Hardware Marketing 101: How to Track Marketing Efforts with KPIs

by | Apr 28, 2022 | Business Development, Hardware Retail, Marketing Strategy

How to Track B2B Marketing Efforts with KPIs

The Essential Tool For Measuring The Success Of Your B2B Hardware Business

It’s imperative to have a foundation for your B2B – and a strategy to build out that foundation. But if you don’t measure, you can’t know what’s working and where you need to iterate and tweak to make your B2B sales exceed your own expectations.

What's a KPI

There are 5 categories of KPI you should be looking at on a monthly basis to make sure your team is on track for your yearly goals.

  1. Sales
  2. New Accounts
  3. New Revenue
  4. Margin Growth
  5. B2B Sales Growth Overall

We’ve created a sample outline that you can copy directly, or that can serve as a starting point for your own customized KPI goals. It’s essential to set down clear and attainable objectives for your B2B team or person and to communicate how the B2B business dovetails with your regular hardware business across your organization.

The details are important to share with your leadership team but remember to include your front line in the big-picture goals and how they can play a role in your B2B business’s success. Your front-line teams can have some of your best players, and they can help your company succeed in areas they know about and understand.

Once you’ve set out these goals – and it’s best to formulate them with your B2B team so that you create buy-in, trust, and accountability from the start – follow through is key.

Your goals are only as good as your ability to consistently check in, iterate, and measure on a frequent and regular basis. We lay out a monthly check in here, but weekly is a great idea, especially at the start.

ORGANIZATIONAL KPI FOR B2B GROWTH – SAMPLE OUTLINE

  • 2024 Goals
    • $600,000 in sales
      • Reported monthly
      • B2B salesperson to share with direct report weekly
    • 5 new accounts/mo
      • Reported monthly
      • B2B salesperson to share with direct report weekly
    • Generate $100,000 in new revenue
      • Reported monthly
      • B2B salesperson to share with direct report weekly
    • Surpass 40% margin
      • Reported monthly
      • B2B salesperson to share with direct report weekly
    • Increase B2B sales to 15%
      • Reported monthly
      • B2B salesperson to share with direct report weekly

In our Ultimate B2B Checklist we talk about the significant impact a clear marketing strategy with a few key tools can make on the number of new acquisitions and the bottom line of your B2B income. This outline details deliverables that should be part of your B2B marketing strategy and sales team goals.

Your marketing KPI will help you dial in what works and what doesn’t work in various marketing areas like new lead acquisition, turning those leads into customers (and then repeat customers), return on automation creation and recurring deliverables.

You’ve got to have key marketing channels in place, but knowing what works and what doesn’t is where you learn how to build and scale your B2B business. Marketing KPI help you create strategic marketing campaigns that you can study and assess for the most positive results – that you can then turn into repeatable systems. 

MARKETING KPI FOR LEAD GENERATION AND SALES ENABLEMENT: SAMPLE OUTLINE

  • 2024 Goals
    • One time deliverables
      • Portfolio creation
        • Sales 
        • Marketing
      • Automation creation
        • CRM
        • Outbound campaigns
        • Inbound campaigns
    • Recurring deliverables
      • Lead generation of 50 leads / mo
        • Email
        • Social

Conclusion

KPI are an essential part of your B2B business, and when paired with clear goals and expectations of your team and where you want your B2B sales channel to take your company, you’ve got a winning combination for building and scaling a very profitable and diversified sales channel.

If you’re curious about how you can adopt tips like these into your B2B marketing efforts, click below to set up a meeting with Rand to chat about your marketing.

If you’re curious about how you can adopt tips like these into your B2B marketing efforts, click below to grab a quick meeting for us to chat! With Gratitude, Rand

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Jocelyn has been in the hardware retail business for over a decade, working with retailers from around the country on culture building, content creation, blog writing, website development, and overall marketing strategy. She has been working with Mojo since 2021.

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