On behalf of the German Association for Industry Communications (bvik), the STAR COOPERATION is establishing a system of key performance indicators for the success of marketing measures. The system will be implemented in practice for the first time in June.
Many B2B companies lack in concrete indications for measuring the effectiveness of their marketing activities. Therefore, bvik commissioned the STAR COOPERATION in the past year to establish suitable key performance indicators (KPIs) in this area. Those shall enable companies to make the success of marketing activities measurable and to deduce action recommendations from the measuring results. Firstly, the fundamental factors were identified and defined in intensive workshops, through member surveys and extensive research. In the ongoing reference project, the truly relevant individual factors deriving from this basis are being incorporated in a meaningful KPI system which offers a dashboard overview of all factors crucial for success. From June onwards, the results will be transferred into practice for the first time and validated for its significance.
The goal: Agile Marketing
„Marketing communications is increasingly under pressure: bigger, better, faster, ever more specific for the target group. The more productive it gets, the more will it contribute to a company’s value, therefore gaining a different degree of appreciation that can withstand the next round of budget cuts,” Albrecht Heidinger, Manager Consulting at the STAR COOPERATION, is convinced. From his experiences, he knows a lot about the situation many marketing departments find themselves in. His answer to their problems: be agile, react quickly and on target to the current market situation and meet the customer at the right point in the purchasing process.
Key performance indicators, i.e. factors that can be decisive for a company’s success, can give an indication for that. However, the current bvik marketing budget study has shown that few collect substantiated success factors for their marketing measures so far. In this, they use either too few and simplified figures or a too big and confusing amount of indicators. This way, hardly any statement can be made about the effectiveness of their activities to raise customers’ interest in their products and increase brand loyalty. At this point, the STAR project comes in which has now created the theoretical foundation for meaningful KPI systems based on practical experience.
Silke Lang, Member of bvik’s board, appreciates this practical foundation: “Eventually, only tangible examples of which methods lead to which results and what to make of them will help the companies in B2B industries. Both company as well as marketing leaders should be able to determine how they can use marketing budgets and resources in a way to achieve the best possible advertising effect in the market.”
First rollout of KPI system in june
From June onwards, a STAR COOPERATION team will implement such a KPI system in a member company of bvik and, based on this, optimize its marketing processes. The specific experience concerning investment and results will help in the future to give the marketing also of other companies a more agile shape. The conclusion of the project is forecast for the end of 2016.
The full progress report for the “Development of Key Performance Indicators in B2B Marketing” project can be downloaded here (German only).