ROI in B2B. How much to spend on making money
ROI in B2B: Every single action you take in terms of business has an impact on your company’s revenues. Especially in a digital environment. Of course, you want to grow your company. You want positive results. Besides, you are investing in boosting your offline visibility. After all, we live in a physical world where we interact with one another. Clients and companies have places to meet in person; the human factor still makes a difference, particularly when it is backed up by technology.
Revenues talk to us with the help of ROI in B2B. Digital Marketing also helps on that matter, by increasing your business opportunities and maximising the positive impact of the different actions taken.
🤔 Wouldn’t you like to google your target SEO keywords and see your website at the top of the search results? And how about attending a trade show and capturing leads that you could convert into clients?
Tracking the impact of each campaign can be tricky. That’s when Return on Investment (ROI) in B2B comes in handy. It will help you determine if a strategy is worth the investment.
ROI definition: The revenue you obtain compared to how much you have spent on a strategy.
For sure, you want to make the most of your Marketing budget.
Let’s see how to measure ROI for your strategic actions so you can make more successful decisions about where to invest your resources.
Showing off your products and driving real ROI in B2B from data
The selling and buying process is now playing on a different level.
Salesforce and data
Salespeople are an essential asset to any company. They are the ones who are in personal contact with the client. They take the time to get to know their customers and their needs. An efficient salesperson has a piece of good knowledge about the industrial field they work in so that they can present the products in the best possible way. They visit the clients, keep in touch with them over the phone and by email, and generate interest and trust.
They now have new ways to communicate with current and potential customers and obtain information about their buying intention. Digital marketing helps a great deal in this regard. Think of Email Marketing Blog content… all these actions increase your business’s visibility and help your salesforce to identify which clients are showing more interest. From their own offices, thanks to the valuable data that digital marketing provides, salespeople will decide to continue showing up in their local community but knowing in advance which clients are worth a visit.
🤔 Considering the tremendous impact that the Internet has in our lives, your salesforce, more than ever, represents that professional human touch all businesses need.
Clients and proactivity
Customers nowadays feel more confident in looking for info by using digital devices. As a result, they now have more power as they can actively start the information searching process and consider different alternatives. Just think about Google. Finding a business online is faster than using traditional printed material like the press.
🤔 Customers can compare prices and look for detailed product description. Targeting the right client is crucial to getting a higher ROI in B2B.
Setting your goals for a positive ROI in B2B. Become specific and influential
Think about these two questions:
- Can you calculate how much every cent you spend comes back to you?
- Do your campaigns optimise well?
Your ROI should be part of your strategy. It is an estimation that will help you reach your goals. Look at it as a road map showing where you want to get next. Setting specific goals is a must. However, you need to be flexible and able to see the whole picture. The various aspects and actions that take place influence one another.
There are different types of objectives for a company. Qualitative objectives, for instance, are not easy to measure.So, if somehow you can “quantify” them, it will definitely help in terms of measurement.
🤔 Building customer loyalty can be measured by an increase in the number of subscribers you have on your blog or how well clients respond to your email marketing strategy (how often they click on the link to your site, for example.)
The more specific your goals, the easier to achieve them and track their impact.
📊 Two specific quantitative Marketing goals could be:
- Increase your website organic traffic in 12 months by 25%.
- Earn 2000€ a month with blog content.
📊 Can you see the difference between the following two statements?
- A company spent 8000€ on SoMe ads and gained thousands of followers.
- They spent 8000€ to obtain 300 leads, and 40 of them converted into clients.
In the 1st example, brand visibility is the main benefit, whereas, in example No 2, client conversion is the goal to achieve. In both of them, ROI in B2B can be calculated.
Figures matter, but sometimes, even if they are lower than expected, that does not mean you are not getting a positive side effect.
🤔 Say you are investing in paid advertising, and you don’t see as many clicks to your site as you expected (thus, you are not happy in this case with the ROI). However, the visual and trust-generator impact created will undoubtedly lead to an increase in your brand awareness.
In business, some of your strategies will influence others and vice versa.
- Marketing results are ongoing. Even if we can measure them at a set time, there is always a chance to see some benefits coming afterwards. Check that your long-term benefits outweigh the short-term costs.
- Companies are willing to be visible and use the most effective channels to do so. Traditional and digital actions combine to get the best possible result. ROI is a helpful indicator of which business procedure is giving the expected results and which one is too costly.
As a business owner, you should aim for a balanced combination of online and offline actions. That will positively affect your company’s visibility and the opportunities to grow your business. Again, driving a positive ROI in B2B will be a good sign you are on the right track.