Marketing teams benchmark to determine how successful their campaigns are by comparing their results to their competitors’ results. B2B marketing ROI benchmarks, therefore, play a major role in shaping campaigns. As a marketing professional, you can use benchmarking to improve your strategies and boost your profits. However, you need to know which metrics to pay attention to if you want to effectively improve your methods. Read this post to learn the top B2B marketing ROI benchmarks to measure.
Marketers who benchmark brand recognition excel in their industries. When measuring brand recognition, you discover whether consumers associate your symbols with your actual brand. You can determine whether your best guerilla marketing campaigns truly offered quality low cost brand recognition or not. Many marketers who use this marketing ROI benchmark find out that most consumers do not recognize their logos as part of their branding. Moreover, they discover that consumers do associate their competitors’ logos and company. When they receive these results from benchmarking brand recognition, they take action to improve their branding strategies. If done well, they increase their ROI thanks to this metric.
Search Engine Optimization
Another advantageous B2B marketing ROI benchmark to measure is search engine optimization (SEO). Marketers implement new SEO tools into their marketing strategies every day for good reason. SEO tools allow marketers to boost their reach online. They increase their ratings on popular search engines, enabling consumers to find their pages more easily. If other brands in your industry are outranking you on multiple products or services, you are losing potential customers on a daily basis. This is especially true because the majority of today’s consumers use search engines to find services and products to buy. With this being said, you need to boost your SEO if your competition is beating you to consumers. To do so, measure this top marketing ROI benchmark.
Social Media Performance
Moreover, measure your social media performance to raise your ROI. This is one of the best marketing ROI benchmarks to track as social media becomes more and more prevalent in consumers’ lives. Marketing professionals typically use one of two options for measuring social media success. Some use Google Analytics to discover how much traffic they are driving from their social media accounts. Others track mentions and campaign awareness. Regardless of which method you choose, you need to compare your results to your competitors’ in order to uncover the success of your current campaigns.
Consider benchmarking advocate marketing as well. This ROI benchmark entails monitoring your current advocate marketing activity. While many marketing teams use marketing dashboards to visualize campaign performance, benchmarking offers more insight. The top activities to monitor include reviews, referrals and customer-generated content. Since consumers post reviews, referrals and their own content on various online platforms, you should have a lot to track. If you do not and your competitors do, it is a sign that you need to improve your advocate marketing efforts. After all, you want your customers to post about your products or services. Only then can you drive more traffic to your website and increase sales. Therefore, advocate marketing is one of the most advantageous marketing ROI benchmarks to measure.
Finally, include marketing costs in your list of marketing ROI benchmarks to measure. This benchmark obviously directly impacts your ROI, making it a crucial metric to monitor throughout every campaign. If you discover that your competitors pay less for their advertising efforts, but sell more products or services, you need to alter your tactics. The same is true when your customers pay less on custom packaging, but deliver more attractive packages to their customers. To ensure that your results are accurate, monitor a variety of factors such as cost per sale and marketing expenditure as a percentage of revenue. By benchmarking marketing costs, you can excel in your industry.
In order to beat out your competition, you need to measure the top marketing ROI benchmarks. For instance, measure brand recognition to determine whether consumers recognize your symbols as part of your branding more than they recognize your competitors’ symbols. Track your SEO efforts and compare them to your competition so that you can improve your tactics and increase your rankings on popular search engines. Benchmark social media efforts by monitoring mentions and campaign awareness. Monitor advocate marketing activities such as reviews, referrals and customer-generated content. Lastly, compare marketing costs and use your results to set new budgets for your campaigns. Measure these best marketing ROI benchmarks if you want to make more sales and earn higher profits.