Common challenges and solutions for Measuring Sales and Marketing ROI for Manufacturers
In today's digital age, data is the driving force behind business decisions. The power of data-driven insights cannot be overemphasized, especially for industrial firms like manufacturing, transportation, logistics, warehousing, and distribution where margins can be slim and every decision counts. But capturing and utilizing this data, especially Return on Investment (ROI), presents a unique set of challenges for manufacturers. Interested in seeing if your business is ready to drive Marketing ROI? Our self-assessment tool provides insights into where businesses might be lacking.
Challenges in Capturing ROI Data for Manufacturers
Lack of a Dedicated Platform to Capture Data
Before the digital era, traditional methods of tracking ROI were somewhat straightforward but not nuanced. Total sales were often compared to salaries and bonuses, with additional expenditures for things like marketing. Most team members were evaluated on individual performance, with little way to understand what was working. The rise of Customer Relationship Management (CRM), however, allows for capturing complex and full evaluation of your sales pipeline.
Missing Data from Distributors or External Partners
The manufacturing industry often relies on a network of distributors and external partners. This network, while vital, can be a source of missing data, especially if there's no standardized method for data-sharing and attribution. Add the challenge of protecting proprietary information and we end up with significant gaps in our ROI measurements.
Getting the Sales Team Onboard
The sales process is integral to ROI, but there's often a gap between sales activities and ROI tracking. Resistance to new systems, coupled with a misalignment of incentives, can deter sales teams from capturing essential data. This whitepaper delves deeper into the reasons your online marketing efforts might not yield the desired leads, and a resistant sales team can certainly be one of them.
Difficulty Tracking Contacts Throughout Their Interactions
The customer journey in the manufacturing sector is seldom linear. Tracking contacts throughout multiple touchpoints with the brand can be challenging. Multi-channel interactions, both online and offline, make the task even more daunting.
The Structure of a B2B Case Study
Commit to your CRM: A specialized CRM system tailored for manufacturers can be a game-changer. For small to medium-sized businesses, HubSpot CRM provides user-friendly interfaces integrated with manufacturing workflows. For more sophisticated organizations with greater complexity, platforms like Salesforce Manufacturing Cloud and SAP C/4HANA are specifically designed to address the nuances of manufacturing businesses. Such platforms not only automate data capture but also offer real-time analytics and customizable reports, essential for an accurate ROI calculation. Manufacturing digital marketing insights further emphasize the importance of choosing the right platforms and strategies.
Get a Full Picture of Your Sales Cycle: To measure ROI accurately, one needs a comprehensive understanding of the entire sales cycle. We often see customers focus on only one section in a silo, but by breaking down the process from lead generation to after-sales support and mapping out the customer journey, businesses can identify and optimize key interaction points. This approach ensures that no valuable data point gets missed.
Train Your Sales Team and Partners: A well-informed sales team is a data-driven sales team. Comprehensive training, ranging from workshops to webinars, can empower the sales team and external partners to capture relevant data efficiently. By providing them with the right tools and resources, and by aligning incentives with data capture objectives, manufacturers can ensure consistent and accurate data flow.
Monitor, Analyze, and Adapt: Continuous monitoring is the key. Regular audits of the ROI measurement processes and feedback loops ensure that insights derived from the data are effectively implemented. This not only helps in identifying gaps in data capture but also refines strategies, ensuring they remain effective as market dynamics evolve. For businesses wondering about the viability of their digital marketing budgets, estimating digital marketing ROI offers insights on how to validate budgets and ensure maximum returns.
In conclusion, while measuring ROI for manufacturers presents its set of challenges, the solutions lie in embracing technology, refining processes, and fostering a culture of continuous learning. By addressing these challenges head-on and leveraging the right tools and strategies, manufacturers can ensure a robust and accurate ROI measurement, paving the way for data-driven growth and success. Need help with doing so? Syncshow is the only Industrial exclusive marketing agency built to drive results, not outputs.