Third in a series of posts looking at results and insights from our study of building products marketers
When we commissioned a one-of-a-kind study of C-Suite level building products manufacturer marketers, we looked to understand the dynamic between B2B marketing measurement strategy and if it correlated with the industry’s average cost per lead.
We’ve established how quickly the digital era is scaling for BPMs and taking what we learned from BPMs current strategies on measurement and acquisition costs is a natural progression to help our industry compete in a hot market.
Let’s take a look at our findings and offer recommendations.
BPMs favor qualitative more than quantitative
What factors does your company consider most important in determining B2B marketing channel investment?
When we asked this question, BPMs identified qualitative measurement over quantitative metrics. Brand awareness (53 percent) and reach/targeting (48 percent), both qualitative measurement, came out ahead of quantitative metrics like website traffic (46 percent) and quality of leads (45 percent).
Website traffic (46 percent), quality of leads (45 percent) and return on investment (44 percent) are not lost on BPMs, but overall, measurement is lagging in the digital evolution.
While important to know the “what,” understanding the quantitative is important to being successful and having influence within the organization to grow marketing budget along with revenue.
Let’s look at it through a company’s cost per lead
What are you spending today? The study revealed that the building materials industry is spending on average $252 per lead. When we researched the cost per lead compared to other industries, we came in well above them in a side-by-side comparison.
Know your campaign metrics ahead of time and then review and track regularly. Test and adjust. And don’t forget, reviewing your marketing strategy quarterly leads directly to being in the right digital channels and the best measurement techniques.
Our recommendation is to have a clear measurement plan. Knowing what and where to measure will give you the ability to develop or adjust plans to reduce acquisition costs.
Complete study results and resources available
Access the white paper, learn the 7 crucial steps to BPM marketing in the new economy (infographic), or listen back to our recorded webinar. Visit our “Reimagining Building Materials Marketing for a New Economy” page.
I also encourage you to contact me to discuss the study or marketing opportunities.
Until next time. Megan