A strong brand presence is the result of a lot of things. It calls for a lot of relentless nurturing and monitoring.
A successful marketing strategy is that which identifies the marketing opportunities that are viable and then assists in developing a strategy for making the best of the opportunities for connecting with the audience and increasing the profits.
But time and again, this B2B strategy must be refined, reset, and rejuvenated towards an entirely new direction. There are several signs that can actually show you that it is time to get this strategy evaluated –
- When your company is opting for a big change
- When your brand has not been evaluated for a prolonged period
- When you are taking one day at a time and are undergoing a growth spurt
- When there is an unprecedented pandemic situation like Covid 19
Evaluating the impact or Efficacy of your Marketing Strategy
While evaluating the impact or efficacy of your marketing strategy is a complex task, it should begin with a simple approach. Here are certain things that you and your marketing team should check for evaluating your B2B strategy. This is going to set the precursor for the overhaul of strategy.
1. Benchmark Your Goals –
You should start with the close overview of goals existing in your current strategy. You must also check the data out. Have you been able to enhance your marketing-qualified leads by around 40% as you wanted? If you wanted to increase the rate of retention by 20%, have you achieved that? If you wanted to branch to a new arena, what percentage of market is owned by you?
It is essential for benchmarking the goals for evaluating the current marketing strategy and to assess whether it is gaining results. Again if you do not have goals that are clearly visible to you and your team, you should start refreshing it.
2. Try to Dig Out Where Your Leads Are Coming From –
An effective B2B plan opts for multiple channels for reaching the target market and drive the leads. Knowing from where the leads come from is crucial in understanding the role played by every channel in nurturing the process and in the generation of leads. You should know from where the leads that are of such high level are coming from – through phone calls, organic Google searches, tradeshow contacts, PPC or AdWords, Webinar or event attendees and so on.
Frequently you will find that the actual leads are not coming from where you thought that to be. For lead attribution, you should not use anecdotal info. Have a look at Google Analytics or CRM for tracking and managing the lead attribution. The thing is that if you just take the last touch attributions you cannot disqualify the other channels. They may be generating the leads in the earlier stages of sales.
3. Know Your Pitfalls –
Once you are aware about where you are standing to meet your goals, you must know how you are achieving them. This is the time to identify the shortfalls. Is the CRM still delivering the results that you desire? Are you able to track the leads properly? Does the PPC budget need to be tweaked? Check whether your B2B site is still generating profits. Know whether you are falling behind your competitors or not. If you consider all these for strategizing your B2B marketing, it is bound to enable positive results.
4. Plan –
Once you have evaluated your B2B marketing strategy, you have to plan up a new strategy. Just after the first few steps, the goals needed by you will be glaringly clear. If everything is flawless and your CRM is constantly generating leads, then also you can simply improve in certain areas. So you should next try and find out the areas that you can improve. Can you enhance your leads through your website or improve your SEO for higher search rankings? Have you collaborated with your HR to start marketing to the staff?
If you look well, you will find that there is always room for further improvement. At the time of setting goals you should keep in account the following. Your goals must be –
- Clear and Specific – Write them and make them accessible by everyone
- Quantifiable or Measurable– Analyse the data you can monitor to measure success
- Achievable – Always be realistic and take baby steps
- Relevant or Result-oriented – The goals must be result-oriented
- Time Limited – For accountability, you must set a clear deadline for achieving the goals
Even though this is an old concept but still it is an effective one and experts of premium digital marketing company still swear by these tricks. This is a great approach for revamping your B2B digital marketing strategy. This can act as your compass for directing your marketing efforts which will fetch success. Through this, you can discover your voice, plan the message, and execute the methods for reaching the goals.