Marketing analytics is the driving force behind any successful digital strategy. Whether a business hopes to sell to consumers or other businesses, data has never been more important.
But for B2B brands, where competition can be particularly fierce, B2B marketing analytics does hold the key to attracting new customers and converting interest into rising profits.
Companies now have vast amounts of information at their fingertips. So understanding how to analyse this information and turn it into actionable insights is key.
In this article, we’ll discuss the advent of B2B marketing analytics, from what it is to how to set it up for your company.
What is B2B Marketing Analytics?
B2B marketing analytics tools provide brands with an easy, quick and reliable way of measuring and using data in the real world. A wealth of information can be tracked in real-time, allowing teams to monitor the metrics that matter most.
Information gathered via B2B marketing analytics can be used to optimise all kinds of digital strategies. Such data can also provide teams with the information they need to allocate budgets more accurately, ensuring they get the best ROI from every marketing campaign they run.
A vast range of different interactions can be tracked, measured and analysed with the use of B2B marketing analytics. Companies can track the journey of every customer using such tools. Doing so can unlock valuable new opportunities for brands hoping to optimise their buying journey and dramatically enhance the customer experience.
What Are The Main Components of B2B Marketing Analytics?
When we talk about B2B marketing analytics, we’re talking about three different components that work together to unlock information for businesses. Let’s explore how they work.
Datasets are simply collections of data gathered via analytical tools. This source data is the information that all further investigations are built on.
The term lenses are used to describe how data will be analysed. Lenses are insights into the data itself.
The dashboard shows data gathered according to the use of lenses. It brings together information from a range of sources, putting it in one place where teams can easily analyse figures to find answers to the questions they have.
The Importance of a B2B Marketing Analytics Dashboard
Dashboards combine information from numerous sources and compile it in a way that is easy for users to view and understand.
Using lenses to explore datasets, marketers can create dashboards of data to gain a deeper level of understanding of a huge range of different topics and questions. Dashboards can also be used to inform predictions, which might influence strategies in the future.
Typical investigations that can be undertaken with the use of dashboards include identifying the most effective touchpoints, exploring whether some channels or accounts are bringing in higher levels of revenue than others, and checking to see how far current campaigns are driving spikes in leads.
Understanding the above will bring a world of benefits for any marketing team. Accurately answering such questions enables marketers to highlight the best strategies in terms of ROI and allocate budgets to the most profitable campaigns. These insights also enable marketers to identify areas or channels worthy of expansion.
Analysing vast amounts of data is never simple. Still, dashboards allow teams to access the data that’s most important to them and shine a light on the specific information that matters. Charts and breakdowns give further insight into datasets, giving teams the tools they need to use the data that’s been gathered.
How to Set Up B2B Marketing Analytics for Your Business
There are several ways to set up marketing analytics for a brand, each with its pros and cons.
It’s possible to set up analytics manually by pulling together information from several different spreadsheets.
While this might be a cheaper option than investing in a data visualisation tool or partnering with a marketing agency, it’s incredibly time consuming and it makes real-time tracking very difficult. It’ll also leave calculations open to a risk of human error.
There are several different types of tools and software that can be used to create B2B marketing analytics dashboards. Data visualisation tools will allow you to gain a better understanding of existing information and aid investigations into marketing analytics.
Marketing agencies are fully equipped to provide analytical services for B2B brands. If you’re looking for a simple solution that’s quick and easy to set up, we’d highly recommend partnering with an experienced agency specialising in B2B analytics. And that’s where we can help.
Get Advice on B2B Marketing Analytics
Is it time to learn more about how B2B marketing analytics could benefit your business?
At Digital Uncut, we help brands understand the data behind their customers, allowing them to grow in a fast yet sustainable way. Combining the power of data with the expertise of our knowledgeable team, we bring together a powerhouse of information that rapidly improves commercial results.
Get in touch to learn more about analysis for B2B marketing.