Marketing > Marketing Impact & Performance > Marketing Function Value & Performance Measurement > B2B Marketing Practice Guide on Marketing Returns: The Foundations and Strategies You Need
B2B Marketing Practice Guide on Marketing Returns: The Foundations and Strategies You Need
Make it work: Turn Investments into High ROI Through Calculated Marketing Returns
Today’s businesses are steering through a dynamic economic landscape, particularly those immersed in B2B sectors. Conventional wisdom might say, “Throw money at marketing and something is bound to stick.” However, it’s 2023, and the term we're centering on is "Marketing Returns." Why? Because this isn’t a game of darts; it’s more akin to a well-orchestrated chess match. We’re looking at investment and outcome, input and output. We're dissecting the wisdom that guides effective B2B marketing—building from the ground up, all while peering through the lens of optimizing marketing returns.
Definition ➔ Marketing Returns
The Pillars Holding up Your ROI Castle
The genesis of effective B2B marketing lies in understanding its history. Let's rewind the tapes. Initially, marketing was a linear path: create a product, advertise, and sell. Over the years, key evolutions brought us the 4Ps—Product, Place, Price, and Promotion—then the 7Ps, and now we're navigating through customer-centric models. Each change has one thing in common: an increasingly granular focus on ROI, elevating the importance of marketing returns in a crowded, complex ecosystem.
What to Do:
Examine your company's current marketing framework.
Align it with historical shifts in marketing paradigms.
Ensure ROI is a central focus of your marketing strategy.
By marrying the past to the present, you're creating a structure to maximize marketing returns. Establishing a history-informed strategy isn't optional—it's vital.
Ecosystems Aren't Just Natural; They're Corporate
The B2B landscape isn't just about you or your company. There are stakeholders, from suppliers to shareholders and beyond. Just as a hawk needs to understand its terrain for effective hunting, a B2B marketer needs to grasp the corporate ecosystem to optimize marketing returns. This requires a SWOT analysis of not just your enterprise but the industry you're embedded in. Here, it’s crucial to have the end game in sight: enhanced marketing returns.
What to Do:
Conduct a SWOT analysis of your industry.
Identify stakeholders affecting your business.
Devise strategies to negotiate, influence, or collaborate with them.
Continuously evaluate how these elements affect your marketing returns.
That ecosystem isn't a static entity; it's ever-evolving. Navigate it wisely to keep your marketing returns in the sweet spot.
Where the River Meets the Ocean: Confluence of Objectives
Marketing objectives cannot live in a vacuum. From lead generation to customer retention, every goal should be a tributary feeding the river that is your overarching business strategy. In simpler terms, every objective should converge to boost marketing returns.
What to Do:
List down the marketing objectives in your current strategy.
Rank them based on their impact on ROI.
Integrate them into your broader business strategy with a focus on improving marketing returns.
A single misaligned objective can obstruct the flow to your business goals. Get all tributaries flowing in harmony, and you'll see your marketing returns surge.
Marketing returns are no longer a footnote in quarterly reports; they are the headline. Each section touched upon here should be more than a point of intellectual interest; they should be actionable steps towards mastering the art and science of marketing returns in the B2B space. So, are you ready to reshape your marketing strategy to make every dollar work for you? The journey through history, ecosystem, and objectives makes you well-armed to do just that.
Tools of the Trade: Leveraging Technology for Unprecedented Marketing Returns
In our modern digital age, we've progressed far beyond mere spreadsheets and basic analytics. Advanced tools and technologies are reshaping how we view and interpret marketing returns. When utilized effectively, these can serve as a veritable 'turbo boost' to your marketing ROI.
Data Analytics: The Navigator of Your Marketing Journey
The first step in making any significant decision in business is to collect and analyze data. However, data isn't just numbers; it's a structured narrative that can guide you toward higher marketing returns.
What to Do:
Implement tools like Google Analytics, HubSpot, or Adobe Analytics to track your performance metrics.
Make use of machine learning algorithms to analyze patterns and trends.
Convert insights into actionable strategies aimed at improving marketing returns.
When data analytics is effectively integrated into your marketing activities, you’re not just shooting in the dark—you're targeting with precision.
Automation: The Unsung Hero
Email marketing, customer segmentation, social media posting—these routine tasks can consume an inordinate amount of time and resources. Automation tools like Marketo or Salesforce can handle these chores, allowing you to focus on more strategic initiatives for better marketing returns.
What to Do:
Identify repetitive tasks that are ripe for automation.
Use platforms like Zapier to create automation workflows between your tools.
Evaluate the time and cost savings, then reallocate these resources to strategies with higher ROI potential.
AI and Machine Learning: The Cutting Edge
Artificial Intelligence (AI) isn't the future—it's the present. Machine learning algorithms can predict customer behavior, automate chat support, or even optimize your ad spending. The ultimate benefit? Enhanced marketing returns.
What to Do:
Assess your current operations to identify areas where AI can bring efficiencies.
Integrate AI-powered solutions like predictive analytics or chatbots.
Continuously monitor and tweak these tools for optimal performance and ROI.
Implementing AI doesn’t have to be daunting. Start small, measure its impact, and gradually scale up.
These technologies aren't just optional add-ons; they are essential components for any B2B marketing strategy aimed at maximizing marketing returns. Just as a seasoned craftsman would never blame his tools, a savvy marketer knows that the proper technology can make all the difference. The confluence of historical knowledge, a keen understanding of your ecosystem, and a carefully curated toolbox can set the stage for marketing returns that exceed all expectations.
The Human Factor: Building a Team That Supercharges Marketing ROI
While having the right tools and technologies is crucial, they are only as effective as the people who wield them. In the realm of B2B marketing, your team is your most valuable asset. A harmonious blend of expertise, creativity, and adaptability can significantly enhance marketing returns.
The Right People for the Right Job
Many marketers underestimate the importance of having a team that specializes in different aspects of marketing. While a 'jack-of-all-trades' may be a valuable asset, the complex landscape of modern B2B marketing requires specialized skills.
What to Do:
Conduct a skills inventory to understand your team's current capabilities.
Hire or train personnel in areas where you lack expertise.
Establish a culture of continuous learning and improvement.
By having team members who excel in specific areas, such as data analysis, content creation, or customer engagement, you are more likely to optimize your strategies for better marketing returns.
Foster Collaboration and Open Communication
The greatest ideas often emerge from collaborative efforts. In a complex environment, no one can have a complete overview. Open communication fosters an atmosphere where new perspectives can flourish.
What to Do:
Use communication platforms like Slack or Microsoft Teams to keep the dialogue flowing.
Encourage brainstorming sessions and foster a culture where all opinions are valued.
Implement project management tools like Asana or Trello to keep everyone on the same page.
Employee Empowerment: A Catalyst for ROI
Employees who feel empowered are more likely to take initiatives that can lead to breakthroughs in marketing strategies.
What to Do:
Offer opportunities for team members to lead projects or initiatives.
Provide the resources and freedom for employees to explore new marketing avenues.
Regularly recognize and reward contributions that positively impact marketing returns.
When your team feels like a valued part of the company, they’re more likely to invest discretionary effort into driving better marketing outcomes.
Investing in your team is just as critical as investing in technology. As the saying goes, “A team is more than the sum of its parts.” The synergistic effects of a well-coordinated team, armed with the right tools and an effective strategy, can elevate your B2B marketing ROI to new heights.
Bringing It All Together: A Strategic Roadmap for Optimizing B2B Marketing ROI
You've identified your target audience, optimized your marketing channels, leveraged advanced analytics, and assembled an all-star team. Now, it's time to bring all these elements together into a strategic roadmap for marketing success.
Conduct a SWOT Analysis
Begin by conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to evaluate your current position.
What to Do:
Identify your organization's strengths and weaknesses in marketing.
List the opportunities in your market or sector.
Outline the threats posed by competitors or market conditions.
Use this analysis to inform your strategic decisions and set actionable goals.
Create SMART Goals
Creating SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals can provide a focused framework for your efforts.
What to Do:
Define goals that are aligned with your business objectives.
Set KPIs (Key Performance Indicators) to measure your success.
Allocate resources and timelines for each goal.
Implementation: Agile Marketing Strategy
In today's fast-paced digital world, your marketing strategies should be flexible and adaptable. Employ an agile methodology to enable quick pivoting and iterative improvement.
What to Do:
Plan sprints for different marketing activities.
Use data-driven insights to adapt strategies in real-time.
Conduct retrospective meetings to analyze what worked and what didn't.
Monitor and Optimize
Regular monitoring and optimization are vital for long-term success.
What to Do:
Set up dashboards to track KPIs.
Use A/B testing to continually improve your campaigns.
Conduct regular audits of your marketing efforts.
Celebrate and Iterate
When you achieve a goal, take the time to celebrate. Recognition motivates the team and creates a positive work environment.
What to Do:
Acknowledge team contributions.
Analyze the factors that led to success.
Use your insights to refine your strategies and set new goals.
This strategic roadmap is not a one-time effort but a continuous loop of planning, execution, and optimization. With a solid plan in place, advanced tools at your disposal, and a dedicated team, you are well on your way to optimizing your B2B marketing ROI.
Phase 1: Conducting a SWOT Analysis
Step 1: Identify Strengths
Sub-step 1: Assemble a Team
How-to Guidance: Assemble a cross-functional team of stakeholders, including marketing, sales, product, and possibly C-suite executives. Use an online scheduling tool to find a time that suits everyone for a SWOT meeting.
Sub-step 2: Conduct Brainstorming Session
How-to Guidance: During the meeting, use a whiteboard or digital collaboration tool to brainstorm what the company does well in marketing. Encourage candid conversations. Capture all points.
Sub-step 3: Categorize Strengths
How-to Guidance: Categorize the listed strengths into buckets such as ‘Digital Marketing,’ ‘Customer Relationship,’ etc. This will help in future analysis.
Step 2: Identify Weaknesses
Sub-step 1: Use Data for Insight
How-to Guidance: Pull data from various marketing channels to get an objective view of areas where you are not performing well.
Sub-step 2: Employee Feedback
How-to Guidance: Use anonymous surveys or direct interviews to understand internal perceptions of marketing weaknesses.
Sub-step 3: Categorize Weaknesses
How-to Guidance: Similar to strengths, categorize weaknesses for easier analysis later on.
Step 3: Identify Opportunities
Sub-step 1: Market Research
How-to Guidance: Use tools like SEMrush, Google Trends, or direct customer surveys to identify market opportunities.
Sub-step 2: Competitor Analysis
How-to Guidance: Use tools like Ahrefs to see what competitors are doing and identify gaps in your own strategy.
Step 4: Identify Threats
Sub-step 1: Economic Indicators
How-to Guidance: Study market reports and economic indicators to identify external threats such as economic downturns.
Sub-step 2: Competitor Movement
How-to Guidance: Keep an eye on competitor product launches and marketing campaigns which could threaten your market position.
Step 5: Synthesize into SWOT Matrix
Sub-step 1: Create SWOT Matrix
How-to Guidance: Use a 2x2 grid to plot all the identified Strengths, Weaknesses, Opportunities, and Threats.
Sub-step 2: Review and Finalize
How-to Guidance: Have the team review the SWOT Matrix and finalize it as a guiding document for your strategic roadmap.
Phase 2: Setting Goals and KPIs
Step 1: Align Goals with Business Objectives
Sub-step 1: Define Business Objectives
How-to Guidance: List down the primary business objectives for the upcoming year or quarter. These could be revenue targets, market expansion, or product launches.
Sub-step 2: Translate into Marketing Goals
How-to Guidance: Translate each business objective into a specific marketing goal. For example, if the business objective is market expansion, the marketing goal could be to increase brand awareness in a new geographical region.
Step 2: Set KPIs
Sub-step 1: Identify Relevant KPIs
How-to Guidance: For each marketing goal, identify the Key Performance Indicators (KPIs) that will help measure success. E.g., for a goal centered around brand awareness, the KPI could be website traffic from the targeted region.
Sub-step 2: Set Benchmarks
How-to Guidance: Research industry benchmarks or use historical data to set target values for each KPI.
Step 3: Communication and Documentation
Sub-step 1: Document Goals and KPIs
How-to Guidance: Create a document outlining the goals and KPIs and circulate it among the team.
Sub-step 2: Conduct a Team Meeting
How-to Guidance: Hold a team meeting to discuss and ensure everyone understands what needs to be achieved and how it will be measured.
Phase 3: Strategy Formulation
Step 1: Channel Selection
Sub-step 1: Identify Potential Channels
How-to Guidance: Based on your SWOT analysis and goals, list down potential marketing channels like SEO, SEM, Social Media, Email, etc.
Sub-step 2: Budget Allocation
How-to Guidance: Allocate budget to each channel based on expected ROI, which can be informed by past data or industry benchmarks.
Step 2: Content Planning
Sub-step 1: Identify Content Types
How-to Guidance: Decide what type of content will work best for each channel. For instance, SEO might require blog posts, while social media might be more suitable for videos and infographics.
Sub-step 2: Create a Content Calendar
How-to Guidance: Use tools like Asana or a simple spreadsheet to plan out content for each channel for the upcoming months.
Step 3: Execution Plan
Sub-step 1: Assign Roles
How-to Guidance: Identify who in the team will be responsible for each channel and for creating or sourcing content.
Sub-step 2: Create a Timeline
How-to Guidance: Outline a detailed timeline for all the tasks that need to be completed.
Phase 4: Implementation and Execution
Step 1: Execute the Strategy
Sub-step 1: Initial Setup
How-to Guidance: Ensure all tools and platforms are set up. For example, if SEO is a channel, make sure Google Analytics and Search Console are configured correctly.
Sub-step 2: Content Creation
How-to Guidance: Begin producing the content according to the content calendar. This can involve internal teams or external agencies.
Sub-step 3: Channel Activation
How-to Guidance: Launch campaigns or start posting content on the selected channels. Make sure tracking codes are in place to measure performance.
Step 2: Monitoring and Adjustment
Sub-step 1: Daily Checks
How-to Guidance: Allocate team members to check the performance metrics daily. This can include website traffic, social media engagement, and so on.
Sub-step 2: Weekly Reporting
How-to Guidance: Compile a weekly report showing performance metrics compared to set KPIs. This can help identify if any adjustments need to be made.
Sub-step 3: Make Adjustments
How-to Guidance: Based on performance, make necessary adjustments to the strategy. This can be budget reallocation or content modifications.
Phase 5: Evaluation and Optimization
Step 1: End-of-Campaign Evaluation
Sub-step 1: Collect Data
How-to Guidance: At the end of the campaign or reporting period, collect all relevant data points that were set as KPIs.
Sub-step 2: Analyze Data
How-to Guidance: Compare the data with the KPIs set. Use analytical tools to find trends, successes, and areas for improvement.
Step 2: Lessons Learned
Sub-step 1: Identify Successes
How-to Guidance: Note down which parts of the strategy worked well and yielded good ROI.
Sub-step 2: Identify Failures
How-to Guidance: Document what didn’t work and why. This is crucial for learning and making future campaigns more effective.
Step 3: Strategy Optimization for Future
Sub-step 1: Update SWOT Analysis
How-to Guidance: Based on the evaluation, update the SWOT analysis to reflect current strengths, weaknesses, opportunities, and threats.
Sub-step 2: Update Strategy
How-to Guidance: Revise the marketing strategy for the next period based on the lessons learned, including any changes in channel focus, content types, or KPIs.
By following these phases, steps, sub-steps, and how-to guides, you should have a comprehensive and actionable digital marketing strategy that is aligned with business goals, robustly planned, effectively executed, and continuously optimized.
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