07th Jun, 2022
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- The ultimate goal of every B2B demand generation campaign is to maximize SQL to deal conversions
- However, there are several moving parts in a modern marketing framework that needs to be aligned with the core revenue goals
- Therefore, collecting and analyzing the right set of metrics for all digital marketing services and channels are crucial to optimize and improve the campaigns
Demand generation is a tricky game that comes with its own bag of tricks and tips to achieve tangible results. While SQL to deal conversions is the ultimate goal of every B2B demand generation campaign, marketers are stuck at driving marketing qualified lead generation. As B2B enterprises allocate over 11.3% of their budget on marketing, they are finding it an uphill task to quantify the campaign ROI.
One of the biggest hurdles for modern enterprises is the lack of reliable campaign data that gives a unified view of their campaigns’ performances. Every marketing team must have a specific set of KPIs aligned with revenue goals and gives a bird’s-eye view of how the program is performing. Defining ROI-driven metrics helps identify the gaps in the processes and where to make improvements. KPIs also make every team member accountable for hitting their targets. While there are innumerable KPIs that a B2B demand generation team can track, let’s look at some of the crucial ones specifically tailored for demand gen marketers.
KPIs segregated by channel
Selecting the correct B2B marketing KPI starts with analyzing active campaigns across different channels. Some of the primary channels to generate demand include: B2B email marketing, paid social media marketing, content syndication, webinar services, and direct mail. Marketers should track key performance metrics for each of these channels to get a complete understanding of their demand gen strategies.
B2B email marketing KPIs
There are different kinds of B2B email marketing campaigns, including nurture campaigns, drip campaigns, acceleration tracks, and go-to-market, among others. The following metrics can help gauge the effectiveness of email marketing efforts:
- Deliverability rate: This denotes the percentage of total emails delivered against the total emails sent. Ideally, the percentage should cross above 95, and anything less than that is a cause for concern.
- Unique open rate: It helps marketers gauge the percentage of open emails out of the total delivered quantum.
- Unique click rate: It highlights the percentage of clicks received out of the total delivered.
- Open to click rate: It denotes the percentage of clicks out of total unique opens.
- Unsubscribe rate: It gives marketers a view of the total unsubscribes against the total emails delivered.
- Lead sent to nurture: It gives a view of the number of cold leads marketers have engaged and added to their nurture program.
- Marketing qualified leads (MQLs): This means the number of email-generated leads that get converted from engaged to marketing qualified.
- Demos: This gives data about the number of MQLs that have scheduled a demo or a meeting. This metric is a good indicator of whether leads have been warmed up properly.
- MQL to demo rate: This is the percentage of MQLs that have scheduled demos.
- Lead to MQL rate: This is the percentage of leads that goes into the nurture program and convert to MQLs.
- Opportunities: This metric depicts the number of times a salesperson qualifies a lead as an opportunity and connects that opportunity to an email marketing campaign.
- Pipeline: This gives the data about how much revenue email marketing campaigns have sourced through bookings.
Paid social media marketing services
Paid social media marketing entails spending marketing dollars on advertisements on Facebook, LinkedIn, and other channels.
- Lead to MQL rate: The main objective of this metric is to achieve a zero-waste approach or 100% lead to MQL rate, i.e., every leader should be marketing qualified.
- Cost-per MQL: The higher the lead to MQL rate, the lower will be the cost per MQL. Lower cost per MQL helps optimize the spending and allocate more resources towards marketing qualified lead generation. The benchmark for this metric should be set as per the industry standards.
- Account penetration percentage: This metric is useful in an account-based marketing campaign. It tells B2B marketers whether they are targeting the right audience. What percentage of accounts are they reaching with their customer outreach efforts, and how many individuals of the account’s buying unit are engaged.
Webinar services have become one of the important pillars of enterprise customer outreach and B2B lead generation tactics. It is a great way to generate warm inbound leads. Broadly speaking, there are three types of webinars, namely thought-leadership, product-centric discussions and demos, and general topics. Some of the key metrics that marketers can track for their webinar marketing services are:
- Registrations: It is the number of people who have registered for the webinar event.
- Attendance rate: It is the percentage of registered people who attended the event.
- Conversion rates: This gives the data about the percentage of attendees who took the next step in their buying journey during or after the webinar. When executed properly in tandem with other digital marketing initiatives, webinar services can generate high-volume, high-conversion rates for B2B businesses.
Marketers must focus on those who engage and ask questions during the event. Those are the warmest leads that can convert very well. They can be targeted separately afterward with relevant content using an urgent call to action.
Content marketing KPIs
Content is one of the most powerful tools of the B2B digital marketing services that can help marketers to drive awareness, B2B lead generation, prospect nurturing, and, ultimately, conversions. Therefore, tracking content performance metrics becomes central to understanding the engagement and intent levels of prospects.
When people click on a piece of content like blogs, whitepapers, or eBooks, it shows that they are interested in what the company has to offer. Thus, B2B marketers should invest in funnel-based content marketing strategies to bring more leads into the digital demand generation funnel.
Every content piece elicits different kinds of user responses and throws light on different kinds of user behaviour. For instance, when someone downloads a whitepaper by filling out a form, it shows that they are interested in knowing more about the company’s offerings. On the contrary, when someone reads blogs and case studies, they are conducting preliminary research before deciding to get in touch with the sales representatives.
While every performance metric is crucial to get a unified view of the campaign, the biggest KPI among all of them is the return on investment. B2B marketers must closely monitor key metrics affecting their campaign performances. The above-mentioned demand generation metrics are crucial to identify gaps in campaigns, define the output for future campaigns, and draw a conclusive picture of the ROI achieved from those campaigns.