A major purpose of creating a marketing strategy is to have a plan to follow and guidelines to measure its success after the strategy has been implemented. You should be able to track everything you do in marketing. Otherwise, you would have no idea what to cut out of the plan or what strategies to continue in the next go-around.
How people maneuver through your website and tracking that performance is one of the easiest ways to gain a measurable ROI. Gathering the data on your uniform website will allow you to make better decisions about how to design your web pages, which pages your potential buyers are visiting the most, where your traffic is coming from, and more.
There are many forms of marketing metrics to use on B2B sites, but here are a few of the most important metrics to look at while evaluating your B2B website performance:
- CPA (Cost Per Action)
- Total Conversions
- Cost Per Lead
- ROAS (Return On Advertising Spend)
- CLV (Customer Lifetime Value)
- Overall ROI (Return On Investment)
To read the full descriptions on these B2B website marketing metrics, check out the Marketing Metrics To Use on B2B Websites whitepaper.
Out of all of the B2B website marketing metrics, overall ROI is considered the most important. Looking at the big picture of your marketing campaigns and B2B website within your strategy will help you pinpoint what is working and what is not when analyzing the individual costs and returns. The formula for it is simple. To determine the ROI of a marketing strategy, divide the cost of investment by the net profit and multiply it by 100.
It’s easy to get so excited about your business that you run it with emotion and perhaps make judgments on that “gut feeling” you have, but tracking ROI gives you the information you need to make objective evaluations on the potential profits of certain expenditures. Simply put, learning from your past helps you make smarter decisions about your future with your business (and personal life) and helps you scrutinize whether you are getting your money’s worth.
ROI is an easy and popular measurement tool used to compare a business’s profitability to the amount spent. By understanding the return on the monies put into your venture, you can make crucial decisions that affect the progress of your entire business. Implementing B2B website marketing metrics into your plan is a vital step in making sure you are spending your money wisely.