What are RIGHT metrics ? How do I most effective use metrics ? These questions are just a few of the important issues to be discussed in this blog post. Metrics are becoming increasingly important for B2B marketing executives to master as the role of marketing gains importance in orchestrating customer experiences and driving business growth. Marketing managers must be able to identify the right metrics, the right metric definitions, and the governance necessary to aggregate, share and manage this vital information. We will walk you through examples of how marketing analytics can drive value for your B2B business, outline what it takes to develop relevant and measurable KPIs and help you identify the steps necessary to implement measurement into your company. We will also highlight the challenges organizations face to successful marketing analytics. By understanding the value, applications, challenges, and governance of metrics, you will learn how to drive actionable measurement for your company, enabling data-driven decisioning.
KPI are important. They are so many of them. Why should I use them ?
Utilizing the right KPIs is imperative as data continue to explode and the accountability for marketing increase. The job of a Marketer is to understand Trends to get more Insight.
- to better understand the customer
- build campaigns and run tehm
- optimize the campaigns
The objective is to understand paterns, trends and relationships.
What is a KPI framework ?
A dashboard is a strategic and structured approach to prioritizing KPIs. These KPIs are not a collection of all measurable metrics, but only the most important one for the business Goals.
- Set clear business objectives and goals
- Align each KPI for each goal
- Calculate each KPI
- develop data colection
Build a culture of measurement
The objective is to have data driven decisions. Metrics are increasingly important for marketing
If you cant measure something, you cant understand it.
If you cant undestand it, you cant control it.
If you cant control it, you cant improve it.
But there are challenges !
- The KPI definition is not standardized in the organization
- Data quality can be a huge challenge
- Organization has limited ressources and skills to perform analytics
- Limited technology to provide data from customer interactions
So what metrics does your boss care about ?
Although there are a standard set of KPI’s that practically every business measures and uses to track performance, each management team (member) has their preferred approach. Some teams take a unique approach to identifying the “hard hitters” while others prefer softer metrics that leave “more room for maneuver”. But no matter whether you’re in the lead gen , a brand marketer or agency-side, we will discuss a framework to help generate the KPIs that ALL bosses care about, including how to identify those special ‘actionable metrics’ that drive business performance.
Metrics and KPIs are the same term. and these terms ultimataly building ROI perception. The key question is to measure if what we are doing is profitable ?
- how many leads ?
- return on marketing spend ?
- how channels are contributing ?
- what is my cost acquisition per channel ?
based on the objectives I have, what are the goals to achieve ? they are not so many metrics, and the main one are customer acquisition, customer retention. In B2B, measuring the lead quality is more important, that is measured by sales / leads. The problem is usualy that sales does not speaks to marketing. And therefore data is not vailable to make measurement.
how much sales does it make ? how much revenue ? what is the funnel ? what is the attribution model ?