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Choosing Constructive KPIs: The Ultimate B2B Marketing Criteria

One of the many things modern business owners can be thankful of is accessibility to data. Countless analytics tools – both paid and free – are readily available for marketers who wish to determine the success of their businesses.

In the old days, managers and executives needed to scrimmage against piles of papers and charts to organize their business numbers. So we should be thankful we don’t need to do that anymore.

However, there is a disadvantage with this easy access to software tools. Sometimes, when we have too much data in front of us, we struggle to see which ones are really pivotal to business growth. When you look at the eye-scorching numbers on an Excel sheet, do you sometimes wonder what exactly all of these statistics do to help move your business forward?

This is where Key Performance Indicators (KPI) come in,” says Andrew Rogers, President and COO at Business.com.

“Data, and its proper use, is the single biggest arbiter between business success and failure. If you aren’t managing your business based upon facts and figures, you’re not only sub-optimized, you’re likely headed for ruin,” he adds.

Below is a mini-guideline, proposed by Rogers, in considering which KPIs to be used in your business.

From Business.com:

1)  What qualifies for KPI status?

  • It must be quantifiable: Often, companies will establish KPIs that they cannot accurately measure. If you can’t report on a KPI with absolute confidence, remove it until you’ve solved your data reporting challenge.
  • It should illuminate performance that is actionable: If a KPI doesn’t allow you to dig further and/or take corrective action, it isn’t worth including.
  • It needs to tie to initiatives that are core to your success: An easy question to ask when selecting KPIs is this: “If this indicator moved significantly in either direction, would it have a meaningful impact on the business?”. If the answer is “no”, move on.
  • It should have an established goal:  Simply identifying a numerical increase or decrease isn’t enough… it’s the magnitude that truly matters.  More importantly, the goal should also map to the overall company budget.

2)  How many KPIs are appropriate?

  • The fewer the better. Period. Most companies allow for KPI creep, whereby their KPI dashboard becomes a series of spreadsheets that create a “deep in the weeds” discussion, rather than a high level exercise of identifying areas of focus and action.

Read the full post at http://www.business.com/b2bmarketing/11616/

Leads Tracking for Business Growth

Performing business leads tracking always calls for specific business rules. From the beginning, it is always important to keep the customers happy. As the saying goes – first impression lasts. This holds true here too and hence there must be a conscious effort for a good head start. More often companies fail to closely track their business to business leads thus the necessity to look for the appropriate software or system or mechanism for tracking such leads.

After investing much time and resources in business to business lead generation, you have to ensure that your effort is not in vain on account of inappropriate tools. Companies commit many mistakes when doing leads tracking. One common mistake is to implement a system for tracking leads but it fails to achieve the desired results. Remember that it is always important to collect complete information of leads rather than incomplete ones. With a b2b telemarketing services campaign, for example, a lead management system in place, an effective and efficient process can be carried out. Soon after the lead hits its mark, it is a must to courteously make the necessary follow up with the client concerned. Follow-up can be pursued thru email, phone, newsletter or even a personal visit. There are many ways to assess the business leads obtained like data verification, data intelligence, fraud screening, data appending, grading and prioritization.

Leads vary, thus the way they are treated should also vary in terms of time and resources. Such approach can help ensure an efficient system of handling business to business leads tracking. It is easy to identify related problems with leads tracking , but it is always tougher for most companies to respond to those problems and challenges. Thus crafting a well designed and transparent plan using a lead management system makes sense in ensuring an efficient leads tracking.