Comparing the efficiency of your B2B Marketing Funnel
It's natural that marketers want to benchmark, to compare the efficiency of their conversion funnels - but what datasets should they compare with? Within Ecommerce there are relatively good sources for Retail ecommerce conversion rates provided by Ecommerce vendors, but within business-to-business, no similar benchmarks are widely available - let us know if you know any good sources! I think this lack of B2B benchmarks is partly because it is harder to define the different steps of the funnel within B2B marketing in a standard way.
If you're looking for a comparison of B2B conversion rates - here is a simple comparison from Marketing Sherpa, but it's a couple of years old now and doesn't standardise the funnel as conversion from lead to marketing qualified lead to sale, or look at costs such as cost per lead and cost per acquisition. The figures seem high for a site with an active blog - they're more typical for bespoke landing pages.
A new compilation of B2B conversion benchmarks
Given the lack of B2B conversion benchmarks and since we like to share insights to inform digital marketing, I was pleased when HubSpot got in touch recently to say they were planning to create a benchmark based on user submitted conversion rates. They're working with different partners like Smart Insights to ensure there is a good international sample from business-to-business marketers across different sectors.
The benchmark is well structured to look at different step conversion and cost per lead.
So, if you work in B2B marketing and have a good understanding of your conversion funnel, please share your benchmarks - the survey is an anonymous one pager, so will take two to three minutes to complete and a Macbook air is on offer as a prize.