Picture this: You're a B2B marketer collecting data but are finding it difficult to create realistic goals based on that data.
Gartner reports that 53% of marketing decisions are data-driven, underscoring the need for a data-centric strategy. Leveraging data ensures your marketing efforts are targeted, measurable, and continuously optimized. But in the crowded marketplace, understanding how your strategies stack up against industry standards is crucial to creating realistic goals and making good decisions.
This is where marketing benchmarks come into play.
What are marketing benchmarks?
Marketing benchmarks are standard metrics used to compare your performance against industry standards. They provide a reference point to evaluate the effectiveness of your marketing efforts. By comparing your data to these benchmarks, you can identify areas of improvement, set realistic goals, and allocate resources more efficiently.
Why are marketing benchmarks necessary?
Marketing benchmarks are necessary for several reasons.
Performance Evaluation. They help you understand how well your campaigns are performing relative to industry standards.
Goal Setting. Benchmarks provide a basis for setting achievable goals.
Resource Allocation. They assist in making informed decisions about where to allocate marketing resources.
Optimization. Benchmarks highlight areas where your strategy may be lacking, allowing for targeted improvements.
This is the first part of our 3-part blog series on marketing benchmarks. Throughout this series, we will explore key benchmarks across various industries to help you optimize your marketing strategies and achieve superior performance.
Marketing benchmarks for B2B businesses
For small and medium-sized B2B businesses, understanding key marketing metrics is vital for gauging performance against industry standards, identifying areas for improvement, and setting realistic, data-driven goals. Below are some essential marketing benchmarks for B2B businesses, along with recommendations to optimize your strategies for superior performance and sustainable growth.
Please note that these benchmarks include data from B2B mega-giants across various industries. As a small B2B business, your metrics will likely differ (with decreased impressions and reach), but these benchmarks provide a valuable starting point.
Key website metrics for B2B businesses
Sessions
Median sessions - 3,230 per month.
Insight - Tracking sessions help gauge overall website traffic. A consistent increase in sessions indicates effective marketing strategies driving more visitors to your site. For smaller B2B businesses 3K sessions per month will be too high of a benchmark. Instead, look at your past sessions and add a growth rate.
Session conversion rate
Median rate - 2.3%.
Insight - This metric shows the percentage of sessions that result in a conversion action (such as signing up for a newsletter, or filling out a contact form). If your Google Analytics is not set up to track conversions, simply take the number of conversions, divide it by the number of sessions, and multiply by 100. A higher rate signifies that your website is effectively converting visitors into leads or customers.
User conversion rate
Median rate - 2.5%.
Insight - Similar to session conversion, this metric focuses on individual users. It helps in understanding the efficiency of your site in converting unique visitors.
Website search metrics
Impressions
Median impressions - 73,290 per month.
Insight - Impressions measure how often your content is displayed. High impressions with low clicks might indicate a need to improve content quality or relevance. The easiest place to find impressions is on Google Search Console. For smaller businesses, this benchmark will be too high.
Clicks
Median clicks - 997.5 per month.
Insight - Clicks are crucial for understanding engagement. A higher click rate suggests that your content is compelling and relevant to your audience. Check out Google Search Console for this metric. For smaller businesses, this benchmark will be too high.
CTR (click-through rate)
Median CTR - 1.44%.
Insight - This metric shows the percentage of impressions that result in clicks. It helps in assessing the effectiveness of your call-to-action and content relevance. Check out Google Search Console for this metric.
Paid advertising metrics for B2B businesses
Google ads
Median spend - $1,763.78 per month.
Median CPC (Cost Per Click) - $1.45.
Median CTR - 4.37%.
Insight - These metrics help in evaluating the efficiency and cost-effectiveness of your Google Ads campaigns.
Facebook ads
Median spend - $1,556.32 per month.
Median CPC - $0.54.
Median CTR - 1.54%.
Insight - Lower CPC and moderate CTR indicate efficient targeting and engaging ad content.
Microsoft (Bing) ads
Median spend - $1,334.64 per month.
Median CPC - $0.88.
Median CTR - 2.1%.
Insight - These metrics are useful for understanding the performance of ads on the Microsoft network, highlighting areas for cost optimization and engagement improvement.
LinkedIn ads
Median spend - $1,557.52 per month.
Median CPC - $3.96.
Median CTR - 0.63%.
Insight - LinkedIn ads tend to have a higher CPC due to the professional audience. A low CTR might indicate the need for better ad copy or targeting.
Organic social media metrics for B2B businesses
Facebook pages
Median page reach - 4,060 per month.
Median page engagements - 222 per month.
Engagement Rate - 0.4%.
Insight - Tracking reach and engagements helps understand the organic visibility and interaction with your content on Facebook.
LinkedIn company pages
Median unique impressions - 1,540 per month.
Median reactions - 85 per month.
Engagement Rate - 2%.
Insight - These metrics show the visibility and engagement of your LinkedIn content, crucial for B2B marketing.
Email marketing metrics for B2B businesses
Open rate
Average - 32%.
Insight - A higher open rate indicates that your subject lines are effective and your emails are perceived as valuable by recipients.
Click rate
Average - 4%.
Insight - Click rate measures the percentage of email recipients who click on links within your emails. A higher click rate suggests compelling content and strong calls to action.
Click-to-open rate
Average - 20%.
Insight - This metric shows the effectiveness of your email content. It’s the percentage of opens that resulted in clicks, highlighting how engaging your email content is.
Unsubscribe rate
Average - 0.12%.
Insight - A low unsubscribe rate indicates that your audience finds value in your emails and is willing to stay subscribed.
Recommendations for effective B2B marketing
Based on the industry benchmarks above, here are our recommendations for Effective B2B Marketing.
Enhance website performance. Improve user experience and content quality. Utilize A/B testing to optimize landing pages and CTAs, aiming to increase conversion rates.
Optimize paid advertising. Refine Google, Facebook, and LinkedIn ads. Use relevant ad copy, precise targeting, and visually engaging formats to boost CTR and reduce CPC.
Leverage organic social media. Create high-quality, relevant content. Engage with your audience and use a mix of content types to maintain interest and interaction.
Improve email marketing. Use compelling subject lines and personalized content. Segment your email list for targeted messaging and maintain high value to reduce unsubscribe rates.
Wrapping up
Incorporating industry benchmarks into your marketing strategy is essential for optimizing your efforts and achieving measurable results. By comparing performance with these standards, B2B businesses can pinpoint areas that need improvement, set achievable goals, and make strategic decisions that promote superior performance and sustainable growth.
For additional insights into marketing benchmarks, read Elevate your professional services marketing strategy: Key industry benchmarks.
Sources: databox.com 1, databox.com 2, beehiiv.com, properexpression.com.
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