June 28, 2021

What Is B2B Marketing Analytics, and Why Is It Important?

B2B marketing analytics is the process of collecting, analyzing, and interpreting data that will help your business make more informed decisions about its marketing. This can include everything from determining what types of content are most engaging to measuring how effective email campaigns are at increasing revenue. If you are wondering why this is so important, here's the answer: without proper B2B marketing analytics, you will never know whether or not your current strategy is successful! Are you ready to learn more? Keep reading this blog to know how to accurate your B2B market intelligence that can be beneficial for your business!

According to this 2016 study by Forbes Insights, ‘The Business Case for Marketing Analytics’, “Today’s marketers are overwhelmed by the amount of data available for analysis. At the same time, CMOs are under increasing pressure to derive more insights from their growing marketing investments. Marketers must make smarter decisions based on actionable insights in order to drive revenue growth and maximize return on marketing dollars.”

Successful B2B marketing is not based on gut instinct. Experienced marketers rely on data. 85% of businesses believe they will improve ROI [return on investment] through effective use of analytics. Many tools exist that help you measure marketing performance.

What exactly is B2B Marketing Analytics?

The ultimate purpose of all marketing analytics is to generate actionable insights. This directly impacts your bottom line, as you can use those insights to make decisions that improve your program. In other words, marketing analytics must drive results.

Every company has a different methodology for getting from data to insight, but the following are the five steps we believe every company should follow:

1) Identify business objectives/goals – what do you want to accomplish? What do you expect to accomplish!

2) Identify performance indicators – what do you need to measure to know if you are accomplishing the business objectives/goals?

3) Collect data on those indicators – how can you accurately measure the above metrics?

4) Analyze data for insights – what conclusions can be drawn from looking at the data? What does this mean for your marketing program moving forward?

5) Decide next steps – now that you have found these insights, what actions will you take based on them.

B2B marketing analytics is all about finding insights. These can be used to improve your program moving forward, which aligns with the company’s business objectives and goals. However, it’s equally important to focus on asking ' what ', not ' how '. Regardless of your process, you must focus on identifying what problems exist before trying to find solutions. The former will yield actionable results; the latter will only waste time implementing changes that may or may not work.

B2B Marketing Analytics



Important Steps In B2B Marketing Analytics

Successful B2B marketers base their decisions on data, rather than gut instinct. Everything from campaign optimization (making minor tweaks based on minor fluctuations in results) to budgeting (finding a balance between cost-effective strategies and meeting company objectives) requires data.

Marketing analytics is the process of gathering, evaluating, and acting on marketing data. This includes everything from budgeting to campaign optimization. Every decision should be backed by numbers to give a realistic overview.

Let’s look at how each step actually plays out in an organization;

1) Business Objectives/Goals –
Some companies may put the cart before the horse when setting business goals for their programs. They need to understand what they are trying to accomplish first before finalizing any other details.

2) Performance Indicators –
Once you know what your business goals are, it becomes easier to identify performance indicators that can be measured to determine if those goals are being met. This is one of the most common errors marketers make when setting up their programs, as they often start with a list of “ideal” performance indicators before actually understanding what will help drive results.

3) Data Collection –
Before you can collect data on your performance indicators, it’s important to set clear expectations for what you need and how it should be captured. It sounds simple, but looking at metrics without context or understanding how they apply back to the business objectives/goals makes them nearly useless.

4) Analysis –
Once you have collected data on your performance indicators, it needs to be analyzed in order to find actionable insights that can be used to drive results.

5) Decide Next Steps –
These insights then need to be turned into actionable next steps that can be implemented by the company marketing team.

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B2B Marketing


How do you effectively collect, analyze and act on data?

In an ideal world, B2B marketing analytics would go something like this: Planners would start with a long-term vision of where they want to take their programs and define clear business objectives/goals before developing a strategy based on those goals.

Marketers would only develop performance indicators that are important drivers of goals and success, as well as those that can actually be accurately measured. This is where many companies fall short—they try to identify too many “ideal” metrics rather than focusing on the ones that will reveal actionable insights.

Data would be collected using a system that is flexible enough to capture the information required, with context around where/when/how it was captured. The data should be analyzed in real-time, so marketers can drive results when opportunities arise. Rather than producing reports for review at quarterly meetings, they are used as a tool to identify and act on next steps, like changing messaging or pivoting to a new audience.

If this were how B2B marketing analytics really worked, we would not see nearly as many high-level plans failing to produce expected results (and lower-level campaigns sinking into obscurity Knowing what to measure, why to measure it, and how to measure it is just the beginning. The real work happens in the data collection phase.

It’s important because marketers rely on data to make marketing decisions. This includes everything from budgeting to campaign optimization. Every decision should be backed by numbers, not gut instinct. And yes, this means taking an objective look at yourself in the mirror when you need to make changes!

Top 5 B2B Marketing Analysis Tools


In the following, we share our top 5 favorite tools for B2B marketing analytics.

1.
Hubspot Marketing Hub

This program provides everything you need to create successful inbound marketing campaigns for your B2B company, from A to Z. HubSpot's Marketing Hub is one of the company's five key products.

The Marketing Analytics & Dashboard Software is one of the most useful elements of HubSpot Marketing Hub. It is the one-stop solution for monitoring the effectiveness of all your marketing efforts, with built-in analytics, reports, and dashboards. This technology gives you complete power as a savvy data-driven marketer.

Hubspot
offers B2B Marketing Analytics features like customer tracking, website metrics, giving marketing channel reports. It provides a clear picture of the positives and negatives of your inbound marketing campaigns.

2. Salesforce Pardot

Pardot by Salesforce is a marketing automation system that is regarded as one of the greatest B2B marketing automation and client relationship management solutions in the world. It assists businesses in making meaningful connections by increasing the number of clients in the pipelines inside the marketing funnel, allowing sales to clinch more transactions. You may gain insights into your marketing performance, study your data, and take data-driven activities rapidly with its comprehensive marketing analytics. 

The Salesforce Pardot offers B2B Marketing Analytics features such as personalized dashboards, shares your campaign insights instantly, and helps you explore a billion data points. Its Artificial Intelligence [A.I.] helps in making smarter marketing moves. Also allows you to access analytics on your mobile seamlessly.

Pardot - YouTube
Sales Pardot Logo

3. Tableau

Tableau is a data-driven visual analytics engine that visualizes difficult data to make it understandable. It may investigate marketing data for various B2B campaigns using interactive visual analytics tools such as dashboards and interactive graphs. You can simply see your data as a marketer by dragging and dropping, with no need for coding. Tableau simplifies the task of nontechnical analysts who are not qualified to wade through data thickets.

If you are looking to move ahead with Tableau to get the B2B Marketing Analytics features in one place, then you would get a KPI Dashboard, an advanced visual chart, self-service analytics,  and your marketing activity calendar.

4. Buzzsumo

Buzzsumo was created specifically to generate metrics for your content marketing efforts. It is a social media analytics tool for content marketers that curates data. Based on inquirer reports and user search queries, this cloud-based tool scans your material. The success rate of a content marketing campaign is then calculated by examining shares, likes, and other engagements. Buzzsumo can identify the best-performing content across all markets. Because content marketing directs your prospects at the top of the funnel, each B2B company must prioritize it.

It offers some amazing analytical features like analyzing content, monitoring, and tracking everything related to your brand. Helps you manage your brand’s reputation and in doing effective outreach.

5. Mailchimp

Mailchimp is an all-in-one marketing platform that may assist small B2B enterprises in developing a smarter marketing plan that promotes development. Analytics is their strong point, thanks to AI-powered, user-friendly products. Mailchimp links you to data that helps you better understand your audience and connects you to the perfect message for your target. It simplifies complicated marketing data, making it simple to observe trends, measure success, and design better campaigns as you go.

The key features of Mailchimp regarding B2B Analytics Reports are able to provide better market assessment, marketing data. It also helps in monitoring the RoI and tracking the email clicks.

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Mailchimp Logo

Benefits of Marketing Analytics:

1) Maximize Ad Spends: A company can have thousands of customers, but it makes sense to focus on a smaller number of the most profitable customers and customers that are likely to bring in more revenue.

With marketing analytics, you analyze how your ad campaigns impact conversion rates, which enables you to find the best practices for increasing engagement with your ads and identifying high-value users who may be interested in your products or services.

2) Leverage Competitor’s Data: An excellent way to recognize untapped marketing opportunities is to use competitor information. For example, you should find out how your competitors reach out to customers via email.

If they don’t send marketing emails, consider allocating some of your budgets towards this marketing channel. Using marketing analytics, you can identify the best channels by tracking (and understanding) which strategies work well for your competitors.

3) Gather User Behavior Data: It’s important to know what content users like and dislike in order to better connect with them through other channels. You can do that using Google Analytics or Mixpanel, which track user behavior on websites.

These tools enable you to understand browser usage so that you can personalize the experience of different visitors. They also reveal which website features are the most popular and which ones receive the least attention.

4) Understand the Relationships Between Different Marketing Channels: What happens if you change your ad spend? How does that impact conversion rates? You can answer these questions by using marketing analytics tools such as HubSpot, which tracks the relationship between various marketing channels. These connections reveal how spending affects each channel, showing you where to allocate your budget in order to get the biggest ROI.

5) Improve ROI: Marketing analytics creates an accurate picture of user behavior so you can determine why users behave in certain ways and provide a better experience for them. Being able to see all interactions with website visitors prevents any missed opportunities.

Instead of guessing why a customer didn’t make a purchase, you can find out the reason, whether it’s a technical issue or lack of engagement with your messaging. With marketing analytics tools, you can see all interactions between users and websites, campaigns, social media platforms, ads, emails, etc.


4 Top Web Analytics Marketing Metrics You Need To Know | by Team AstroLabs  | AstroLabs | Medium
Analytics Metrics


Types of Marketing Analytics Metrics:

The following are common metrics that marketers use to measure their B2B marketing campaign success. 

  • Website Metrics include: Bounce Rate, Exit Rate, Page Depth (Average number of pages viewed per session), Time on Site, % New Visits.
  • Lead Metrics include: Lead Sources (where they came from), Lead Quality (number of leads by quality level), Leads By Channel (type of channel that lead came in from), and Cost Per Lead.
  • Email Metrics include: Email Open Rate, Click-Through Rate, Email Sent (Number of emails sent out), Delivered (number of emails that reached the recipient), Bounced Emails, and Bounce Rate.
  • Content & Social Media Analytics metrics include: Traffic, Visits, Visitors, Time on Site, Demographics (age range, gender).

Know-How To Make the Right Analytical Approach?

Marketing analytics tools help marketers quickly determine which changes are resulting in a positive impact. The following are some ways to effectively use data through marketing analytics. 

1) Identify High-Value Customers: Look at your high-value customers - how did they arrive? Do you have similar characteristics? Find customers with similar characteristics via this approach and improve your ROI.

2) Find High Revenue Opportunities: Analyze revenue opportunities - list all customer unique characteristics and look for a pattern. Then find other customers with the same pattern to maximize ROI.

3) Discover Your Least Profitable Customers: Find out which segments of your customers are performing poorly, so you can adjust messaging to avoid losses in the future. If your core customers are not profitable, it might be time to shift resources towards more lucrative prospects.

4) Streamline Marketing Efforts: Conduct A/B tests to discover what ad copy works best or how frequently emails should be sent. Explore different possibilities using marketing analytics tools to gain a better understanding of what works best for your firm.

5) Outsmart the Competition: Marketers can leverage competitor data with marketing analytics tools to discover how effective they are in terms of ad spends, the number of emails sent, etc. By evaluating how their competitors use different channels and tactics, marketers can improve their own campaigns.

6) Find Trends in Data: Marketing analysts should go beyond descriptive analytics and conduct predictive analytics to uncover hidden relationships between data sets that affect campaign performance. For example, is there a relationship between topics that visitors read on your blog or features they interact with? Understanding these relationships helps you anticipate behaviour.


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Increase your business' revenue

Best Practices for B2B Marketing Analytics!

Marketing analytics can be overwhelming and complicated to implement. Before diving into the data, marketers should consider the following best practices to get started off on the right foot. 

1) Create a Roadmap: Marketers need to know what they are optimizing for and where they want to take their business. So before investing in marketing analytics tools, marketers should conduct interviews with stakeholders and define KPIs (Key Performance Indicators). You can use marketing analytics tools once you have identified initial goals and targets.

2) Involve Everyone: Make sure that everyone involved in your B2B marketing efforts is using your chosen metrics when making decisions. This includes team members from product developers, customer service, executives, etc.

3) Don’t Rely on a Single Source: Marketers should use multiple data sources from various sources such as email, website analytics, social media channels, and customer feedback.

4) Think Beyond Your Website: Marketing teams need to integrate their marketing efforts across all existing channels and publicize them to the broader organization. Only then will marketers have a full understanding of how these efforts contribute to brand awareness and lead generation.

5) Make it a Shared Metric: It’s important that everyone is looking at the same numbers so marketers can make informed decisions together. This means having both an executive dashboard as well as departmental dashboards for each team member to stay abreast of their progress.

6) Have a Data-Driven Mindset: Marketing analytics tools are powerful, but they can never replace judgment and business acumen. To make the most of their investment in marketing analytics tools, marketers should use data as an input to inform decisions.

In Conclusion

B2B Marketing analytics help marketers make better decisions by extracting insights from data sets. They can use these insights to improve their marketing strategies and generate more leads. 


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Aryan Vaksh

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