The benefits of marketing analytics – analysing the results of online marketing campaigns, learning lessons and making improvements – have never been more popular among B2B companies, it seems. And that’s because they’re seeing some serious results.
A study held in April this year by digital marketing specialists Regalix found that for seven in 10 of the 500 B2B marketers surveyed, data analytics had critically contributed to both improving internal efficiency and seeing their sales revenues grow by in excess of 10%. In fact, for more than six in 20 of the marketers, their companies’ revenues had increased by between 11% and 50%.
According to the report, where analytics is specifically making the difference is in enabling managers and marketers to see in-depth and overall how far their marketing spend is going. In short, it’s properly enabling them to see the forest for the trees. They’re being able to identify which channels are performing best, which opportunities are likely to deliver the best return on resources and so where to prioritise spend and optimise their marketing mix.
More than merely efficiency
However, it appears that businesses are increasingly drawing on marketing analytics benefits for more than just guaranteeing efficiency. Another recent report – this time compiled by Demand Metric and called ‘B2B Demand Gen: How Predictive Analytics Addresses Challenges Both Now and in the Future’ – suggests that companies are deploying predictive methodology to increase consumer awareness of specific products or services and so widen their brand reach.
Admittedly, nearly 50% of respondents said they weren’t yet using predictive analytics for this kind of marketing work, yet one third (32%) claimed to be testing its efficacy here and 12% had already employed it for this purpose.
What we can glean from this, of course, is that when it comes to marketing, the use of analytics goes beyond efficiency and cost-cutting; so, in future, it may well be used just as much to drive better understanding of customer needs, enabling businesses to react to them in a timely, costly manner and better deliver products and services for consumers.
Undoubtedly then, more and more business owners – whether they run large companies or SMEs – are looking to data analytics as a means to better ensure the marketing campaigns they’re implementing are effective, as well as to increase and deepen awareness of their brand offerings – and, by so doing, they’re reaping the dividends in terms of the bottom line.