It’s possible that the return on your marketing effort is more than you think. In spite of the fact that most B2B sales cycles are lengthier and have continued to stretch during the epidemic, 77 percent of marketers compute ROI within a single month, according to LinkedIn Research. According to the survey, only 4% of respondents track ROI over six-month or longer periods.
The fact that B2B buyers are taking their time to do their homework isn’t necessarily a bad thing. Customers who are more knowledgeable about the products they are purchasing are less likely to develop buyer’s remorse. The longer a buyer’s journey takes, the more opportunities there are for marketers to compete before a potential customer makes a choice.
Aim for Accurate Return on Investment (ROI) Data
If the measurement time for marketing ROI is extended, it may appear like marketing is avoiding accountability, but this is not the case…. Longer ROI evaluation timeframes for longer sales cycles can provide you with more accurate information about the underlying effects of marketing efforts.
If your sales cycle is four months, you will not only underestimate the return on investment for a single campaign if you analyze results after one month. Data from previous campaigns may give you a distorted view of what works and doesn’t work for your audience.
Keep an Eye Out for Important Waypoints
However, this does not mean that you should stop evaluating your progress as you go along the way. It’s prudent to keep an eye on the race and make adjustments based on the information you receive. And it will arrive at different points along the way.
Your marketing approach must be aligned with the goals of each individual component. Early in a campaign, you can use display advertising to drive clicks to the next step, such as downloading an asset or visiting a web page, and then start measuring segment outcomes and making adjustments to the ads to meet these shorter-term goals. Make sure to keep in mind that this is just one tier of your marketing cake.
Keep track of your campaign’s progress by creating a set of key performance indicators (KPIs). Check to see if you’re meeting your goals and whether you’re on track to do so. These metrics can help you track the marketing’s progress toward the ultimate goal of generating a return on investment (ROI). You’ll complete the race with a campaign ROI that’s more precise and robust.