How To Measure ROI Of a New B2B Website
For a B2B company, website marketing is a crucial tool that can make or break your advertising budget and company revenue as a whole. The success of any major campaign depends on what gains can be identified as having resulted from the project. Even for small businesses that may not be measuring the impact of their content marketing properly, the most basic understanding of ROI for a new B2B website is highly valuable in determining how to allocate resources and capital. Understanding ROI can also indicate the effectiveness of a particular course of action, along with whether or not it is worth pursuing or should be abandoned. The best method of measuring ROI is using this formula:
ROI = (gains from investment minus cost of investment)/ (cost of investment) x 100%
Knowing where to actually find the values to input in that equation is often the most difficult part of generating that number. If you are confused about where to begin, you are not alone. A recent survey conducted by LinkedIn found that only 39% of marketing professionals are confident in their ability to successfully calculate the ROI of their B2B marketing strategy.
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Signs You Need a New B2B Website
An underperforming website can actually be a bigger problem than having no website at all. There are a collection of factors that can indicate whether or not it is time to start a redesign, or even the more extreme choice to do a complete teardown and overhaul. GoingClear offers a multi-disciplinary website audit that will decisively identify the following shortfalls, which are all signs that you need to hit reset:
- Your website is slow to load
- Your website does not reflect your brand
- Your website is not mobile-friendly
- Your website has not been updated for a period of three or more years
- You cannot update content yourself
- Navigation through the site is confusing
- Analytics tools indicate a high bounce rate
- The lead conversion rate for site visitors is low
- Your B2B website is not using inbound marketing
Considerations When Designing to Increase ROI
How are users finding you?
A quality B2B website is a self-perpetuating marketing machine and needs to be visible to the highest number of potential clients in order to work that magic. Think about how users are finding your company, and thus your website, in the first place.
Studies indicate that the most successful B2B sites only convert about 20% of visitor traffic into leads via forms or account creation. That’s why it’s important to understand the composition of visitors that make up that other 80% – that’s how your company will know who and how to target in order to generate highly desirable leads.
So, how do you learn exactly who is visiting your website? The two main ways are IP tracking tools and heat maps.
Your web server records the IP address of every visitor to your site. Installing a visitor tracking tool gives your company insight into who is reaching your homepage. There are many versions of tracking tools, all with various pros and cons. Data from visitor tracking tools can be analyzed and fed into whichever CRM software your internal reps utilize, which allows your company to see the movement of potential leads through the journey from visitor to client..
Heatmaps are a popular type of data visualization that essentially shows you where visitors click on your site by assigning color variations. Heatmaps are useful for both design and evolution because they allow you to learn what parts of the user experience on your B2B website are the most engaging and what areas are being neglected. Partnering with the team at GoingClear can help you determine which will work best for your particular site and industry
Do you have a strong brand awareness?
Branding has become synonymous with success because the value of a brand means limitless potential for your B2B company. Your website often needs to take on the dual duty of creating your B2B company brand and providing messaging consistent with branding from other marketing efforts.
It is jarring for users to find a B2B site that doesn’t align with branding efforts. A website audit from GoingClear will help determine which elements are furthering brand awareness while maintaining the already-existing brand voice.
Can users find your website for high intent terms?
This part is simple and relies mainly on Google Analytics reports. Your B2B website exists to discover and convert highly desirable leads into highly desirable clients. Identifying the search terms that your most desired clients are using to research products and services will help your marketing teams calculate what the actual ROI of your website is by measuring the conversion rate of leads that have arrived at your site via search.
Measuring the ROI of a Website Redesign
Once the new site is live, there are simple steps to measure the success of your B2B website overhaul endeavor:
This requires assessing the cost of the initial redesign project plus the cost of maintenance over a specific period of time.
Establish Clear Goals
To track success, your company needs to establish what the goals of your B2B website are and how to determine if they’ve been achieved. The most common goals for a B2B company website are to increase brand awareness, grow brand engagement and interactions, increase the number of qualified leads generated by your site, and increase the conversion rate of the qualified leads generated by your site. The use of the free Google Analytics tools will again help you to answer the questions that originally indicated a website redesign would be beneficial.
Keep Track Of Long-Term Progress
Your B2B website ROI is not measured in dollars alone, as investments in a high-quality site amortize over the lifetime of the site. Continued tracking of website activity, search rankings, and increases in efficiency all contribute to ROI – which is a continually evolving metric on the path to success for any B2B company
Partner With Website Redesign Professionals
Get started on improving your site ROI today by connecting with the professionals at GoingClear. Contact our B2B website design professionals via the connect button up top.