Don’t Ditch Lead Generation—Do Lead Generation Better
As B2B marketers, how do we quantify the results of our work? How do we prove the effectiveness? The ROI. That’s the constant challenge we face, especially when it comes to the building industry, where we have to be that much smarter. The numbers prove it: 32% of B2B marketers can’t even name the digital marketing tactic that generates the most revenue for their company. (Elton wrote an article about that here.)
Nonetheless, the challenge of quantifying B2B marketing results does not absolve B2B marketers of the responsibility to provide them. I came across an article earlier this week that argues too many people are placing lead generation as their #1 measure of effectiveness when it comes to their content marketing, but because sales teams often do not use marketing qualified leads effectively, that might not be the best option. Instead, according to the article, engagement should be the most important measure of success.
They’re talking about a lot of the same things Elton and I have been discussing on Navigate-the-Channel regarding the buyer journey and the tools prospects need as they self-educate their way through the sales funnel—basically, the idea that buyers need good content at various stops through the buyer journey. Their argument, therefore, is that engagement rather than lead gen is the most important metric.
I don’t know how much I agree. The article fails to mention how one measures “engagement” vs. “lead gen” (Do we just measure web traffic? Social?) and how you justify the effectiveness of those results as a marketer.
My take: if we’re saying we need a different measure of effectiveness because sales teams are no longer utilizing our MQLs from lead generation efforts, maybe the question needs to become not how else we can measure effectiveness, but rather, how we can better incorporate the sales team in the early stages by working with them to develop a follow-up plan for what happens after the lead is generated. I’ve blogged about the importance of that here.
As B2B marketers, we have a responsibility to provide results; vague metrics might work in the B2C world, but B2B can’t afford not to know specifically where the money is going and whether or not every dollar is being put to good use. The simple truth is that, in B2B, marketing is often the first expense that gets cut. Delivering to results that can be measured is the single best way to prevent that from happening.
But don’t let that influence you—read the article yourself and see what you think.