Evaluating industrial marketing metrics
Often, clients only focus on tracking their current marketing and sales program. While tracking industrial marketing metrics is necessary, evaluating the program’s impact is critical based on your past, present, and future.
Past industrial marketing metrics
To know where you are going, you need to know where you started. First, when evaluating industrial marketing metrics, you need the baseline metrics before implementing the new campaign. To evaluate the results fairly and accurately, you must establish the historical baseline for specific areas monthly and yearly. These categories could include:
- Number of prospects reached
- How were the leads acquired
- Requests for information from prospects
- Appointments with prospects
- Proposals submitted
- Closed sales
- Annual sales growth
Current industrial marketing metrics
Owners and managers often judge a program’s success on short-term results such as quarterly, biannually, and yearly. Reviewing periodic lead generation results can uncover what works and where to adjust the campaign. With sales, there is value in scheduling regular reviews to determine each salesperson’s activities, but that reflects more on the job performance. Because of your customers’ sales and purchasing cycle, you need to project into the future to have an accurate picture of industrial marketing metrics.
Future metric forecasting
Looking at industrial marketing metrics throughout the year does not consider the long-term effect of your sales and marketing efforts, such as:
- Sales cycles that may extend longer than a year
- Leads that come in after the annual campaign that led to future sales
- How often do customers need to purchase your product or service
- Brand awareness built with prospects during the campaign
A program’s true ROI and value can only come from considering these metrics. You need to look at potential future sales to make decisions based on the entire scope. For this reason, you need to know the history of your past lead generation and sales activity to analyze industrial marketing metrics accurately.
Pappy
About the Author
Paul Kowalski (or Pappy as he is called around the office) spent over two decades working at other agencies before opening Conach Marketing Group in 2008. The early part of his career was working with Fortune 500 clients at different agencies. However, working with smaller clients was his preference. This choice was because of the impact on a client’s business growth and forming closer, personal relationships.
About Conach
When he was creating Conach, his goal was to bring those Fortune 500 strategies along with years of B2B marketing experience to small business marketing clients. As a result of focusing on business to business marketing, Conach specializes in construction marketing, financial marketing, and industrial marketing. Even though we are in Mid-Michigan, Conach provides marketing services to clients across the country.
For more information, visit conachmarketing.com or contact us or call 989.401.3202.