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May 13, 22  |  Ibrahim Imran

What is B2B Marketing Analytics? Why is it Important

It's a big task to keep track of where your customers come from, how many touchpoints they utilize, and how effective your marketing initiatives are.

B2B marketing analytics allows you to make data-driven decisions. It helps you to collect and analyze data using datasets, lenses, and dashboards to identify what you're doing right and where you can improve.

The good news is that, thanks to modern technology, you can crunch this data in seconds rather than spending hours analyzing spreadsheets and numbers. Because you can observe outcomes in real time, you can improve marketing channels, alter touchpoints, and plug gaps in your strategy to increase profits.

We'll look at the following topics in this article:

  • What is business-to-business marketing analytics?
  • The significance of a dashboard for B2B marketing data
  • How to implement B2B marketing analytics in your company
  • Overall Importance of B2B Marketing Analytics

Let's get started.

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What is B2B Marketing Analytics?

B2B marketing analytics is a tool that helps you measure, monitor, and adjust your marketing plan in real time in order to increase your ROI. B2B marketing analytics become a single source of truth for sharing insights with internal teams, seeing metrics, and making data-driven decisions thanks to customisable dashboards.

Because a company's marketing system has so many moving pieces, it can be a difficult task. There are various steps that someone goes through before becoming a customer.

Analytics' goal is to follow each consumer from the minute they become a lead until they convert. Only then will you be able to determine which aspects of your marketing strategy are effective and which gaps need to be filled. The best way to understand what B2B marketing analytics is to think of it as a funnel:

An analytics dashboard has already selected which metrics it will track before a lead enters the funnel. You may track everything from the time it takes a lead to become a MQL (marketing qualified lead) to the proportion of MQLs who become SQLs depending on how you set up your analytics (sales qualified leads).

For example, you may create a dashboard to track click-through rates, opens, and unique clicks to see how engaged your email list is.

You may tell which email marketing resonates with your audience after you have enough data. If your campaign's open rates are low or you're not generating many unique clicks, it's time to make some changes.

Every B2B marketing analytics setup must include three critical elements:

Datasets: These are collections of source data that are then utilized to create datasets that may be used in dashboards.

Lenses: Viewing and analyzing each dataset through different lenses

Dashboards: Are curated charts that you can see via different glasses. You may personalize them with analytics, infographics, and nearly any data item you choose.

Each component, as you can see, is critical to any B2B marketing analytics structure. The dashboard, which is utilized to view your analytics, is one of the most crucial structures.

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The Significance of a Dashboard for B2B Marketing Data

Dashboards are central hubs that store and display all of your data in an easy-to-understand style.

B2B analytics dashboards allow marketers to understand how campaigns generate leads, which touchpoints are most effective, and even which accounts generate the most income.

This information can assist you in determining which aspects of your marketing approach are worth investing more money in, as well as areas where you should expand. Assume you have a group of high-revenue accounts that have several characteristics (company size, employee numbers, etc.). Your marketing team can utilise that data to create new campaigns that target prospects that share similar personalities.

Analyzing this data is simple thanks to dashboards. You may rapidly see a snapshot of a dataset's most significant sections by using charts and breakdowns. A multi-touch dashboard, for example, can measure which touchpoints are most impactful throughout a customer's buying journey, from the first to the last.

The dashboard then breaks down each touchpoint and displays revenue, total value, cost, and ROI for each channel. The dashboard may also perform predictive analysis and provide recommendations for how to improve certain aspects of your marketing plan.

Let's look at how to set up B2B marketing analytics now that you know what it is and how it works.


How to Implement B2B Marketing Analytics in your Company

Before developing a B2B marketing analytics plan, consider what you want to track and what KPIs are required to achieve your business objectives.

These figures should all be related to your revenue model: how many prospects convert, how many enter your funnel, and how much value each client brings to your bottom line. These metrics can be divided into 4 separate categories:

Volume: It refers to the number of times your emails are opened and clicked, as well as the number of views and impressions your website and marketing materials receive.

Time: The average amount of time a lead spends in each funnel step, as well as how often prospects respond to efforts like email sequences.

Conversions: It refers to the number of prospects who become leads, MQLs, or SQLs.

Value: What aspects of your marketing approach are affecting your ROI, such as how much it costs to get a prospect to the MQL stage or which channel is generating the most leads?

This appears to be quite a task. You may now generate datasets and dashboards using pre-made templates, thanks to the rise of B2B marketing analytic technology. You can utilize a variety of tools, including:

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Data Studio 

Google Data Studio was the first marketing analytics tool. You may connect your Google account and immediately visualize and share data using a collection of pre-made templates.

HubSpot

HubSpot's B2B marketing analytics software is an all-in-one solution that lets teams track whole campaigns from beginning to end. Traffic statistics, lead generation reports, and triggered automation workflows are all standout features.

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Apteco

Apteco is a data-driven customer analysis platform that generates meaningful information for marketing teams to fine-tune and execute effective campaigns.

TapClicks

TapAnalytics provides a set of tools for teams to group and segment data, track custom metrics, calculate expenses, and define marketing goals.


B2B Marketing Analytics Importance

We've all heard the adage, "If you can't measure it, you can't improve it."

It's true for a reason that every marketer understands it. Knowing where your consumers come from, which marketing campaigns they respond to, and which initiatives create the most income is critical to the success of your entire marketing plan.

The good news is that you can automate all of this with B2B marketing analytics. Marketers can now track which ads bring in the bacon in real time thanks to datasets, lenses, and automated dashboards.

What we've discussed so far barely scratches the surface of what B2B marketing analytics can do, but the main question is: are you ready to use them? 

Additionally, if you want to generate more leads and have a credible platform to provide you with the marketing analytics you need to grow your business, get listed on Distinguished.io today! 

 



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