Betreff: B2B Marketing Audit

[Livelikecloud]

Hi all,

I am a brand builder and have a knowledge foundation about brand management and event planning rather than inbound and digital marketing. However, I will start my new role as a marketing executive for a B2B company, which makes me feel so excited and nervous at the same time.

Besides the huge amount of knowledge I need to digest before starting my role, I'm also confused about what are the 1st things, channels, and metrics,... I need to audit and review the marketing performance of a B2B company to plan the next marketing strategy.

Thank you for your advice,

Kimmy

[Gilempert · Accepted solution]

Hi @Livelikecloud ! 

Congratulations on your new role!! 🙂

Here are some suggestions to start:

1. Identify the business goals and objectives: Before you begin evaluating the marketing performance, it's essential to know the business's overall goals and objectives. This information will help you align your marketing strategy and tactics to support these goals. Try hard to connect with the sales team, to quickly understand what challenges they are facing and which type of content you can help with. Understand the length of the sales cycle, where are the deals stalling, could marketing help?

2. Review the website and its metrics: Review the website's content, design, user experience, and conversion rate metrics. Look at the website's traffic sources, the behavior of visitors, and the conversion funnels to identify areas for improvement.

3. Evaluate the current lead generation strategy: As a B2B company, lead generation is a critical component of the marketing strategy. Review the current lead generation channels, such as email marketing, social media, advertising, and events. Identify the most effective channels and optimize them to improve lead quality and quantity.

4. Analyze the customer journey: Understanding the customer journey is crucial to creating an effective marketing strategy. Map out the stages of the customer journey, from awareness to purchase and beyond. Analyze the touchpoints and channels used at each stage and identify gaps in the process.

Hope that helps 🙂

[danmoyle · Accepted solution]

Hi @Livelikecloud and congrats on the new opportunity! Appreciate the tag, @MiaSrebrnjak 😊

+1 for what @Gilempert shared. I like the formula she offered. 

Here's how I'd personally think of an audit at my new company. 

1. How is the current marketing to sales handoff handled? 
   1. Is there lead scoring?
   2. Automation?
   3. Is every lead just handed off automatically?
   4. What about ABM?
2. What are the current marketing efforts underway? 
   1. Content marketing? 
   2. Advertising? 
   3. Conversion paths?
3. How do we measure revenue, attribution, and the customer journey? 
   1. Reporting will be crucial here. If they aren't doing anything yet, it's your chance to lay out the process and metrics that matter. If they have reporting, it's your chance to understand their "why."
   2. A few metrics should include: 
      1. Lead Generation Metrics. Start by evaluating the lead generation metrics, such as the number of leads generated per channel, lead conversion rates, and cost per lead. This will help you identify which channels and tactics are performing well and which ones need improvement.

      2. Sales Metrics. Look at the sales metrics, such as sales revenue, sales conversion rates, and customer acquisition costs. This will help you understand how marketing efforts are contributing to the bottom line.

      3. Traffic Metrics. Evaluate the traffic metrics, such as website traffic, bounce rates, and time on site. This will help you understand how visitors are interacting with the website and identify areas for improvement.

      4. Engagement Metrics. Check the engagement metrics, such as email open rates, click-through rates, and social media engagement. This will help you identify which campaigns and content are resonating with your audience.

      5. Customer Retention Metrics. Evaluate the customer retention metrics, such as customer lifetime value, churn rate, and renewal rates. This will help you understand how well the company is retaining customers and identify areas for improvement.

4. Document everything you can. I personally use simple documents, but some of what you're gathering (like a content marketing audit of the website and other digitial assets) may need a spreadsheet.

I hope that helps! 

[johnelmer · Accepted solution]

@Livelikecloud The suggestions from @danmoyle and @Gilempert are excellent.  Speaking as a former CMO, here's what I would add (and it has little to do with becoming an expert in B2B marketing):

1. Find and achieve an early win -- preferably by fixing a problem identified by your CEO.  
2. Do not ask what your CEO wants you to do. Ask what the barriers to revenue growth are, and make a plan to overcome them.  Review the plan with your CEO and other executives for feedback and buyin. 
3. In your plan, commit to "hitting a number" that aligns with business goals. I suggest "sales qualified leads" (leads that are ready to be contacted by sales) because it is a strong sign of commitment.
4. In your plan, ask for sufficient budget to deliver on your commitment. If you don't get the budget, you are not being set up to succeed. You should then change your commitment to meet the budget you are given.  Whatever you do, do not make a commitment you cannot deliver. 
5. As part of developing your plan, learn how leads are currently handled inside the company and identify the breakdowns and bottlenecks. In my experience, the "lead to close" process most often breaks down when marketing hands off "sales qualified leads" to the sales team.
6. Avoid spending your inbound marketing budget until you know how to solve the breakdowns and bottlenecks in the lead to close process.   If your company has problems with the marketing to sales handoff of SQLs, it is critical that sales is trained on how to qualify leads correctly, and tag those who are not ready to buy in the CRM for continued nurturing.

Good luck!  Stay focused on identifying barriers to growing sales, building a plan and making sure sales knows how to handle leads.  You should consider working with a HubSpot partner who has B2B marketing expertise and knows how to get results using the platform..

[DiyaHarding]

Auditing the marketing performance of a B2B company is all about understanding the current landscape and identifying areas for improvement.First, get a solid grasp of the company's goals and target audience. This will help you tailor your marketing strategies to effectively reach and engage with potential clients.Next, take a close look at the channels and tactics currently being used. Are they yielding the desired results? Are there any areas that could be optimized or expanded upon?Metrics are also key in assessing performance. Look at metrics like lead generation, conversion rates, and ROI to gauge the effectiveness of your efforts.And don't forget, tools like KoalaB2B at https://koalab2b.com can be incredibly helpful in generating B2B leads and enhancing your marketing strategy.

[ALewis13 · Accepted solution]

Hi Kimmy,

I hope this helps some, and congrats on your new role! First, I would start by listing the tactics that the business is currently using: PPC, email, Seo, etc.. Then, I would note the individual goals for each tactic as well as the overall goal the combined tactics are working towards. Then, I would identify your target audiences and as well as study the buyer personas. I would also make note of the problem your company is solving for their ideal customer.  Now, you know what digital marketing avenues are in use, you know where you need to be at, you know who your ideal customer is, and you know how you're benefitting them. From here I would look at the analytics of every tactic (keep in mind things such as is this business seasonal, overall industry market etc)  Identify the areas of disconnect through utilizing the analytics. Note where you need to make improvements. Note what performed well. From here, you have the information needed to begin to develop a digital marketing strategy. Remember that while the people performing these different tactics may never engage much, it is your job to keep them all aligned in order to reach the overall marketing goal. From here, you adjust as needed to continually improve. Analytics will show you everything. Be sure to have KPI's in place for each tactic as well, so everyone knows how to measure their performance. Good Luck!

Amie

[danmoyle]

Love that solid tactical, practical advice @ALewis13 🙂

[ALewis13]

Thanks, Dan. I appreciate your response.

Amie

[johnelmer · Accepted solution]

@Livelikecloud The suggestions from @danmoyle and @Gilempert are excellent.  Speaking as a former CMO, here's what I would add (and it has little to do with becoming an expert in B2B marketing):

1. Find and achieve an early win -- preferably by fixing a problem identified by your CEO.  
2. Do not ask what your CEO wants you to do. Ask what the barriers to revenue growth are, and make a plan to overcome them.  Review the plan with your CEO and other executives for feedback and buyin. 
3. In your plan, commit to "hitting a number" that aligns with business goals. I suggest "sales qualified leads" (leads that are ready to be contacted by sales) because it is a strong sign of commitment.
4. In your plan, ask for sufficient budget to deliver on your commitment. If you don't get the budget, you are not being set up to succeed. You should then change your commitment to meet the budget you are given.  Whatever you do, do not make a commitment you cannot deliver. 
5. As part of developing your plan, learn how leads are currently handled inside the company and identify the breakdowns and bottlenecks. In my experience, the "lead to close" process most often breaks down when marketing hands off "sales qualified leads" to the sales team.
6. Avoid spending your inbound marketing budget until you know how to solve the breakdowns and bottlenecks in the lead to close process.   If your company has problems with the marketing to sales handoff of SQLs, it is critical that sales is trained on how to qualify leads correctly, and tag those who are not ready to buy in the CRM for continued nurturing.

Good luck!  Stay focused on identifying barriers to growing sales, building a plan and making sure sales knows how to handle leads.  You should consider working with a HubSpot partner who has B2B marketing expertise and knows how to get results using the platform..

[nasirahmedsyed]

Hi John. Great advice. However, in point 4, did you mean to say "Whatever you do, do NOT make a commitment you cannot deliver."

[johnelmer]

@nasirahmedsyed Yes! Thanks for catching that.

[Livelikecloud]

Hi John, 

Thank you so much for your advice, it's really helpful.

Sincerely,

Kimmy

[danmoyle]

@johnelmer coming in with some genius advice. 

"Find and achieve an early win -- preferably by fixing a problem identified by your CEO. "

Love this! It leads nicely into the rest and gives a great level-set for an incoming marketer. 👏👏

[danmoyle · Accepted solution]

Hi @Livelikecloud and congrats on the new opportunity! Appreciate the tag, @MiaSrebrnjak 😊

+1 for what @Gilempert shared. I like the formula she offered. 

Here's how I'd personally think of an audit at my new company. 

1. How is the current marketing to sales handoff handled? 
   1. Is there lead scoring?
   2. Automation?
   3. Is every lead just handed off automatically?
   4. What about ABM?
2. What are the current marketing efforts underway? 
   1. Content marketing? 
   2. Advertising? 
   3. Conversion paths?
3. How do we measure revenue, attribution, and the customer journey? 
   1. Reporting will be crucial here. If they aren't doing anything yet, it's your chance to lay out the process and metrics that matter. If they have reporting, it's your chance to understand their "why."
   2. A few metrics should include: 
      1. Lead Generation Metrics. Start by evaluating the lead generation metrics, such as the number of leads generated per channel, lead conversion rates, and cost per lead. This will help you identify which channels and tactics are performing well and which ones need improvement.

      2. Sales Metrics. Look at the sales metrics, such as sales revenue, sales conversion rates, and customer acquisition costs. This will help you understand how marketing efforts are contributing to the bottom line.

      3. Traffic Metrics. Evaluate the traffic metrics, such as website traffic, bounce rates, and time on site. This will help you understand how visitors are interacting with the website and identify areas for improvement.

      4. Engagement Metrics. Check the engagement metrics, such as email open rates, click-through rates, and social media engagement. This will help you identify which campaigns and content are resonating with your audience.

      5. Customer Retention Metrics. Evaluate the customer retention metrics, such as customer lifetime value, churn rate, and renewal rates. This will help you understand how well the company is retaining customers and identify areas for improvement.

4. Document everything you can. I personally use simple documents, but some of what you're gathering (like a content marketing audit of the website and other digitial assets) may need a spreadsheet.

I hope that helps! 

[Livelikecloud]

Hi Dan,

Thank you so much for your answer, I really love the structure and the questions, which help me to navigate what parts I need to start and how I can start.

Hope to receive more advice from you in the future. 

Sincerely,

Kimmy

[danmoyle]

@Livelikecloud you're welcome Kimmy! Always happy to connect with folks for some knowledge sharing. I learn so much from the HubSpot community, and have for a long time, that it's a privelge to continue that with others. Cheers! 

[Gilempert · Accepted solution]

Hi @Livelikecloud ! 

Congratulations on your new role!! 🙂

Here are some suggestions to start:

1. Identify the business goals and objectives: Before you begin evaluating the marketing performance, it's essential to know the business's overall goals and objectives. This information will help you align your marketing strategy and tactics to support these goals. Try hard to connect with the sales team, to quickly understand what challenges they are facing and which type of content you can help with. Understand the length of the sales cycle, where are the deals stalling, could marketing help?

2. Review the website and its metrics: Review the website's content, design, user experience, and conversion rate metrics. Look at the website's traffic sources, the behavior of visitors, and the conversion funnels to identify areas for improvement.

3. Evaluate the current lead generation strategy: As a B2B company, lead generation is a critical component of the marketing strategy. Review the current lead generation channels, such as email marketing, social media, advertising, and events. Identify the most effective channels and optimize them to improve lead quality and quantity.

4. Analyze the customer journey: Understanding the customer journey is crucial to creating an effective marketing strategy. Map out the stages of the customer journey, from awareness to purchase and beyond. Analyze the touchpoints and channels used at each stage and identify gaps in the process.

Hope that helps 🙂

[Livelikecloud]

Hi Gisele, 

Thank you for your suggestion. May I ask about the way you analyze the consumer journey (do you score the attribute of each touch-point, and if so, how do you calculate/evaluate/fill the gap between touch-points?)

Sincerely,

Kimmy

[MiaSrebrnjak]

Hi @Livelikecloud, 

Thank you for reaching out to the Community and congratulations on your new role!  🎉 🙂 

Let's ask a couple of subject matter experts to see if they can share some advice: 

Hi @Gilempert, @danmoyle, @johnelmer, do you have any tips for @Livelikecloud? Thank you!

Cheers
Mia, Community Team