Measure and make measurable
The 16th-century astronomer Galileo said, “Measure what is measurable and make measurable what is not so”. Galileo’s proclamation, as he unraveled the mysteries of the Cosmos, is good advice for today’s B2B marketers; how can we measure the impact of dollars spent over a lengthy period? How do we account for what is immeasurable and untangle contributions across multi-stakeholders? And, with such a wide variety of campaigns and competing KPIs, what does success look like?
These are the fundamental questions that B2B marketers are grappling with, and whilst the tools and methodologies keep proliferating, there is no single approach. To ‘measure and make measurable’ requires creativity and flexibility, built on a clear definition of success, a commitment to data orchestration and visibility, and a thorough understanding of the B2B buyer journey.
Here are the first 3 steps of your B2B measurement journey
1. Accept the Multiplicity, and the Challenge
The opportunity for the modern B2B marketer is as vast as Galileo’s universe; B2B ad spending is increasing, in US touching $35Bn in 2023, an audience of digital-first buyers are projected to make B2B ecommerce worth $18.6 trillion by 2026, with 27 touchpoints to convert a single account.
But with scale comes complexity. B2B campaigns include ‘ingredient’ brands, B2B2C, B2C2B, in addition to the standard B2B campaigns, which can be focused on leads, engagement, awareness or ABM. Costs (and the need for understanding) increase as audiences become more specific and senior. Yet ‘conversions’ occur in multiple places (sales calls, events, online), and often long after the message lands. Further clouding the ROI view are privacy laws, cookie deprecation, dark funnel, and walled gardens.
Given this complexity, the temptation is to keep ‘measuring what is measurable’, stay in the old marketing lane of clicks, visits and leads. But understanding the ‘hard’ ROI is essential, not only because marketing is competing with sales for budgets, but because only by understanding the incrementality of marketing through the whole journey can we invest where it matters.
“Understanding the ‘hard’ ROI is essential, not only because marketing is competing with sales for budgets, but because only by understanding the incrementality of marketing throught the whole journey can we invest where it matters.”
Sam Fox, Partner, Global B2B Director of Analytlics, EssenceMediacom
A recent study found that companies that gather intelligence on their B2B marketing efforts are 1.5 times more likely to have above-average growth, which is reflected in the growing spend on marketing data, expected to touch $3.77 Bn in 2023, just in the US. Making an intentional , holistic and well-executed B2B measurement framework more than a nice-to-have. It’s an existential need.
Taken from: https://www.essencemediacom.com/news/3-steps-marketers-can-take-to-drive-b2b-growth-this-year