The business-to-business (B2B) marketing landscape is highly competitive. With countless companies aggressively competing for their share of the market across every industry imaginable, having an effective data-driven marketing strategy is more critical than ever before. Companies can no longer rely on assumptions, guesswork, and gut feelings to capture leads and drive growth – comprehensive data analysis must sit at the core. Robust data provides the pivotal insights needed to thoroughly understand evolving B2B customers, relentlessly optimize B2B marketing campaigns, quantify campaign performance, tie activities to revenue, and ultimately make smart, decisive data-driven decisions.
Understanding Your Audience Through Data
In today’s dynamic world, consumer demographics, behaviors, preferences, and needs are constantly shifting. The same holds true for B2B buyers – their industries transform, organizational priorities change, day-to-day responsibilities fluctuate. The only way for B2B marketers to truly stay aligned with who their current and future customers are, what challenges they face, and what motivates them to buy is through ongoing, extensive gathering and analysis of buyer data.
Critical target audience metrics and dimensions to continuously analyze include firmographic data points such as industry, company size bracket, geographic location information, annual revenue levels – shedding light on the types of organizations demonstrating a history of becoming loyal customers versus those that have not. Additionally, comprehensive insights into buyer persona details allows greater adaptation to what specifically triggers purchases amongst key economic decision makers – from core job responsibilities, to typical goals and objectives, common obstacles faced, levels of authority, and steps in their unique buying processes.
Lastly, leveraging research around the digital body language of current prospects enables better understanding of modern interests and real-time engagement levels – from website pages visited across multiple sessions, to content downloads and email interactions, to webinars and events attended digitally. Armed with granular quality insights around current and future audience composition and preferences, B2B marketing leaders can confidently create hyper targeted messaging, campaigns, lead generation offers, and content experiences purpose-built to generate interest and engagement amongst organizations fitting highly defined ideal customer profiles.
Optimizing Campaigns With Data Analytics
In B2B marketing, the only real way to constantly refine core campaign approaches, improve integrated experiences across channels, boost overall effectiveness and precision over time, and ultimately drive greater ROI is through comprehensive performance monitoring and analysis using key analytics and attribution models. Important metrics to incorporate provide the very clues that reveal what messaging, offers, and experiences are working extraordinarily well across segments – as well as those elements declining in impact indicating a timely refresh is imperative.
Firstly, dialing into the visitor-to-lead and lead-to-customer conversion rates quickly reveals how compelling the end-to-end marketing campaigns truly are to prospects across targeted companies and industries. Declining conversions signal lost momentum with audiences and that updated messaging or content may be needed to reinvigorate interest levels. Additionally, closely tracking channel-level traffic and response sources provides clarity into which core platforms and vehicles currently drive the highest volumes of ideal prospects to convert into sales pipeline – whether organically via search engines, through paid social and display advertisements, well-read publications driving relevancy, or referral partnerships.
This enables B2B marketers to double down on the specific channels, offers, and tactics demonstrating the highest potential. At the same time, keeping a pulse on vital email marketing health metrics demonstrates just how engaging the ongoing nurturing programs and lifecycle streams are amongst customers – from open and clickthrough rates to unsubscribe levels. For example, sudden drops in open rates may indicate subject lines and sender profiles need refreshed based on recent spam detections.
Lastly, reviewing multi-channel attribution reporting ties together impact across the buyer journey by revealing how each marketing touchpoint incrementally influenced a prospect to convert within a complex sale – highlighting which content offers and sales plays were most effective in ultimately driving opportunities into and through the sales funnel to close. This assists both marketing and sales leaders in better qualifying lead potential based on past indicators of success.
Measuring Campaign Impact
WhileHaving a true sense for end-to-end campaign efficiency is indispensable, marketers must also synergize campaign activity reporting and sales outcomes reporting to reveal actual marketing influence on revenue attainment over time. Tying campaign metrics and multi-touch analysis models directly to sales pipeline visibility and revenue achievements provides clarity into the true return generated by marketing’s efforts.
Core indicators to incorporate here include marketing-influenced campaigns’ progressive impact on overall sales pipeline creation, expansion, and velocity – demonstrating steady effectiveness nurturing target prospects from early to late-stage opportunities. Furthermore, analyzing the quality levels of the leads and opportunities introduced by marketing rather than solely the quantities shows whether sales teams are able to efficiently progress and convert them. Lastly, tracking the hard metric of sales conversions, deal sizes, and total customer lifetime revenue emanating from marketing sourced pipeline paints a clear monetary picture of true campaign ROI. Having this level of closed-loop reporting solidifies marketing’s growing impact on the bottom line and builds immense credibility across the C-suite.
Ultimately, data analytics empowers you to make data-driven decisions, optimize your sales performance, and drive revenue growth in the highly competitive B2B industry.
Data-Driven Decisions for Growth
Given today’s incredibly fast pace of change in the modern B2B marketplace, even well-performing marketing campaigns risk quickly becoming stale and irrelevant without constant optimization and adaptation fueling continual innovation and buyer magnetism. Hence, relying heavily on near real-time data signals as an objective compass enables marketing leaders to confidently determine complete winning formulas, double down on what elements drive maximum leverage, prune aspects no longer moving the needle, efficiently allocate resources to the tactic combinations delivering the highest return, and methodically experiment with what could propel growth even further versus operating purely on intuition and sporadic hunches alone.
This fact-based and methodical approach to ongoing optimization also assists greatly when the time comes for securing higher budgets during annual planning. The finance group can clearly recognize definitive upward or downward trends in marketing’s impact on pipeline attainment and revenue achievement over time. This makes data-backed requests for additional headcount, tools, or programs far more compelling versus emotive appeals around anything assumed but not measured.
Conclusion
In closing, marketing teams leveraging continuous in-depth data analysis for sharpening audience targeting, guiding campaign enhancements, closely tracking performance, and driving proven expansion are undoubtedly better equipped to excel amid the endless complexity and intensifying competition within business-to-business sectors. Relying solely on institutional knowledge, conventional wisdom, or gut instinct is no longer enough when customers evolve faster than ever and competitors relentlessly nip at market share. Instead, letting quantifiable metrics, attribution models, and finely-tuned analytics algorithms objectively dictate critical directions and decisions is now the key pathway to sustainable top-line growth and bottom-line profitability.
FAQs
What are some important metrics for a B2B digital marketing dashboard?
Some important metrics include: website traffic, organic traffic share, paid traffic costs, email open & clickthrough rates, content engagement levels, lead volume & quality, sales qualified leads (SQLs), win rates, average deal sizes, and ultimately – sales pipeline influenced and marketing generated revenue.
How can marketers measure campaign influence on the sales pipeline over time?
Marketing can work closely with sales teams to embed UTM campaign tracking parameters across all digital and offline campaigns and assets. Over time, this campaign data at the prospect and account level can be tied back to both net new leads introduced into the pipeline by marketing as well as closed/won deals to reveal true multi-channel influence at each milestone.
Why should marketers care about tracking lead quality versus lead quantity?
Not all leads represent equal revenue potential. Tracking lead quality looks at crucial metrics like lead grade/score, buyer readiness, fit score, and projected deal size to enable sales teams to smartly prioritize follow up on only the highest potential deals with the strongest indicators of closing versus spreading thin across all inbound inquiries. This helps ensure expensive sales time goes predominantly to the most promising deals.
What are some examples of data-driven marketing decisions?
Examples include shifting budget away from an underperforming channel, campaign, or tactic directly into a clearly better performing one based on response rates, adjusting an ABM named target account list to focus on just those companies recently driving the most sales qualified leads, customizing email nurture streams and content offers based on differential engagement levels across segments, or quickly refreshing specific content assets and messages based on observed website exit pages and most widely downloaded resources.
How can marketers use data to secure bigger budgets?
By tying marketing’s historical and ongoing performance directly to pipeline attainment and revenue achievement using metrics like campaign cost per sale, steadily expanding pipeline influence, and ultimately total marketing generated revenue – the broader finance group can clearly recognize, quantify, and size marketing’s financial impact. This makes building strong cases and arguments for expanded departmental headcount, tools, programs and operational budgets the coming year a completely fact-based discussion – not emotive appeals around anything assumed but not measured.
