Especially during the customer journey Data is generated that can be used for various analyzes - of course all within the framework of the GDPR. However, if the customer journey does not occur because your company does not rank well on Google and is therefore less likely to be found online, this data is missing. It is therefore all the more important to constantly optimize your company's online presence using KPIs and to take the necessary measures.
Definition and benefits of KPIs in B2B
The abbreviation KPI stands for Key Performance Indicator and refers to key performance indicators that reflect the company's performance. With the help of KPIs, B2B marketing successes can be made measurable, provided they have previously been aligned with individual marketing and company goals and developed accordingly.
The key performance indicators therefore serve, among other things, as a way to document, plan or control marketing processes as well as as a basis for information, comparison or decision-making, for example after a marketing campaign. KPIs also offer the opportunity to monitor developments and make them visible in order to optimize content and measures.
Marconomy summarizes the definition of KPIs as follows:
"The term Key Performance Indicator (KPI) refers to metrics that a company can use to determine and measure the performance of its activities. Which metrics are involved depends not only on the company, but also on the measure and its objectives.„
Marconomy
The use of KPIs offers the advantage of meaningfully evaluating the measurable data and transparently presenting the company's successes. For example, if your marketing team aims to have users visit at least two pages on the company website, this could be set as a KPI. The KPI defined here would be that at least two page views are achieved on average. If this number is not reached, the marketing team can take certain measures to optimize the number of views. After, for example, three months, you can check again whether the measures have had a positive effect on the KPI or whether other options should be considered.
Among the most widespread areasin which KPIs can be used include:
- Email campaigns,
- Website,
- Newsletter,
- Search engine advertising (SEA),
- Search engine optimization (SEO),
- Social media marketing and
- Online shops.
Due to the different areas, you have the opportunity to view your advertising measures individually in detail and differentiated from each other. Takeaways for the future can be formulated from this: How was the advertising campaign received by the target group? Was the effort of the campaign worth it? Where do further optimizations need to be made in the future?
Requirements for measuring KPIs in B2B
In order to be able to successfully use KPIs in your company, various considerations are required in advance in order to be able to measure the key figures effectively and interpret them meaningfully.
There are many different KPIs, which in turn measure and evaluate different data. The selection of the right KPIs for your company depends on the Goals and objectivesthat are to be measured.
To ensure that these are clearly defined, you should always do this in advance following question place:
- Why am I taking the measurement? What is the goal?
- What are the current priorities in my company?
- What data do we need to be able to measure the goals?
- How much effort should be invested in the measurement?
- What is the final benefit behind the measurement of certain KPIs?
First and foremost, it is important to define the goals that marketing primarily pursues. Is it about attracting new prospects and thus potential new customers (Lead generation), key figures such as newsletter registrations or download rates of the content provided can be helpful. If you want to increase traffic, bounce rates, page impressions, engagement rate or the average time spent on your website can be suitable KPIs. With regard to the sales area, however, it would be interesting to consider the conversion rate from MQL (Marketing Qualified Lead) to SQL (Sales Qualified Lead) as a key figure.
Every goal in B2B marketing can therefore be successfully supported with KPIs. Depending on the industry and the company's strategy, it is important to filter out and measure the relevant and targeted KPIs. In addition, the evaluation requires appropriate know-how of the KPIs in order to be able to analyze the results correctly and interpret them in a targeted manner.
Important KPIs in B2B marketing, effectiveness and efficiency metrics
As already mentioned, the selection of the relevant KPIs for your company is based on the goals and projects that are to be measured. In the area of B2B marketing, there are various key figures that in turn cover and measure different topics. There are different ones Online tools, with which the different key figures can be recorded.
Good and important KPIs are understandable, comparable and implementable. This means that the key figures are usually seen in comparison and not viewed separately or independently of one another. In addition, KPIs should be understood by all departments of the company, regardless of the marketing team. This is the only way to implement the necessary optimization measures holistically.
KPIs can be divided into effectiveness and efficiency indicators. Effectiveness indicators usually measure only one parameter, while efficiency indicators usually put two parameters of a measurement in relation to each other.
The following Effectiveness metrics are particularly important in B2B marketing:
- Average time on site
- Bounce Rate
- Pages per session
- Engagement rate
- CLTV (Customer Lifetime Value)
- Traffic and page impressions
On the other hand, these are Efficiency metrics relevant:
- Conversion and conversion rate
- CPC (Cost Per Click)
- CPA (Cost-Per-Action) or CPO (Cost-Per-Order)
- ROAS (Return of Ad Spend)
- CPL (Cost Per Lead)
- CRR (Customer Retention Rate)
- CTR (click-through rate)
Summarized again
KPIs in B2B marketing:
- will too Key performance indicators and show the performance of your company as key performance indicators.
- are indispensable if you have them successes in online marketing you want to track and check regularly.
- measure transparently which ones Measures or campaigns were successful and where further optimization is necessary.
- are diverse and depend on the respective ones Goals and projects of marketing. Therefore, these should be determined in advance in order to find the right key figure for your company.
