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B2B Lead Generation Uncategorized

Marketing KPIs for B2B sales growth

Do you know whether your marketing is working for your B2B sales growth efforts? Whether it’s improving, or it needs assistance? Without a set of key performance indicators (KPIs) it’s impossible to gauge the effectiveness of your marketing efforts and determine whether you might need some lead generation assistance to boost B2B sales.

KPIs exist in every industry, but some are more revealing than others. Not all KPIs will have applicability to B2B sales and lead generation, and old school metrics like brand awareness or impressions aren’t as helpful as they were once thought to be. Here are some of the essential marketing KPIs that will give you clarity on whether your current marketing and lead generation efforts are paying off.

B2B Sales Growth

After all is said and done, the best way to measure the effectiveness of marketing is by seeing a concurrent uptick in sales growth. As you look at the trend, think of which marketing efforts have been applied in that period, and you will start to get a sense of which marketing tactics are contributing to growth and which aren’t moving the needle. Sales figures are something to share with the entire team so that all employees, regardless of their role, have the same goal: to drive sales skyward.

Cost of Customer Acquisition (COCA)

This is the cost of convincing a prospective customer to buy a product or service from you. For example, if you spent $100,000 on sales and marketing in a month and this resulted in 10 purchases, then your COCA would be $10,000. As your marketing strategy improves, this number should go down and each customer should cost less to acquire.

Lifetime Value of a Customer (LTV)

While it’s not an exact science, the lifetime value of a customer is worth figuring out. Add up all sales your average customer has initiated over the course of your relationship and use this equation to find out the LTV of your average customer: revenue x gross margin x average # of repeat purchases.

Sales Team Response Time

Because the quality of a B2B sales lead degrades over time, sales response times are incredibly important. Yet, according to a study of the effect of sales response time on lead close rates, B2B leads typically receive shockingly slow response rates from sales teams, much slower than B2C leads. Perhaps there is less urgency in the world of B2B, but the fact is, the longer the gap between receiving a sales lead and responding to it, the less likely the sale will close. In fact, the study showed that “firms that tried to contact potential customers within an hour of receiving a query were nearly seven times as likely to qualify the lead (defined as having a meaningful conversation with a key decision maker) as those that tried to contact the customer even an hour later—and more than 60 times as likely as companies that waited 24 hours or longer.” So start tracking response times and try to close that gap; it’ll pay off.

Email Marketing KPIs

Your email marketing strategy is one of the key lifelines to your customers so it’s essential you know how well each and every email has done. The most relevant marketing KPIs are delivery rate, unsubscribe rate, the open rate, the click-through rate, the conversion rate and the number of forwards or shares it got. By tracking these and improving on them with each new piece of email, you will be cultivating your audience.

Social Media

The reach and engagement on your social media platforms is of vital importance because this is how you both distribute content and interact with potential customers. Certain platforms might not be where you get the best traction. Find out which platforms make sense for your audience and where you can build a following and concentrate on those.

Remember, if you don’t measure it, you can’t improve it. And if you are the marketing point person on your team, you need to be on top of it. Start with a few basic marketing KPIs and add to them as you become more proficient at assembling reports. We can help you get started.

At 360 Leads we use our expertise to deliver a constant B2B sales growth pipeline of qualified new business opportunities to our clients. If you’d like to chat about how we can turbocharge your current marketing efforts, contact us.

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B2B Lead Generation Insights and Ideas

Inbound and outbound marketing for sales lead generation

No doubt you’ve heard about inbound and outbound marketing for sales lead generation. They’re often viewed as choices that a marketer makes when deciding how to generate B2B sales leads. Instead of thinking about this as a choice, it’s better to view them as complementary forces. Combining inbound and outbound forces can create a more cohesive – and powerful – marketing strategy.

Inbound: Content that attracts sales leads

Inbound marketing is a passive way of marketing, in which you wait for the customer to come to you, through content related to the solutions that your company can provide. These potential customers are out information shopping, and they likely have the budget to buy. However, they might not have heard of you, hence the importance of creating appealing content to draw them in.

Inbound: Make it relevant and diverse

Creating a diversity of content – from blog posts to white papers to podcasts on hot topics – helps strengthen your reputation and the likelihood these interested readers become buyers. Yet inbound won’t necessarily get the whole job done, since it also draws people who are not necessarily qualified leads. It also takes time and patience as you attract an audience. In other words, inbound marketing shouldn’t be the only strategy that you deploy.

Outbound: Requires a deft touch

Outbound marketing is traditional marketing which actively reaches out to customers where they are most likely to be and appeals to them directly, through advertising, direct mail or phone calls. These methods draw prospects into the sales funnel while clearly and overtly positioning your products and services. Outbound requires that you find customers who aren’t necessarily looking for your products or services – in fact they may know nothing about it at all.  But once they’re presented with your offering, they can see a need.

Outbound: The interruption factor

Outbound marketing enables you to choose your target audience, (something inbound is notoriously bad at doing), but there is a risk. It can feel intrusive to buyers who are used to dictating when, where and how they educate themselves. Since outbound techniques tend to be focused on the immediate, i.e. the call from a sales rep, the banner ad, or the webinar currently taking place, one way to lessen the interruption factor is by combining it with inbound marketing techniques to familiarize buyers with your company before more direct contact is made.

Combining inbound and outbound marketing for sales lead generation

The smartest marketers combine both approaches in their B2B sales strategies. Here are a few examples of how you can mesh inbound and outbound marketing activities into a cohesive sales and marketing strategy:

  • After meeting with a client, instead of the usual thank you note, why not send a link to a piece of content related to what you and the prospect discussed?
  • Create a customized email blast for your clients, prospects, colleagues to let them know about your blog and ask them to subscribe to it. This is a great example of inbound and outbound working together and can be used to promote any type of content like video, e-books, and white papers.
  • Advertisements, email marketing and hard copy mailers are all examples of traditional outbound marketing tactics that can be effective when done correctly. But don’t let ads or hard copy mailers “stand alone.” Make them even more effective with calls to action. Include an effective CTA to draw prospects to the content you’ve already created through your inbound marketing strategies. Ask them to subscribe to your blog, follow you on Facebook, download an e-book, or watch a video.

Ultimately it’s a combination of both inbound and outbound strategies – along with qualifying digital sales leads properly – that increase the odds of closing a deal. If you’d like to learn how we blend inbound and outbound marketing techniques to create customized lead generation solutions for our clients, please give us a call.

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Sales Team Performance

How to kickstart your lead generation campaign

The new year is for new beginnings and if your lead generation needs a reboot, now’s the right time to give it the attention it needs so the year ahead will be a success. Here are some helpful tips for the coming year that will help with your lead generation campaign.

Review your successes (and flops)

What were your goals for 2018? Did you want to build your subscriber list, boost sales, or raise awareness on social media? Were you working on new products or services and plan to start selling them this year? Whatever your objectives, a good way to begin every year is to do a bit of reflection. Pull relevant data and see what happened over the past 12 months. If something worked, try to understand why and build on those efforts this year. On the other hand, if something clearly didn’t work, it’s time to try something new.

Data analysis for any upcoming lead generation campaign

The most important asset of your marketing department is your database, where the lifeblood of your marketing and lead generation lies. The health of that information is paramount to your business’ success, so find the time to evaluate the age, source, quality and relevance of the content, as this will ensure you are equipped to make the right decisions going forward. Take some time this month to analyze and improve your database.

Know your market

A lot of sales teams handicap their own efforts by not fully understanding the motivations of their customers. Why someone is considering buying something is as important as when or where that decision might be made. Once you understand their reasons for buying something, you can effectively position your widget or service as the best one for their needs. No amount of time spent researching a buyer’s motivation is ever wasted. It’s how you will generate the most sales in the long run.

Sales loss analysis

Good sales loss analysis can help you see what you did well and where you went wrong in a previous sales situation. This includes lead generation, marketing, sales support, sales documentation, the sales team and managing the entire process. If any of these are fumbled you could lose the sale to a competitor. Feedback from the sales team is a good start but even more helpful is hiring an independent third party to solicit feedback from prospects at all stages of the sales and marketing process.

Keyword research

Think of keyword research as not just a means to an end – better SEO – but as essential information to aid your B2B sales and marketing efforts. Keywords are what your prospects use to research the products and services they are looking for, so they are paramount to your success. Spend time now doing this critical task to amass the best arsenal for the tasks ahead – not just for SEO purposes, but to be deployed in every aspect of your outreach.

Don’t believe the hype

There are hundreds of companies that will claim to know how to sell to your audience, but ultimately you are the best judge of that. If you study your market carefully and learn everything there is to know about how (and where) they start the buying process, you will know exactly how (and where) to target them. And no slick B2B marketing company can sell you anything else, because you will know exactly what you need to get the attention of your market.

360 Leads is purpose built to help B2B companies acquire more customers, deepen existing relationships and optimize sales team performance. Find out how we can help you hit all your targets in 2019.