Each business decision you make should have a purpose and contribute to a business goal such as brand awareness or increased revenue. Using data and tracking KPIs takes the guesswork out of marketing, making each decision data-backed. If you’ve been thinking of incorporating new trends and the latest tech such as AI, virtual reality, and sustainability, take a look at these KPIs to find the approach that’s right for your business.
What are B2B KPIs?
B2B KPIs, or business-to-business key performance indicators, are sets of data used to measure the success of campaigns for businesses that market to other businesses. B2B (business-to-business) and B2C (business-to-consumer) have different KPIs, as B2B approaches cater to business goals such as increased productivity, revenue, and organization, while B2C campaigns cater to consumer emotions. At the end of the day, both approaches are about solving a problem for the customer.
Marketing Originated Customers
If your business rolls out a new campaign utilizing a customer engagement trend, for example, voice search and AI, a good KPI to track can be the percentage of marketing-originated customers. This percentage is calculated by dividing the number of your marketing leads by the total number of new customers. Tracking this KPI after launching a new marketing campaign is a great way to test customer response and whether to continue rolling with this trend or leave it behind.
Unless you’re in the very beginning stages of your business, every marketing dollar you spend should have a return on investment, period. ROI should be at the forefront of your data model and is indicative of your business’ marketing success and profitability. This can help determine which campaigns are working.
Sustainability is good for the planet, our health, and business. And sustainability is a big trend! Tracking your business's carbon footprint, consumption of energy, and waste reduction can keep dollars in your pocket, save the planet, and demonstrate to consumers that your business aligns with their values.
Cost Per Action
Tracking the cost to your business per customer action, such as click (if using PPC ads), customer service interaction, or using a resource from your business, can help determine if the campaigns associated with these actions are successful. If you've implemented a trend in these campaigns, this is a great way to measure its success.
KPIs and data-driven marketing can be a full-time job! If you need to lighten your workload while consulting an expert, we’re here to help!