Business-to-business and business-to-consumer companies, although sharing similar goals, have different ways to achieve them. Not only that, but they're both dealing with a different set of audiences as well.
A B2B marketer creates ads to attract other businesses while a B2C company deals with consumers. In that sense, both companies will have a different set of metrics to help them determine where they stand and to ensure that their marketing efforts are as effective as they can be.
Here are three key indicators to pay attention to so that you can measure your progress and take the necessary actions to boost your company's marketing performance.
Many people disregard website traffic as an indicator simply because they believe that visits don't necessarily translate into a converted visitor. However, research suggests that top-performing B2C does pay attention to this metric. The reason they focus on website traffic while others ignore it is because they know exactly what to do with the numbers, and that's attribution.
Attribution is the ability to figure out where traffic is coming from, the rate of conversion from each source, and other activities. In a sense, attribution's primary goal is to figure out where the visits are coming from. Is it from your marketing campaign? If so, which one?
With the use of attribution, you know which campaigns you employed are attracting the most amounts of visits. This allows you to capitalise on the said campaign and enhance it to make it even more useful.
As a marketer, you know how effective word-of-mouth is to get your brand well-known and recommended to others. Customers put a lot of value on other customer's opinions. With that said, people who are looking to do business with you can gain their first perception about you just by looking at your social media.
Your social engagement is an excellent indicator of how well you're doing. By employing this metric into your efforts, you find out what kind of posts are more engaging than others, and what you can do to change the posts that aren't so engaging in the first place. You will also be able to capitalise on critical features that effective social media posts share and apply that same idea to all upcoming posts.
3. Conversion Rates
Last but not least, the
conversion rate is one of the most critical yet versatile metrics you can utilise.
It can indicate the rate of conversion of visitors becoming paying clients, the
number of people downloading your mobile app, and many more. In other words,
the conversion rate can measure whatever you want. For marketing, your
conversion rates will indicate which campaigns are more effective at converting
interested individuals into paying ones. By knowing which campaigns are better,
you can focus on using those or even highlighting what makes them effective and
applying it to future campaigns.
Implement these three metrics into your marketing campaigns, and you'll be well on the way to improving the overall effectiveness of your efforts. That way, you can enjoy more website traffic, higher conversion rates, and a boost in social media engagement to get more and more people to do business with you.
If you are looking for a marketing agency to help you make effective marketing campaigns, get in touch with us today to see how we can help.