If you are a B2B marketer, you must know the need of measuring and proving the impact of the work. However, it’s far too simple to turn down the wrong measurement path under the light of common myths that no longer reflects reality.
To help you avoid any pitfalls, Lameen Witter share 5 popular misconceptions that will help you for effective and meaningful marketing measurement.
Myth #1: Most marketers are confident in their ability to measure ROI
In reality, if you ask marketers, very less percentage of marketers will say that they accurately and successfully measure ROI. Basically, marketers struggle to establish their impact because it’s challenging to do so between specific buyer stages and across campaigns or channels. In fact, a few percent of respondents confessed that they don’t measure marketing initiatives in the middle of the funnel and one-third aren’t evaluating campaigns in the later funnel stages. However, when it comes to operating in the middle of lengthy buying cycles and decisions by committee, marketers must be capable of tracking and measuring activity at every stage of the buying cycle.
Myth #2: Click-through rate (CTR) is an effective way to measure the impact of digital marketing efforts and ad campaigns
According to experts 80% of marketers still report on CTR, this method doesn’t properly measure influence on the bottom line. Metrics like CTR are familiar and simple, helpful mostly for day-to-day optimization, A/B testing, and evaluating whether an ad is gaining an audience’s attention. However, CTR is not helpful for measuring business impact, supervising long-term decision-making, or linking to growth and profitability. Measuring what matters implies tracking and reporting on metrics that directly associated with revenue.
Myth #3: More leads means more business
The truth is that higher-quality leads mean more business. Although lead volume is essential, it shouldn’t be the topmost priority. Increasing a high quantity of leads does nothing for business if those leads aren’t likely to convert. In fact, it’s likely to fall down and disappoint the sales team. However, if you can instead deliver high-quality leads, you’ll be able to fill the pipeline with guaranteed opportunities that sales will be happy to take on.
Myth #4: In general, marketers are effectively nurturing prospects
Around 5% of leads saved in Sales Navigator were raised by Sponsored Content. Maybe one reason is that marketing is still of the mindset that its topmost mandate is demand generation. However, as a self-empowered consumers find their way through the research and purchase process, marketing is gradually called upon to involve them completely into the buying cycle. By exactly mapping the path to purchase, and understanding the info and content needs of consumers at each stage, marketers can better nurture predictions and drive them toward converting.
Myth #5: Any company can quickly get its measurement, attribution and data practices to a healthy level
You will find only 1.3% of marketers who are confident they have the knowledge to get value from data. Without the required training, marketers are at a serious disadvantage when it comes to evaluating their performance, proving their impact, and constantly improving their results. Moving up this maturity curve is not a piece of cake. According to Lameen Witter, it requires serious planning, though, and continual emphasis.
So, these are the top five misconceptions of marketing measurements that need to be busted in order to make effective and meaningful marketing measurement.