies like marketing automation software to help you to do the things smarter.
- - Segment the generated leads to track the best and most successful lead sources.
- - When you push a new lead to your sales, than they should touch the lead ASAP and report the recent lead outcome. They should do this with an effective CRM. By the way Microsoft Excel is not an effective CRM system. Instead of you could use one of the several very high qualities and less cost hosted solutions on the market.
Hosted CRM Solutions:
- - Track the way of each lead from the visit at one of your websites, the registration on a landing page, the push to a sales person, through the lead nurturing process and the closing.
- - Establish reliable and track able communication ways between marketing and sales so things can be improved in real time.
- - Make the reporting of these data and the recent marketing ROI to a real time task to hold your marketing transparent and all people involved accountable for the results.
With these activities you will be able to see from which marketing activities and sources you gain your best ROI and to improve your recent marketing tasks to increase your revenue.
Marketing takeaway tip: To measure your marketing ROI is the same thing as check a course of a ship at high seas. If you do not check your course in your business you will not be able to reach your goals on the long term. Stop relying on luck or your experience. It’s a real time world where things happen and change within minutes. There is a lot of technology out there to help you. Set yourself in the position to see your business in real time. This helps you to make decisions in real time as well. To know where your marketing budget is going and what you get out can make the difference between to overtake the 33% of your competition or to get left behind and lose the game!
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You should focus on major trands to market your business.
Here below are 5 todo’s for you to be a step ahead of your competition!
1. Shift your employee recruitment to social media
Let your employees find you! The same rules which apply to attract new customers the social media way, also apply to attract new employees.
You need to be there before you offer a job. Means, you need to communicate and to generate trust before you are actively looking for employees.
You can do this by show a human face of your company.
Also you can introduce your staff with a short bio, picture and social media activities they are in.
Give everybody of your staff a Flip Cam to record interesting daily tasks and upload those videos on YouTube.
Let your staff write a blog and show insides of your corporate culture.
These gains trust and show that you have nothing to hide.
Encourage your staff to communicate open positions within their social networks. This spreads your reach.
Communicate your open positions through your Facebook Fan Page and advertise it Facebook Ads. You can do the same with LinkedIn.
The more you are active, the more results you will have!
You can reach new potential employees with Inbound Marketing the smart and easy way!
2. Measure your results
Marketing only works with a budget! You need to show where the money goes and the ROI of your activities.
Therefore you need to track and measure where you are active.
For example when you do a PPC campaign on LinkedIn you can setup landing pages to capture the people who previously clicked on the advertisement.
So you have a price per click, you have the number of click through and you have the registered leads.
During you lead nurturing process you convert them to paying customers.
Let’s do the math:
Clicks 1000, for $1 per click = $1000
Captured Leads, 25% = 250
Conversion rate, 4% = 10 sales
Revenue per sale, $300 x 10 = $3000 Revenue
$3000 Revenue – $1000 PPC costs = $2000
You see it is not necessary to measure everything. You only need to measure the right things. Keep it short and simple!
3. Improve your customer service through Real-time conversations
As you are active and online in social media, you can immediately react on customer compliance, critics and questions.
Means, you should take this opportunity and get into conversation and set your company apart from the old school “Request Support and wait 24 hrs. until you get response”.
This is easy to do make a great difference! You are able to help your customer life and your community will see this and talk about your great service quality.
You decide if you want to make a great marketing tool out of your service and support.
4. Use location based marketing
Here at some of the platforms you can use to do location based marketing:
Things you could do to jumpstart your location based marketing:
1. Deliver coupons and message to a mobile phones
2. Display local ads to target buyer from a specific location
3. When someone is standing in front of the product you could deliver product info to him
4. You could offer incentives to your target audience for location based activities like visiting your store multiple times
5. Offer info and help to your target audience, for example to find nearby things such as stores, ATM’s or even Pepsi machines
6. You could provide event and social opportunities based on your target audience physical location
7. Share your location based info with others in a social network
5. Keep your eyes on LinkedIn as major business tool
LinkedIn is massively growing and steadily adding new feature for free use.
They have 75+ million users registered. LinkedIn has become the Number One Business related social network world wide.
It is predicted that LinkedIn will soon grow to 160 million registered users from all over the world.
You should register with LinkedIn and start using it effectively.
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Why to Measure Your Brand
As most of the consumers and customers looking for a particular thing or product will often search using the brand name of that product in their keywords, Key words Phrases and Brands can be related to each other for a common man searching over web for a product.
If you are really using your brand terms to represent your product, you will be on a successful path and have approached a first step to it. But it is often difficult to tell that if you are really winning out on your brand term or not. It is thus necessary to measure your brand success in the competitive world of internet marketing and for social marketing firm. If your brand is on the first rank in the search positions well the happiness is obvious.
But wait, is rank all that which can best measure your brand success, there are of course many other metrics which can determine your success. Here follows some of the measures to measure whether you are on the right track or losing out of your brand terms.
Metrics to measure your brand
This is to measure how well branded are you and how well and effective is your personal brand going on. First of all try to search on a Google for your brand term or it name or a leader in your field that best describe your brand. You can have a very effective measure by this method.
Compare ad serving frequency with your competitor’s ad serving frequency. If your ads are served less than your competitor on Google ad words you should surely need to make some budget changes. Also check out the number of positions your brand terms occupy. If your brand term or keyword is very competitive you could not be as successful as you could be.
Ways to get your Brand on top
Keep giving offers and keep an eye on the ways of promotion and ads you are providing for your brand. If you are providing a better deal with a better offers and best prices for your consumers than your competitor, you are surely on the winning tracks. Check out your ad copy and then heck out your competitors; make the effective changes if you feel that can provide you more consumers and customers.
Check out the organic tactics and if you are on top in the listings for your brand you are doing good job for your brand. Also measure the clicks you are getting on both that is organic and paid. Inspire more people to click on your organic listings by making a better offer there.
Select the best and effective key words for your brand. Do a research as much as possible to get the maximum keywords and try to concentrate on all. Be sure that you have covered all variations of your important keywords.
Identify your competitors. If you can get this list you are able to make the effective changes for your brands that your competitor is using and not you.
For more on your brand and its measure, visit the links given below:
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