Tag Archives: ROI

How to Move Your B2B Company into a Fully Data Driven Strategy

14 Sep

Business intelligence using modern technology

There is very little room for your company to interpret marketing as a “soft skill.” With the overlap of marketing with tech, marketing with data, and marketing with finance, successful companies will incorporate a data driven strategy into the marketing department.

Below are a few ways to move your B2B company into a fully data-driven format – and the sooner the better.

Create a language that translates well throughout your entire organization

If you can agree on a common language that translates from marketing to finance, you will move into a data driven format much more quickly. You will be able to set goals that flow through departments rather than creating initiatives that get stuck in IT. Multidisciplinary goals are usually more critical to the success of a company, and thus more important.

Get your metrics together

If your bottom line is revenue (pun intended), then your metrics should not be as concerned with vanity as much as most companies are. It may be tempting to focus on likes, shares, or page time – we all know that. However, if you are looking to convert big prospects that usually take time to move through the sales funnel, then the metrics you prioritize should be more along the lines of informs, engages, and conversion rates.

Work to more precisely define an audience for your company

Why are your prospects really buying your products? The reason may be different from what you focus on. You will never really know unless you collect information. Moving into a data driven strategy means identifying the decision makers. Do not assume that all purchase decisions are made at the top of the executive suite. The motivations of the specialists who may be greenlighting your purchases are likely different from what you think.

Create all content for a specific purpose

Content for content’s sake is pointless in terms of driving decisions through data. Why do your users actually want what you are producing? If you define what you plan to achieve through a particular content deployment, then you can more precisely lay it out. You should also take note of the content that provides you with a higher ROI.

Eventually combine your creation, content, strategy and performance goals into a single initiative

There is no aspect of modern marketing or operations that functions on its own. If you are segmenting your data, then you are missing the insights that can only come from a holistic assessment. Look to quantify the actions that you take and note the impact they have on business. Even if you achieve a conversion rate goal for a quarter, being ignorant of why you achieved it will almost ensure that you will never duplicate it.

According to CEB Global, your prospect is usually more than halfway through the sales cycle before ever engaging your team. By the time they talk to you, they know who you are. What do you know about them? Let the tips above move you into a data driven strategy as soon as possible to remove this disadvantage. A holistic strategy that is purely data driven will consistently improve your customer relations and lead you to the results that you have been looking for.

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Measure Value, Not Activity

30 Aug

Are You Measuring the Right Results?
Business People Meeting Growth Success Target Economic Concept

Open rates, click through rates (CTRs), and conversions are just a few of the metrics most B2B marketers tend to use when determining the results of their work. But are those really the best metrics for determining success?

According to new data from Forrester, not necessarily. More and more B2B marketers are now struggling to tie these results to revenue. The truth is that while the metrics described above do a good job in a vacuum of helping marketers determine whether their marketing is working, they don’t necessarily shed light on whether or not the marketing efforts are generating real dollars for the business as a whole.

Increasingly, it’s not just CMOs who are looking at marketing results, it’s the CEOs. They want to see a direct correlation between marketing spend and sales generation. If the numbers don’t work out, then the marketing department or creative agency might not work out either.

Despite the demand for revenue-based results looming above them, B2B marketers are still struggling to deliver these types of results. So what is complicating their efforts? According to the article, there are several main challenges:

  •  Internal data is difficult to collect, connect, and analyze given the silos that exist in many workplaces.
  • Too much data! Marketers have access to more than ever before, and sometimes it is difficult to cut through the clutter.
  • Marketers aren’t always “numbers people.” Think of the best ones you know—they’re usually creative types who may not have developed the analytical skills necessary to excel—no pun intended.
    Marketing is a subjective field, but by looking at the right numbers and presenting them to the right people, B2B marketers can convert numbers into usable information that can drive real results for the business. (For some fabulous tips about presenting results to others, read this blog by an account service professional at ER Marketing, Matt Bartlett.)

Testing subject lines and measuring open rates and CTRs is great, but only insofar as it improves your approach to your marketing goals. If it helps you fine tune your approach, all the better. To prove your worth as a B2B marketer, you need to start measuring the value of what you do, not just the activity.

To read the full article about the Forrester findings, click here.

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3 Reasons to Renovate Your Website (And 3 Sites That Are Getting It Right)

18 May

An Outdated Website May Have Bigger Consequences Than You Think

web design

ChrisGuest Contributor:
Chris McCutcheon, Interactive Manager

Websites. We see and interact with them every day, and it seems there is one for just about everything. As an interactive manager at ER Marketing, I’ve seen it all when it comes to websites—the good, the bad, and the oh-so-ugly.

Not too long ago I had someone ask me to look at their website. I pulled it up on my phone and nothing showed up. Thinking it was a little strange, I waited until I got home and found it on my iPad. Still nothing. I knew then that something was definitely going on with this site. She said it was new, so why wouldn’t it come up? Turned out the entire site had been done in Flash, which I discovered after I pulled it up on my laptop. She was extremely disappointed and had no idea the person she hired to do her website built it using old technology.

So, ask yourself a few questions about your own website. Does it look good on mobile? Is the site built in Flash? Still using clipart from 1999? Still relying on misguided keyword stuffing? Is it supporting your brand? Unless it’s been updated recently, it might be time to rethink your website.

Here are 3 reasons why it may be time to renovate your website:

1. It’s not mobile friendly.

  • Two-thirds (64%) of adults own a smartphone, which means if your site doesn’t render properly, or delivers a bad user experience, potential customers may go elsewhere.
  • Google will ding you. They announced last year that sites will be penalized in the rankings if they aren’t mobile friendly. According to research by online ad network Chitika, Google page one results enjoy a whopping 95% of all search traffic, while 91% of searchers never reach page two.

2. Unknown security vulnerabilities.

  • Security flaws affecting an older website are much more likely, as these sites rely on older technology.
  • Even if you might not have confidential information you are worried about being stolen, there are other reasons you should be concerned, like letting unfiltered data insert into your database. This can cause a high risk of SQL Injection, which leads to your site being hacked—and unwanted links being injected into your site.
  • If you use any kind of third-party software—meaning your IT department didn’t code it—you must make sure it is always up-to-date. Any outdated software with security flaws can cause your site to be at risk.

3. High page abandonment rate.

  • Many older sites take forever to load. Sure, you may love the large images and the huge slideshow, but it’s probably making your site lag. 47% of consumers expect a webpage to load in 2 seconds or less, and 40% of people abandon a website that takes more than 3 seconds to load. [1] Google values the length of time someone stays on your page, so if your website has a high abandonment rate, your SEO will be negatively impacted as Google puts delivering the best and most relevant content to users first and foremost above all else.
  • Poor navigation. If the user doesn’t know what to do or where to go, you are missing out simply because there isn’t any clear direction for the user.
  • Many websites fail to deliver a clear sense of what the company offers. Unless you are a well-known brand, you need to let people know who you are and what you can offer them in a way they can understand and easily access.

Here are a few sites in the building products industry to inspire you and get you thinking about your own site:

Blu Homes

  • Site is responsive and mobile friendly
  • Good user experience
  • Nice, easy to navigate design

Royal Building Products

  • Loads fairly quickly, even with a full screen slider
  • Offers a clear sense of who the company is and what they offer
  • Displays well on mobile devices

Guardian Building Products

  • Utilizes a card-style layout for chunks of content
  • Mobile friendly
  • Easy to navigate

[1] https://blog.kissmetrics.com/loading-time/

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Content Marketing & SEM: Stats Any B2B CMO Should See

5 May

Why Content Marketing Should Be Part of Your Digital Strategy

SEO and Content

Content marketing. Heard of it? If not, you probably haven’t been reading much Navigate-the-Channel. We’ve spoken a lot about how content is an incredibly effective B2B strategy to provide more information to customers at the early stages of their buyer’s journey, establish companies’ trust and expertise, and ultimately, drive more sales.

That’s all well and good, but there are other issues that B2B companies need to consider when it comes to their content strategies. Issues like Google’s Panda and Penguin updates, in which major search algorithm updates will affect the way search engines deliver the highest-quality results to their users. If your website can’t offer relevant content to those users, you can bet that your website will literally be bumped down the page, hidden under a pile of search results from companies that were just a little smarter than you about integrating content marketing into their strategies.

A recent article from Search Engine Land drew my attention because of its insights regarding content marketing and SEM. Here are a few standout facts that B2B companies should read before planning their content strategy:

  • More than 60-70% of content goes unused, meaning companies need to work to better understand who they’re writing for and why by conducting an audit of buyer personas and journeys.
  • B2B companies should prioritize utilizing a Content Management System (CMS) that integrates authors, topics, and keywords. For Adobe, switching to an SEO-friendly CMS resulted in a 307% increase in organic traffic within a year and a 287% increase in rankings on Page 1.
  • Don’t forget design—content needs to capture attention to be effective. Images, video, website design, and aesthetics are important contributing factors when it comes to “moving the needle” and shouldn’t be underestimated.

As Google continues to demand more and more from websites, it will become critically important that B2B companies fill their sites with the high-quality, relevant content users are searching for. You need to make sure that you’ve not only done the research to find out what your audience is looking for online, but that your content is written and created to deliver to those needs. SEO, therefore, is a critical component of your content marketing strategy.

Or it’s not. But if it’s not, you better enjoy Page 2.

 

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Book Review 1/3: Built to Sell

1 Mar

Building Something with a Life Beyond You

As part of a blog series, I’ve decided to complete three reviews of three separate books. The books are about topics like marketing, business, and leadership. My goal with this series is to draw out some teachable lessons for anyone attempting to grow—personally, professionally, or otherwise. In this blog, I will cover some humbling lessons that leaders, business owners, managers, etc. can learn about creating a business and developing people to be able to grow independently of their leadership.

It’s a relevant topic to almost anyone with direct reports or a business to be accountable to. Haven’t you ever wondered how you can create a department or a company that can thrive without you? If you aren’t a business owner in the building materials segment, do you run a department or product category? Could some of the same principles necessary to generate a sustainable business work in this scenario—one without you?

To that end, I recently finished reading a book titled Built to Sell by John Warrillow. What a fabulous read. Throughout the book, John offers valuable insights and tips to help the reader build a sustainable business or department that can continue on without the leader.

I’ve compiled a few of the tips I found most interesting—and if I’m being honest with myself, the most humbling as well.

  1. Don’t generalize—specialize. If you focus on doing one thing well and hire specialists in that area, the quality of your work will improve and you will stand out among your competitors.
  2. Owning a process makes it easier to pitch and puts you in control. Be clear about what you’re selling, and potential customers will be more likely to buy your product.
  3. Don’t be afraid to say no to projects. Prove that you are serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.
  4. Hire people who are good at selling products, not services—even if you are in a service business. This expertise leads to scalable solutions as opposed to all customized one-off solutions.
  5. Build a management team and offer them a long-term incentive plan that rewards their personal performance and loyalty.
  6. Think big. Write a 3-year business plan that paints a picture of what is possible for your business. Remember, the company that acquires you will have more resources for you to accelerate growth.
  7. Always know your pipeline prospects and what their worth is to your company. This metric is essential to be on top of market opportunity and your potential for a percentage of that.

Don’t take the book too literally—this concept is not just about business owners and it’s not just about selling; it’s about leadership and creating something sustainable beyond you. Elton and I aren’t trying to sell ERM, but the lessons from this book are ones that any business owner, manager, or leader attempting to make something bigger than themselves can learn from.

Whether you own a business or manage a department, these are tips that should influence how you approach the work if you want to create opportunities for long-term success. At the end of the day, none of us can be in our roles forever. The more you can do to lay the foundation for success, the more poised for success you—and the business—will be.

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