B2B Metrics Worth TrackingFor the most part, B2B marketers tend to track (1) their email campaign metrics, such as opens, clicks, bounces, unsubscribes and (2) their conversion metrics (responders divided by either sent or delivered). Many also measure ROI in terms of either cost per raw responder or cost per pre-qualified responder (taking out existing customers, partners, competitors, etc.), otherwise known as cost per lead (CPL).
After that, the next metric which more sophisticated B2B marketers track is cost per qualified lead (CPQL). In my mind, a lead can only be considered qualified if they have been qualified over the phone, but there are other opinions on that. That said, the CPQL can be based on either marketing qualified leads (MQL), which have been scrubbed, called and identified by marketing as sales ready, or the CPQL can be based on sales accepted leads (SALs). SALs are simply MQLs that the sales team agrees are worth working.
Those above are the most basic of B2B metrics and should hopefully already be on any seasoned B2B marketer's radar. However, there are some key moments of engagement and milestones which also occur that are both easily defined and reasonably measured.
Engagement or "Engaged"
This group is defined as any prospect record that has either opened, clicked, converted, responded, or browsed your website in the past thirty days. While you do not have to put the 30 day recency filter on this, I recommend it. This is a straightforward metric to ascertain, and it can be used to track the following:
- Percentage of your total database that is "engaged" - Engagement divided by total emailable and/or callable database
- Daily engagement rate - same as above, but monitored daily in a line graph chart
- Cost per engaged - because the number of engaged records change constantly, I recommend reviewing this monthly by pulling the engaged count based on the dates of that month being tracked and dividing it by the total marketing/lead generation spend for that month, as this is not necessarily campaign specific, though it could be tracked that way
If you're doing lead scoring, this can be calculated by simply counting the prospect records who meet your required lead score threshold. If you aren't using lead scoring, this can be defined as any prospect record that has a high level of engagement. For example, you can include anyone who has at least five opens, clicks, conversions, or browse events or activities. Again, I recommend putting the 30 day filter on it.
In turn, you can track all of the same metrics that are noted above for engagement:
- Percentage of your total database that is "interested"
- Daily interested rate - same as above, but monitored daily in a line graph chart
- Cost per interested - again, see above for the ways this can be determined
Well, in B2B, some campaigns can appear to perform quite poorly if they are measured solely in terms of conversions and MQLs. The reality is that not every prospect is ready to buy when you send a campaign. However that does not mean you aren't making progress! You are still moving prospects through the buying cycle. By tracking these early stage metrics, you'll be able to better justify your campaign spend and paint a more thorough picture of your lead generation efforts.