Utilizing Data Analytics for Informed B2B Marketing Decisions

You face different challenges as a business owner or marketing professional in the business-to-business (B2B) sector. The buyer’s journey is often longer, and frequently, more decision-makers are involved in the process. These facts translate directly into more touchpoints across more channels, which in turn creates more data. All that data can seem overwhelming to analyze, but accurately leveraging it creates a distinct competitive advantage for your business.

Keep reading to learn how to get started with a customized strategy for maximizing your analytics.

How B2B analytics approaches differ?

Despite sharing similar goals, approaches to B2B analytics subtly differ from those in business-to-client (B2C) cases because of the inherent variations in their buyer journey. For example, peer referrals may generate more leads than some traditional channels in B2B sectors, and logic may spur decisions more frequently than emotion.

These nuances mean different metrics hold significance, such as return on investment, lead quality, and customer lifetime value. Realizing the full benefits of your analytics requires understanding how to apply them best.

Why do B2B analytics matter for more effective marketing decisions?

B2B analytics form the foundation of effective marketing decisions because they reveal precisely what efforts are working and which aren’t. They also help you uncover trends and identify potential opportunities for improvement.

These insights empower your business to:

• Understand your markets better.
• Optimize its marketing spend.
• Pinpoint where funnel bottlenecks occur.
• Provide better customer experiences.
• Adjust your strategies proactively based on science.

How to use B2B analytics for more informed decision-making?

The following tips will help you make the most of your analytics for data-driven decisions that provide tangible results.

1. Understand the unique buyer’s journey your leads take.

Every lead you acquire goes through a process on the way to becoming a customer, and understanding the path yours takes is crucial to success.

Start by segmenting your target markets with a useful method, then create a typical buyer persona for each group based on their similarities. Next, map the journey each one takes so you have a visual representation of how they move from top-of-funnel to loyal repeat customers. What touchpoints are included? What conversions take place at each funnel stage to move them to the next? Where do potential obstacles occur?

The answers to these questions help reveal the type of data you need to capture and where, so you can use it to your advantage.

2. Ensure you have the best data-capturing methods.

Your customers and prospects often engage with your business differently than an individual consumer would. You likely have salespeople making calls or on-site visits following an account-based marketing approach. These interactions deliver value by enabling your company to gather feedback and learn more about its leads and customers. But how and where do your sales teams record this information? Can other team members easily access it, or do disparate systems create data gaps?

A customer relationship management (CRM) system solves these issues. Among their many benefits, these solutions capture and store customer data, giving you a unified source of truth and a holistic picture of each customer or lead.

3. Choose an analytics solution that meets your needs.

So, now you know what data you need and how you’ll capture and access it. It’s time to choose the analytics solution that can provide meaningful insights for your next steps.

Google Analytics is well-known, free, and offers many ways to drill down into your data specifics. But plenty of other choices also exist, including some no-cost business intelligence programs.

Many CRM platforms offer native reporting and analytics, with custom report-building options. You can generate reports containing only the data points you need for a specific decision, reducing the potential for data overload. This solution is ideal when the bulk of your data comes from the CRM.

Some may also offer advanced technologies like artificial intelligence that can generate additional insights via predictive analytics.

4. Define the key performance indicators that align with your goals.

One result of capturing millions of data points across your customer journey is that the environment can get a little loud. Turn down the noise by measuring only the metrics that matter most to a defined goal.

For example, suppose you want to optimize a specific marketing campaign and know which ad or content format produces more conversions. You can invest in A/B testing and analyze key performance indicators like your click-through rate and conversion rate to see which alternative produces the best results.

Repeat this process with the same two variables and different test groups to see if the results hold. If they do, you have the verification to implement a permanent change and make your first data-driven decision!

5. Partner with a marketing analytics expert.

Leveraging your analytics is an ongoing and often time-intensive process, which is where having an experienced partner can help. Marketing analytics services from a reputable agency offer your business many benefits.

These professionals stay current with industry trends and changes, ensuring they have the most up-to-date knowledge. They also know how to explain the numbers and their significance, so you know you’re focusing on the right metrics. A marketing analytics specialist backed by a full-service agency delivers even more value since they have the skills and resources to recommend customized marketing strategies based on your business’s unique data.

Make more informed B2B marketing decisions by leveraging your analytics with WebUp

WebUp is a full-service digital marketing agency. Our professional team includes marketing analytics, design, content, and digital advertising specialists to support your success.

Contact us today to request a free proposal online and put your data in expert hands!

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