In the ever-evolving landscape of B2B communication, one thing remains constant: the need for effective strategies that yield tangible results. While measuring efficiency has long been a staple of assessing performance, it’s high time we shift our focus towards measuring effectiveness.
The Efficiency vs. Effectiveness dilemma
Efficiency, often measured by metrics such as cost per lead or cost per click, is common in evaluating the success of communication campaigns. While it provides valuable insights into resource allocation and process optimization, it fails to capture the complete picture. Enter effectiveness – metrics that delves deeper, focusing on outcomes and impact. Measuring effectiveness enables us to assess whether our efforts are truly driving the desired results and contributing to long-term business goals.
What effect are you aiming for?
“The Effect System” is the Swedish industry standard for measuring marketing effect, built around 36 distinct effectiveness measurement tools. Depending on your desired impact, diverse combinations can be harnessed.
For instance, if your aim is to fortify and position your brand, you might want to measure awareness, interest to buy and willingness to pay (measurements 19-24, 31). Conversely, if catalyzing direct sales is paramount, quantifying interested prospects, website traffic, and the evolution of sales leads (measurements 6-11, 25-29) could be instrumental.
What effect are you aiming for? Find measures that matches your customer journey!
Why not look closer at Share of Search
One groundbreaking approach that’s gaining momentum in the B2B communication realm is Share of Search (SoS). This innovative measurement tool, based on the “absolute truth ie what we search for on Google, allows us to predict future market share and how we stand towards competitors.
SoS measures the proportion of searches for a specific brand or topic relative to its competitors within a given market. The changes in branded searches has a 0.7 correlation with a coming change in market share making it a truly effect tool to see how marketing initiatives affect sales and market share.
For a more profound dialogue on effectiveness measurement or a glimpse into your company’s Share of Search performance, we invite you to reach out to us at Pyramid Communication.
Enhancing your grasp of effectiveness measurement and embracing Share of Search can empower your B2B communication endeavors, propelling you towards greater success and impact in the dynamic digital landscape.