The primary metrics that matter for B2B marketing teams are conversion rates, but measuring them correctly can be tricky. That’s because the metrics that used to be important — like the number of website visitors — are no longer the determinative factor in whether a lead ultimately becomes a customer. Today, the most crucial B2B conversion metrics measure the completion of a given action, not just the number of visitors that come to the site. Therefore, modern B2B website conversion metrics include average deal size and marketing qualified accounts (compared to marketing qualified leads).
Before diving into the website conversion metrics your team should be monitoring, it’s essential to understand what these modern metrics look like and why they are becoming increasingly important.
What Do Modern B2B Website Conversion Metrics Include?
In the past, the primary goal of B2B website conversion optimization was to increase the number of website visitors. The theory was that if more website visitors came to the site, the chances of a lead becoming a customer would increase.
However, this thinking is no longer the case. When it comes to B2B marketing, the goal is no longer to get as many website visitors as possible. Research shows that 30% of B2B marketing teams believe that the overall quantity of leads provides valuable insight into content performance. In comparison, 69% stated that website engagement provided the most insightful information, closely followed up by overall conversions (67%).
Source: Content Marketing Institute
That said, the new goal is to get as many of the right website visitors as possible. This means that modern B2B website conversion metrics now focus on account-based metrics, not just those that measure the number of website visitors.
Why Do These Modern B2B Website Conversion Metrics Matter?
As the digital landscape continues to evolve, so do the most important B2B website conversion metrics. B2B marketing teams are focused on optimizing their website to generate leads/accounts that turn into customers rather than just website visitors.
Today, the most important B2B website conversion metrics measure the number of accounts that are either marketing qualified or have turned into customers.
The significant advantage of account-based website conversion metrics is that they force B2B teams to think about the customer’s decision-making process. This is important because, without the ability to build empathy for the customer, B2B teams will always struggle to close the gap between lead and customer.
5 Website Conversion Metrics You Need to Start Monitoring
Website conversion metrics can help you to better understand your visitors’ needs and the decision-making process from their perspective. This, in turn, will help you to close the conversion gap and increase the number of marketing qualified accounts that turn into customers.
Not quite sure where to begin? Here are five modern website conversion metrics your team should start monitoring moving forward:
1. Marketing Qualified Accounts
Marketing qualified accounts are those accounts that have been flagged as a good fit for the company’s products or services. This can include opportunities that have been identified as a fit through a marketing or sales outreach campaign. Marketing qualified accounts help B2B teams understand the customer’s decision-making process.
So, what makes this metric a valuable website conversion metric? Marketing qualified accounts provide B2B teams with the opportunity to understand what stage of the decision-making process the customer is at. This is valuable because it helps B2B teams understand how to best position their messaging to the customer to motivate them to take action.
2. Influenced Pipeline
The influenced pipeline is the group of customers that have been influenced by the company’s marketing efforts to some degree, and they are either ready to buy or have expressed an interest in learning more.
This can be considered a vital website conversion metric for B2B teams because it helps them understand which marketing efforts resonate with their audience. It also allows B2B teams to understand how their marketing efforts are helping to influence their customers’ purchasing decisions.
3. Deal Close Rate
The deal close rate is the percentage of accounts that have been converted into customers after a sales lead has been identified. This is an important website conversion metric for B2B teams because it allows them to understand the scope of the opportunity, which can help them better prioritize their outreach activities.
4. Average Deal Size
The average deal size is the amount of revenue that a customer has generated after being converted into a customer. This is an important website conversion metric for B2B teams because it helps them understand how much money is being generated by the pipeline. This can help B2B teams better comprehend the financial feasibility of their growth plans, which allows them better prioritize their growth initiatives.
5. Sales Cycle Length
The sales cycle is the amount of time that has passed from the first point of contact with a potential customer to the point where a deal has been agreed upon, signed, and closed.
This is an important website conversion metric for B2B teams because it helps them better understand the pace of their sales process, which can help them prioritize their outreach activities better.
Monitoring the sales cycle length also enables B2B teams to identify trends, such as the percentage of accounts closing in X number of days, which can help them better understand the type of messaging that performed better and the effectiveness of their outreach efforts.
Source: Marketing Charts
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