I love reports.  You just can’t beat some good marketing metrics when you walk into a management meeting.  Unfortunately, one of the biggest challenges to measurement that I often see when a company is implementing marketing automation (MA) for the first time is not having any benchmarks.  If you don’t have any benchmarks, how do you know that you’ve improved your metrics?  As I talked about in my blog post from a few days ago, you will soon have massive amounts of data flowing in, so you need to figure out now how to measure before you get too far behind.

I have two suggestions for you.  The first is just to start measuring.  Pick some metrics that are meaningful and start measuring them.  Your measurement today is your first benchmark, and you can look back over time to see the trend.  Be sure you track these measurements outside of your MA or CRM system if your system does not “snapshot” data (i.e., most systems are just cumulatively adding data, so sometimes it can sometimes be hard to isolate certain metrics and trend them over time).  If you are having trouble picking your metrics, go back to your marketing goals.  If your goal is to make money through marketing, well then revenue related to marketing campaigns would be one of your metrics.

My second suggestion is to use industry benchmarks.  Here are some useful ones:

  • The average B2B firm spends 4-5% of revenue on marketing
  • Based on the Sirius Decisions model, about 13% of Inquiries will turn into Closed Won Opportunities
  • Also based on Sirius Decisions, about 23% of Sales Qualified Leads will turn into Closed Won Opportunities
  • The average open rate for a B2B email is around 20% and the average clickthrough is about 4-5%
  • For a form on a webpage, the average conversion rate is around 0.2%

You can probably find others that are more specific to your vertical – there is a ton of research that exists out there by Sirius Decisions, Forrester, and others.  A quick Google search will usually find you something you can start with.  Good luck and happy number crunching!