“The first step to building a B2B marketing plan is prioritizing your objectives, then identifying a way they can be measured from a performance perspective.”
– Scott Armstrong, Co-Founder and Partner at Brainrider
In a recent Pardot webinar, Scott Armstrong, Co-Founder and Partner at Brainrider, walked us through six essential steps to planning B2B marketing campaigns, from aligning objectives to content personalization. And while goal-setting is exceedingly important, one section of Scott’s presentation really stood out to us: measuring performance. After all, as Scott points out, “the key isn’t activity — it’s performance.”
Scott’s method of campaign measurement distributes seven key performance indicators among three categories: business, marketing, and diagnostics. “It’s important to keep them separate, because they have different methods associated with them, and often different audiences,” says Scott.
Let’s take a look at each of these metrics in turn.
Category One: Business Metrics
1. Opportunities/revenue sourced by marketing
When detailing your success to c-level management, they want to hear about revenue. Focus on numbers like the number of deals sourced by marketing — a number that can be obtained using the closed-loop reporting functionality of a marketing automation tool.
2. Opportunities/revenue touched by marketing
If metric number one isn’t exactly feasible for you, focus on the opportunities and revenue touched by marketing instead (another term used for this is influence). This metric will clearly show how many prospects engaged with your content and your campaigns. “It’s the number of touches over a long lead process that really matters,” explains Scott.
Category Two: Marketing Metrics
3. Qualified traffic/visitors
Your marketing metrics are going to focus on your lead generation and web traffic numbers. “Qualified traffic/visitors” refers to your net new and existing traffic to your content and website. What’s the volume of activity that’s engaging with your marketing campaigns, collateral, and website?
Do you know the number of prospects that are being added to your database? Generate this number on a weekly, monthly, or quarterly basis — whatever makes sense for the length of your sales cycle — to prove that your marketing campaigns are bringing in new prospects for nurturing and follow-up.
5. Active prospects
Keep an eye on your database size, but more importantly, on the number of active prospects within that database. How many prospects are active (engaging with your company, marketing campaigns, or salespeople) at any given time?
6. Sales-qualified Leads
Lastly, of these active prospects, how many are being qualified for sales? How many fit your definition of a qualified lead? And how many are taking hand-raising (or sales-ready) actions? This is the number that your sales team is going to hold you accountable for.
Category Three: Diagnostics
7. Program-by-program metrics designed to identify the right offers, channels, messages, and content
The third category refers to metrics that your team won’t report on broadly within your organization. Diagnostics metrics are designed to help you test and optimize your campaign performance. In a tactical sense, these are very meaningful metrics, but they won’t give you a clear indication of how your marketing is doing overall (that’s what metrics 1-6 are for!).
Get more information about B2B campaign planning and measurement in Scott’s full recorded webinar, which you can view by clicking on the banner below.