Conversions lead to sales — we all know this. Tracking them allows you to optimize your marketing campaigns, but this is no easy task for B2B businesses. Below we describe common mistakes B2B businesses make when tracking conversions and a few tips on what to do instead to improve the effectiveness of their B2B marketing and lead generation campaigns.
Do not Track Conversions
Businesses are often guided by the following logic: if there are leads, everything is fine, and there is no need to track conversions. This isn’t always the case. Conversion tracking allows businesses to learn what is working and what isn’t. If there is a deterioration of the situation, it can be noticed immediately and then fixed.
Plus, effective marketing requires continual improvement. The circumstances and priorities of consumers are changing. Conversion tracking lets you see which tools are more effective in a specific marketing scenario. This allows you to improve your campaigns. Thus, ROI increases and budget spending is optimized.
Remember that the effectiveness of your advertising campaigns depends a lot on how much you deserve consumer trust. One of the most important points of contact is content and its quality. If your advertisements contain mistakes, it can be off-putting. To avoid this, use services like Grammarly, Essay Tigers, etc. This will help create the right impression of your brand.
Confuse Conversions and Leads
Conversion is a targeted action that indicates the completion of the customer journey. A lead is a user willing to continue interacting with a company. And yet, these two are often confused or used interchangeably. Lead tracking does not provide insight into effective sales promotion channels. This is an interest analysis.
Many B2B businesses track the number of completed forms. They give the company the user’s contact details. However, this is not a purchase. The form can be filled in by accident. If you are offering a bonus for completing an action, then the user may have wanted it. This is not a sale.
Track Through Distributors
Selling products through resellers is a normal B2B practice. However, it makes it harder to track conversions. Especially when it comes to a company that cooperates with hundreds of distributors.
For such situations, it is recommended to track conversions using the following algorithm:
- Micro-targets. Identify and track small user actions that are not evidence of high buying interest, but remain important. For example, clicks or page views.
- Macro targets are actions that indicate a high level of consumer interest. For example, filling out a form or uploading a catalog. Identify and track them.
- The value of goals. How much money does a user perform a specific action? Determine this metric for each conversion. This will allow you to see the most effective channels.
How to determine the value of a goal? Based on the information that is already there. Let’s say there is a landing page. 2.5% of visitors who land on it make an average purchase of $625. The company decides to create a video about the landing page and track the number of views. The latter is the goal. Its value will be $10.
Here’s why: 625 / 0.025 (2.5%) = 10
This conversion tracking algorithm provides insight into the value of individual marketing channels. Initially, there is no customer conversion vision. However, in the final step, you get data to compare the effectiveness of your marketing channels. You can see which ones are driving the most valuable conversions.
Conversion tracking is a process that allows you to see the effectiveness of individual marketing channels. Therefore, it is necessary to implement it. Be aware of the difference between leads and completed deals. By focusing on the second, you will achieve a higher ROI. Also, remember that targeted actions have value. Your task is to increase the number of those that bring the company more profit.
The original version of this article was first published on V3Broadsuite.