Businesses spend a lot of time and effort promoting their brand, but without carefully tracking the ROI for the different campaigns they are running, how do they know what’s successful? All marketing efforts should be measured, especially with online efforts, as there are many tools available to make this process easier. There are many B2B website marketing metrics you can implement into your marketing plan, but here are six metrics that are important to track:
- CPA (Cost Per Action)
- Total Conversions
- Cost Per Lead
- ROAS (Return On Advertising Spend)
- CLV (Customer Lifetime Value)
- Overall ROI (Return On Investment)
(Download the Marketing Metrics To Use on B2B Websites whitepaper to reach more on each of these in detail.)
Advertising is a costly part of a business’ marketing plan, so Return on Advertising Spend (ROAS) should be tracked when utilizing advertising in your marketing efforts. Used to gauge the specific profits received from advertising dollars, this is thought to be one of more useful metrics in analyzing the advertising success of marketing campaigns.
Although overall ROI provides the big picture of total marketing spend versus profits received, the ROAS formula funnels the performance into specific data for different ads. When considering the many marketing metrics to use on B2B sites, ROAS tracking will help if a goal is to grow a business with incremental conversions.
The formula for ROAS differs from ROI in that it is measured as the revenue from an advertising campaign divided by the cost of the campaign (there are several ways to measure ROAS).
Although measuring ROI was the preferred metric in the pre-digital world, online advertising has made it so that both metrics are popular. In this day and age, customers engage with many types of content across multiple platforms. From an ad seen on a person’s Facebook page to an ad that pops up within one of their favorite smartphone apps, tracking ROAS is easier than ever with the exponential growth of digital marketing opportunities.
With your website one click away from an online ad, you can use your website analytics platform to see where traffic comes from and determine if the amount of engagement or number of products sold online is worth it compared to your spend. As one of the key B2B website marketing metrics, ROAS is a must-have for successful tracking in your marketing strategy.