Marketing strategy

4 tips for auditing your B2B marketing strategy

Auditing your B2B marketing strategy is a good idea to do every six months. Hopefully, you’re already in the habit of checking your marketing results every month for any obvious changes or fluctuations that might need your attention. An audit, however, takes a slightly more strategic look at overall marketing strategy and metrics.

Below, we share 4 tips for auditing your B2B marketing strategy, along with questions you should be asking yourself. An audit can take anywhere from 2-3 hours to 8-12 hours, depending on the scope of your policy.

Review 6 months of lead generation and lead conversions

For many B2B marketers, the strategic goal is to fill the sales pipeline and generate revenue. As such, it’s crucial to look at what generates leads and what converts leads into new customers.

Questions to ask:

  • Which channels are generating leads?
  • What is the quality of lead? (Quality over quantity is better for B2B.)
  • Are certain campaigns generating more leads? Better quality leads?
  • How long/number of contacts does it take for a prospect to convert?
  • How long does it take to sign a contract once the lead is generated?
  • Are there barriers to converting leads?

Estimate your brand presence in the market

A winning moment for any marketer is when the sales team tells them that prospects have “heard” about your business from different places. It’s a strong brand presence. As a B2B marketing agency, we recommend that you perform a high-level estimate of your brand’s visibility in the market. There are metrics you can determine, but for many companies this will be more qualitative than quantitative.

Questions to ask:

  • Are prospects familiar with our brand?
  • What is the level of familiarity? (Sales often has a good overview here, or you can listen to sales calls.)
  • What increases brand awareness in our market?
  • Is our brand present on all the necessary media? (Industry fairs, social media, industry publications, etc.)
  • If our brand is new or in the process of being rebranded, is the brand consistent?
  • Where can we actively expand our brand visibility?

Identify opportunities

When evaluating lead generation and brand awareness, you also need to think about opportunities. In some cases, opportunities are identified from failures. In other cases, opportunities are identified from small successes that can become big successes. Marketers need to take calculated risks. For example: don’t allocate your entire budget to an expensive video on a whim, but set aside a small budget to experiment with video marketing.

Questions to ask:

  • Are there gaps in our marketing strategy?
  • Is there a campaign or channel we haven’t tried?
  • What is working that we would like to develop?
  • What is the failure that we would like to rework or move away from?
  • What do the metrics tell us?
  • What are prospects and new customers saying to sales or customer service?
  • Is there a need in the market that our competitors are not meeting?
  • Are our competitors excelling at something we haven’t even tried?

Identify new and creative ideas

It’s important to be consistent in executing your marketing strategy to get results and gain the trust of your target market. However, it is also important to incorporate fresh and creative ideas into your strategy. During your audit, try to identify new and creative ideas to explore. This can vary widely, from identifying new blog topics that your prospects love, to launching new campaigns that really reach your target audience, to finding a new channel like email that decision makers seem to prefer.

Questions to ask:

  • What are my target buyer’s pain points?
  • Has a new issue/problem appeared recently?
  • What do new customers love about our products/services?
  • Did a particular blog or ebook do well?
  • The new salesperson is converting leads at a rapid rate, what’s her message?
  • Are there new ways to share the benefits of our products or services?

While reviewing the metrics of your B2B marketing campaigns is essential to gauge the success of your strategy, avoid falling down the analytics rabbit hole. A common problem with audits is that marketers go too far in the weeds and miss the big picture or context.