The biggest problem of B2B marketing analytics tools is that at least half of their users don’t actually use them. According to the recent Dun & Bradstreet and Forrester survey, only 50% of B2B marketing and sales efforts are actually data-driven actions.
While it’s hard to believe so many companies operate in the dark, the other half that do rely on analytics software to measure marketing performance aren’t free of reporting and measuring issues either. B2B marketing analytics tools can only help your team see a promising opportunity or create new user experiences when the data they process is correct as well.
For example, Forrester’s Q1 2018 Marketing Benchmark Study reports that 80% of marketers focus on measuring volume in their sales pipelines. But what if velocity (the speed at which you deliver leads) is more important than the amount of leads in the pipeline?
The point is that B2B marketing analytics exists to help you achieve your goals. So it’s critical to start with identifying what those goals are (e.g. increasing click-through rates) and then configure the exact type of data you want to collect and analyze.
Here are a few things we see most B2B marketing analytics tools are missing over and over again, and some suggestions on how to fix them.
What Actions and Permissions Marketers Need in Account-Based Marketing and Reporting Tools?
Most problems with B2B marketing analytics stem from the fact that the real world is not as linear as most apps would like it to be.
A good example of this is how you might handle contacts, accounts, and leads in your CRM. There might be multiple leads that could turn into contacts for any given account. How do you then properly credit sales or marketing campaigns by assigning a source?
Similarly, before any deal is closed, the prospect often interacts with various channels and interconnected campaigns. In such circumstances, crediting just one activity seems unfair.
Furthermore, tools like Pardot B2B marketing analytics are only as good as your CRM data. So any campaigns that haven’t been properly logged or attributed, any misclassified leads or contacts, any duplicate or missing information will have a significant effect on your reporting.
Tool integration is also a big issue. Nowadays, every company is using at least a dozen marketing tools, from analytics (e.g. Pardot Plus) to CRMs (e.g. Salesforce) to chatbots (e.g. Drift) to data enrichment tools (e.g. Clearbit). Just a few missing forms or integrations will make it hard to analyze your marketing efforts and understand which channel has the best performance.
How Revenue Pipeline Dashboards for Prospects Can Be Improved
Once you realize that your B2B marketing analytics tools and custom dashboards might not show you a 100% accurate picture of your customer acquisition process, you can start thinking of ways to improve its reporting.
As time-consuming as it may seem, manual adjustment of source campaign attribution at the end of every quarter could help bring clarity to best performing marketing activities. If you have an opportunity to hire an intern B2B marketer, cleaning up duplicate data in your CRM might also be a worthwhile project in the long run.
There is, however, no shortcut to properly identifying every step of the buyer journey — your marketing tools must be integrated together throughout.
On your website, for example, you might have a chat platform installed, along with predictive analytics and some other B2B data mining tool that helps you identify anonymous website visitors by tracking down their IPs and comparing them against physical corporate addresses.
Even in the best case scenario, trying to identify anonymous website visitors this way will leave half of their identities secret, and most of the other half will only show the company name. If you don’t use IP address tracking, the anonymous results might go down to 98%. This means that you’ll largely have no idea who is visiting your website, what their buyer intent is, and how it affects your marketing efforts.
How to Configure Analytics Pipeline for Engagement
Trying to wade through your website traffic with live chat sometimes creates more problems than it solves. You might easily overwhelm your sales team when you let any visitor contact BDRs directly, regardless of their intention to buy. To solve this issue using data-driven actions you need to integrate your chat with a buyer intent solution like Lift AI.
Lift AI can successfully identify anonymous website visitors as soon as they hit any of your webpages, even if they haven’t been previously known to you through any other marketing tools.
More than that, Lift AI leverages its unique machine-scoring model to measure the buyer intent of every single visitor and only connects the highest-scoring ones to your sales team with chat, leaving the rest to either your nurturing bot or a self-help chatbot. On average, Lift AI will identify 9% of your website traffic with the highest likelihood to buy.
Installing Lift AI could multiply your conversion rate by 2 to 10 times within 90 days, and feed your salespeople with more engagement and qualified leads than ever. Drift was able to convert 9 times more chat conversations with Lift AI. Formstack increased its pipeline by 88%. PointClickCare saw 400% growth, all in the first 90 days of trying Lift AI.
Using Lift AI will help you direct all your sales efforts into a data-driven and easily measurable channel that saves your sales and marketing team time while instantly increasing conversion rates.