The ROI of industrial marketing begins with understanding the difference between data and analytics. It’s great that your company collected 50 leads in the past month, but are they good leads? Where did they come from? The next month, when you have 35 leads, is that a bad thing?
The essentials for determining your ROI for industrial marketing include:
- Having tracking in place so you know where your leads come from.
- Developing a lead scoring system to determine what are your best leads and where they come from.
- Tracking conversions, which is extremely important for the long buying cycles in industrial sectors.
Marketing automation is necessary if you eventually have a hope of measuring your ROI. Your efforts become automatic, consistent, and reliable. It also makes tracking leads through their lifecycles possible, potentially spanning the journey from first touch attribution. You don’t want to be in a position of having 50 new sales and no idea how you got them.
A couple of other key points related to the ROI of industrial marketing:
- It’s unrealistic to expect someone to be able to extract valuable data without some sort of feedback loop.
- Ideally, you want to create an expected value for a lead.
- A/B testing may not seem like a big deal, but what if you look at it differently? Would a 5 percent lift in conversions make a big difference in your bottom line?
But the ROI of industrial marketing is not just about saving money and making money. It’s about knowing how your investments perform so you can be more strategic with your future marketing spend.
Listen to the Podcast to Learn More About the ROI of Industrial Marketing
Listen to Episode 8 of the Industrial Marketer podcast for more suggestions on how to think about — and demonstrate — the ROI of industrial marketing.
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