May 5, 2021

How to increase the ROI of your Marketing Efforts through B2B Analytics

Knowing where your target audience is located can help you reach them more effectively. With b2b analytics, you can provide valuable insights into their preferences and behaviour which will help you communicate with them more effectively.

Customer service is the new marketing. With customers demanding more and more from companies, it has become necessary to provide quality customer service in order for businesses to stand out. Customer service is not just about answering questions and resolving issues either; it's also about creating content that builds trust with customers and helps them get a holistic view of your brand.

B2B analytics can help you understand where your customers are coming from so you can better serve them through customer-centric marketing strategies such as B2B content strategy!

What is B2B Marketing Analytics?

The past few years have seen an explosion in the number of organizations using marketing analytics to derive business value from their data. But, what does this mean? While the term “marketing analytics” is thrown around a lot these days, there isn’t a consistent definition or understanding of what it means and how it should be used by marketers and other professionals.

One reason for this is that many people confuse marketing analytics with big data, advanced modeling techniques such as predictive analysis, and testing methodologies – all of which fall under the umbrella of analytic capabilities. These foundational aspects are useful but they aren’t sufficient on their own to produce actionable insights for customer centric organizations. The topic at hand deals with descriptive, diagnostic, and predictive analytic capabilities that enable marketers to better understand the behaviors of their customers and prospects.

So what is it?

To put it into simple words, B2B marketing analytics is the process of using metrics and data to make decisions about the strategies and tactics used for lead generation, demand creation, customer satisfaction, and shareholder value.

B2B marketing analytics, provides the right data to businesses so they can strategize their campaigns in a better way. Analytics show you what your customers want, where they are taking interest in and which platform performs best for your business.

These metrics include- 

  • Real-Time Analytics and Insights.
  • Churn Rate.
  • Contextualized Customer and Market Insights.
  • Granular, Person-Level Data.
  • Brand Measurement Capabilities.

Why is it important?

According to an article published in Forbes 80% of companies say they don't use marketing analytics and 88% of them believe they will be driven out of business within 3 years if they ignore these technologies. So despite the statistics it is important for businesses to understand the role marketing analytics play in digital marketing campaigns because success depends on how well you utilize these tools effectively. 

Today's B2B companies are focusing more on sales automation, marketing analytics, prospecting tools and client management systems to help them stay ahead of the curve in their respective industries.

  • These systems not only provide measurable results but also help companies save time and money while increasing their productivity significantly.
  • Personalized marketing can help companies to increase their conversions in a number of different ways. The process starts by collecting data that is relevant for each customer and then using this information in targeted campaigns towards them through online platforms such as social media, email or even mobile apps.
  • It allows marketers to reach out only to the intended audience which will provide valuable insights on how they are conducting business with them while also creating more loyal customers over time due to the unique experience. 
  • People generally prefer knowing exactly what they want rather than having something forced upon them like traditional advertisements would do it. Personalizing ads has become very popular among many businesses due to its effectiveness especially when combined with real time analytics.

The importance of using B2B marketing analytics can be understood by looking at an example. One of the most important aspects in social media is how to engage the right audience, but that is difficult because it involves getting people's attention which is hard when there are so many other brands competing for attention.

So marketers need to understand their customers' behaviour which means analyzing data effectively. This way businesses can get a better understanding of their user base and utilise this information for campaigns targeting specific audiences or segments. 

Marketing analytic tools help companies do just that - provide them insights into who does what on your site, where they're spending time, and how to get them to spend more time on certain areas. This helps marketers deliver a great user experience and also increase conversions .

For Example

People who have visited the HR page of a website are likely to be going through a career transition while those that have been spending time on the Products page might be closer to making a purchase decision. So when these customers land up on your site they should see content catered specifically for them which might include blogs or whitepapers related to their stage in the buying cycle. The information provided by marketing analytic tools assists businesses in this regard so they can serve customers with relevant content at each stage thus creating a better customer experience and increasing sales.

B2B Marketing Solutions

Businesses need to analyse which types of content are being well received and promoted by their audience. Marketing analytic tools help companies do just that - provide them insights into who does what on your site so marketers can create more user-friendly content for customers across various buying stages .

The following five categories comprise many of the most popular solutions used by marketers today:

1) Lead Generation: Tools that automate lead generation (lead nurturing and lead scoring) and 'smart' digital content.

2) Web Analytics: Tools that provide insights into your web traffic, such as the number of visitors to your website and their geographical location or what pages they spent most time on or which links were clicked on the most .

3) Real-time Personalization: Tools that help you deliver better user experiences by delivering content through a marketing automation system based on prospect actions and behaviour. They also enable marketers to send personalised messages and track responses in real time .

4) Sharing content: Automating the process of sharing valuable company and industry news via email, social networks or even offline channels.

5) Targeted messaging: A tool that enables companies to create custom audiences within their existing marketing databases (e.g., CRM, email lists) and then target them with messages through the marketing automation system .

How to Increase your ROI through B2B Analytics. 

There are many ways to increase the ROI of your marketing efforts, but few are as powerful or provide such a quick turnaround on investment than B2B marketing analytics.

The goals around maximizing ROI from marketing investments have always been fairly straightforward: Increase market share by getting more prospects to convert into customers.

But today this is challenging for a few reasons: 

1). First, there are literally hundreds if not thousands of companies vying for your customer’s attention and dollars. And while the total number of active prospects may be relatively consistent, there are always new competitors and upstarts that can and will take share from incumbents in highly competitive markets. 

2). The second challenge involves the way customers today prefer to engage with brands: They no longer see their interactions with companies as transactional, but rather fluid engagements across multiple points of contact with a company over time. This applies to both incremental sales opportunities (e.g., checking out products/services online) as well as loyalty-building activities (e.g., reading product reviews).

As marketers continue to invest in these types of customer engagement strategies, it’s important for them to understand which combinations of marketing initiatives are most effective for specific customer segments or product/service types.

So how to use B2B Marketing Analytics in order to increase sales?

  • People that have been spending time on the Products page might be closer to making a purchase decision. So when these customers land up on your site they should see content catered specifically for them which might include blogs or whitepapers related to their stage in the buying cycle.
  • The other area where marketers can derive value from their data – or what we generally refer to as marketing analytics – is in understanding how campaigns perform over time and across touchpoints. This starts with measuring campaign activity (e.g., web page views, email opens) and conversions (e.g., downloads, leads) across campaigns, then moves into understanding which combinations of campaigns are most effective at driving specific customer behavior for different products/services across the entire customer lifecycle . Marketing managers need this insight so they can optimize marketing resource allocation by channel , product/service type , geography , customer segments , etc. 
  • Once organizations have achieved some level of proficiency with their marketing analytics capabilities, the next logical step is to make use of predictive analytic technologies such as predictive modeling and machine learning (i.e., building models that can predict future events) which enable marketers to better understand their customers and optimize customer engagement across multiple channels at optimal times based on key behavioral characteristics . These may include a customer’s propensity to buy a product or service over time , pricing sensitivity, response rates to specific campaigns or content types, etc. 
  • Another area where marketing analytics can be effectively used is in helping marketers understand what’s working and what isn’t with their email campaigns over time . For example, does the open rate on your email campaigns continue to drop? Are initial conversion rates increasing or decreasing? Are certain products failing to convert at expected rates when they are launched?  These questions can all be answered by applying various analytic techniques (e.g., segmentation, clustering) to historical data which enables marketers to determine root-cause issues that they may not have otherwise identified through other means (see figure below).

Marketers need to be able to apply their own performance metrics to drive optimal business outcomes. Ideally, this will involve determining ROI at the program level (e.g., 50% ROI on an email campaign) and applying those numbers across multiple objectives and budget lines. Then they can optimize allocations based on what’s working and what isn’t – without having to wait for IT or internal financial analysts to provide the data on a periodic basis. 

Wrapping up

One of the most important features of marketing analytic tools is to help businesses get deep insight into customer behaviour which will enable them to create more user-friendly content across various buying stages . As noted earlier this helps marketers deliver a great customer experience while increasing conversions . Marketing analytics also enables companies to plan their content strategy based on personas and segments, another important feature that will help them achieve success with B2B Digital marketing campaigns.

Brian Solis, principal analyst at Altimeter Group, said that “Marketers are expected to become more data-driven in order to make better decisions. To achieve this, they need access to appropriate analytic tools that help them discover new trends and patterns within their existing data sets without having to rely on sophisticated IT resources”.

At the end of the day, every business needs better insight into their customers so they can create effective marketing campaigns. Marketing analytic tools help do just that--provide insights into who does what on your site so you can use these findings for campaigns targeting specific audiences or segments thus helping achieve higher ROI.

Share Post:

Comments System WIDGET PACK
Written by

Harsh Gupta

Start engaging with your users and clients today