#130: Strategy | How to Measure Your B2B Marketing Efforts (With Pranav Piyush, CEO and Co-Founder of Paramark)
Apr 8, 2024
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Pranav Piyush, CEO of Paramark, discusses marketing measurement challenges, short-term vs. long-term investments, UTM tags, correlation between marketing channels and pipelines, and measurement for non-direct response initiatives with Dave Gerhardt.
Align marketing goals with business strategy for effective measurement.
Test strategies like conversion lift tests for accurate marketing impact measurement.
Provide a range of forecasting scenarios for risk management in marketing strategies.
Analyze Super Bowl ads to understand their diverse impacts on brand visibility and engagement.
Deep dives
Ferros IQ Offers Solutions for Efficient B2B Marketing Pipeline Growth
Ferros IQ provides targeted demand solutions leveraging down funnel intent signals to assist B2B marketing leaders in reaching ideal buyers and generating high-converting leads. Their approach focuses on efficiently building pipelines amidst reduced budgets and tighter resources, setting them apart in lead generation effectiveness.
Practical Strategies for Marketing Measurement Success with Pranav
Pranav discusses the importance of framing marketing measurement with an investor-first mentality, emphasizing the need to align goals with business strategy rather than individual team achievements. Understanding the business goals from an investor's perspective guides marketers towards more effective measurement strategies.
Understanding Incrementality and Causality in Marketing Experiments
Pranav highlights the significance of identifying incremental net new business impact in marketing activities, stressing the difference between correlation and causation in experimental analysis. He recommends testing strategies like conversion lift tests, geo testing, and time-based tests for accurate measurement of marketing effectiveness.
Forecasting as a Key Element in Marketing Measurement
Forecasting plays a crucial role in determining the future performance of marketing strategies. Pranav explains that providing a range of best and worst-case scenarios to stakeholders, rather than a single precise number, helps in risk management and accurate performance evaluation.
Analyzing Impact of Super Bowl Ads on Brands: A Case Study
Through a series of examples including Deadpool, Sarah Vee, Dunkin Donuts, and Teemu, Pranav illustrates the diverse impacts of Super Bowl ads on brand visibility and search interests. He showcases the varying levels of impact these ads had on brand searches and engagement post-advertising, offering insights into the effectiveness of each marketing campaign.
Bonus Section: Interactive Session with Dave and Pranav
The engaging session delves into the evaluation of Super Bowl ads, with discussions on search impact, brand visibility, and marketing outcomes. Attendees participate in analyzing the effectiveness of various ad campaigns to understand the correlation between creative content and brand engagement.
Sponsorship Acknowledgment: Ferros IQ's Innovative Solutions for B2B Marketing
This episode of the podcast is enabled by Ferros IQ, a provider of efficient solutions for navigating the challenges of B2B marketing pipelines. Their expertise in leveraging intent signals and targeted demand aids B2B marketing leaders in achieving their growth goals amidst evolving market conditions.
Dave is joined by Pranav Piyush, CEO and Co-Founder of Paramark. With 15 years of growth and marketing experience at companies like PayPal, Dropbox, Adobe, and BILL, Pranav is convinced that CMOs deserve better measurement solutions. That’s why he started Paramark, a tool to help Marketing leaders become more confident about how to invest their budget for maximum returns across all types of marketing—brand and performance, online and offline, paid and owned.
They discuss things like
The challenges of marketing measurement
Short-term vs. long-term investments
UTM tags
How to understand the correlation between each marketing channel and pipeline
Measurement for Non-Direct Response Initiatives
Timestamps
(00:00) - - Intro to Pranav and Paramark
(07:46) - - Marketing Measurement Challenges
(13:35) - - Clicks and UTMs
(17:33) - - How to think about Strategic Metrics
(20:46) - - Being Data-Driven in your approach to growth
(23:34) - - How to decipher marketing's impact
(25:27) - - Experimentation and insights
(33:39) - - Strategic forecasting
(35:39) - - Short-Term Gains vs. Long-Term Investments
(40:42) - - Measurement for Non-Direct Response Initiatives
(43:50) - - Understanding the Relationship Between Marketing and Sales
(46:21) - - Understanding the Impact of Super Bowl Ads
(51:29) - - Exploring the Impact of Temu's Super Bowl Ad
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Thanks to my friends at hatch.fm for producing this episode and handling all of the Exit Five podcast production.
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