Marketing Metrics to Use on B2B Websites
- What are Marketing Metrics?
- Email Marketing
- Social Media
- Return on Investment
- Why Are Metrics Important?
- Different Types of Marketing Metrics
- Cost Per Action
- Total Conversions
- Cost Per Lead
- Return on Advertising Spend
- Customer Lifetime Value
- Overall Return on Investment
- The Payoff of Marketing Metrics
One of the biggest investments a company can make is in online marketing.
Regardless of whether you are promoting your B2B online store through social media, blogging, paid search or any other web-based networking platform you hope to receive a great outcome.
There’s an enormous amount of pressure on marketers to show proof that your investment is paying off but how exactly will you know whether or not they are?
How will you know which of those efforts are benefiting your business and which ones aren’t?
That’s where Marketing Metrics comes into play.
It’s important that you know which marketing metrics will profit your business the most. When your performance metrics are properly characterized you’ll have the option to gauge the adequacy of all your marketing campaigns.
You'll have the option to perceive how each change impacts different measurements and what sort of enhancements you have to make.
This post will go over everything you need to know about marketing metrics on B2B websites so that you can take those bits of knowledge and determine whether or not your business is financially feasible.
What are Marketing Metrics?
Similar to Key Performance Indicators (KPI’s), marketing metrics are used by marketing teams to help determine and demonstrate the measurable values and effectiveness of marketing campaigns across different channels.
It’s important to remember that marketing metrics operate differently across different channels, from your own websites to social media and email marketing.
That’s why using the best marketing metrics for your B2B website is imperative.
Here are a few examples of different marketing metrics:
- Email Marketing: Email marketing allows you to track the number of people who open your email, the amount of people who click on a link in your email, unsubscribe rates, delivery rates, hard and soft bounces, earnings per email/click and much more.
- Social Media: Social media allows you to see how many people see your content, the number of people interacting with your content, conversion rate, pageviews, engagement, etc.
- Return on Investment (ROI): Shows how much of your time and energy is spent on marketing in contributing to the growth of your company.
- Websites: Having a website will allow you to view how many people visit your website on a daily basis as well as conversions, bounce rate, new and returning visitors, interactions, page loading times and more.
Why Are Marketing Metrics Important?
In the world of marketing, metrics can be unpredictable.
By utilizing metrics you can overcome that hurdle of unpredictability and strategize and efficiently plan your marketing campaign around the insights that you’ve gained through marketing metrics.
The more time you put in to learn and analyze your metrics, the better you will be able to assess the strengths and weaknesses of the marketing campaign on your B2B website.
Once you’ve put in the time to monitor and evaluate your performance metrics you will be able to use your data-driven, metric knowledge to further drive your marketing decisions.
At that point you can utilize this information to legitimize either running or adjusting a specific component of your marketing campaign.
Through breaking down the metrics that are applicable to your marketing campaign, you can assess your promotional strategy and survey the accomplishment of your methodologies.
The Different Types of Metrics That Matter The Most
Measuring success (or lack thereof) is an important facet of any marketing strategy.
In fact, everything you do in marketing should have a measurable ROI and this is particularly true for your online efforts as they can be easily tracked.
Having data insight on your uniform site allows you to ensure the success and growth of your company and all marketing campaigns.
There are many different marketing metrics for B2B websites you can employ to determine success and progress but we’ve outlined six of the most important ones below:
Cost Per Action (CPA)
Also known as Cost Per Acquisition or “CPA,” is an online advertising pricing model where a business pays a predetermined price for each conversion.
This method can also be used to outline marketing efforts that allow advertisers to pay for a specified action, such as newsletter signup, contact request, making a purchase or form submits.
Since the advertiser only pays when a desired action has occurred, CPA campaigns are generally considered low-risk.
Cost Per Action is also used in PPC, social media, content marketing, display ads, eCommerce SEO, email campaigns and more in paid marketing mediums.
Having the ability to measure the profitability of your overall marketing efforts is considered one of the most important acuity for marketers.
Total conversions are quantifiable figures that outline all conversions from leads to customers on your website (such as subscribing to your uniform blog, filling out a lead form, registering for newsletters, etc).
Depending on how your site is built, there are a myriad ways to measure these conversions directly or Google Analytics offers marketers the ability to set up a goal and track progress.
Paying attention to conversions is necessary to get a better hold on how successful your website and uniform store is, not to mention how well your campaigns are performing.
Low conversion rates can be attributed to a number of factors such as ineffective designs, bad offers or poor calls to action.
Cost Per Lead (CPL)
The Cost Per Lead (CPL) metric measures how cost-effective your marketing efforts are when it comes to generating new leads for your business.
The purpose of this method is to provide your marketing team with a tangible dollar amount so they understand how much money it costs to acquire new customers and ideally provide insight to how they can lower the cost.
CPL also provides marketers with important data to understand ROI on marketing campaigns.
Your CPL is dependent on the type of strategy you used for each lead generated, so this metric is much more specific than some of the “big picture” methods such as total conversions.
Return on Advertising Spend (ROAS)
ROAS is a term used to measure the profit made from advertising spend.
It’s widely considered one of the most useful metrics to evaluate success of marketing campaigns and B2B websites as it measures your return on each advertising dollar spent.
Many marketers prefer ROAS to ROI as the ROAS formula allows you to understand specific performance metrics whereas ROI simply gives you an overall view.
Utilizing ROAS provides you with a better perspective on the best direction for optimizing profitable (and unprofitable) advertising efforts.
Don’t forget to factor in partner/vendor costs, affiliate commission, clicks and impressions when calculating what it actually costs to run an advertising campaign.
Customer Lifetime Value (CLV)
Any successful marketer knows how important it is to convert one-time customers into loyal customers for life.
The Customer Lifetime Value (CLV) determines the economic value your customer brings to your company, not just for one purchase or the time being but for the entire time they’re a customer.
This tactic takes everything into consideration from the customer’s first interaction to their final purchase.
This metric is essential to determine whether you have holes in your long-term marketing efforts and how you can change it to retain customers for a longer period of time.
CLV will also provide you with ways to compare your website pages and marketing channels to see what has a higher CLV value, and as a result, you will want to invest more into that channel.
Overall Return on Investment (OROI)
Determining the overall ROI of your B2B website and marketing campaigns is a great complement to understanding performance of individual figures.
ROI is the most popular marketing formula and probably the easiest to understand. Simply put, ROI is a measurement tool used to calculate the effectiveness and value of your investment.
It shows the net gain and/or loss of an investment by comparing and measuring the amount of return on said investment with the investment costs.
Knowing your ROI for any given marketing effort will help you make and develop crucial business plans.
The Payoff of Marketing Metrics
Most advertisers realize that marketing metrics are significant in online marketing efforts.
Being able to track metrics organically allows marketers to spend less time putting together spreadsheets and installing other tracking methods, letting them focus on other tasks.
Always changing and still a work in progress, metrics continue to be a moving target even for the most successful online marketing companies.
With that being said, it’s important for marketers to explore different avenues with their very own measurements and test new techniques.
Marketers are faced with ever-evolving strategies, options and marketing efforts to use on B2B websites.
Understanding these six metrics will help you craft effective website pages and marketing campaigns for your online uniform store.
For more on how UniformMarket can help your B2B website grow, click here.