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 decisions are based on data.
While it’s hard to believe so many companies operate in the dark, the other half that do use analytics software aren’t free of reporting and measuring issues either. B2B marketing analytics tools help your team make correct decisions only 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 the conversional funnel. But what if velocity (the speed with 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 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 Are B2B Marketing Analytics Issues?
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 marketing or sales by assigning a given campaign as source?
Similarly, before any deal is closed, the prospect often interacts with various channels and marketing or sales campaigns. In such circumstances, crediting just one activity seems unfair.
Furthermore, your B2B marketing analytics is 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 to CRMs to chatbots to data enrichment tools. Just a few missing integrations will make it hard to understand which of your channels has the best performance.
How Can B2B Marketing Analytics Be Improved?
Once you realize that your B2B marketing analytics tool 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, 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 every step of the way.
On your website, for example, you might have a chat platform installed, along with Google Analytics and some other B2B data mining tool that helps you identify anonymous website visitors by tracking down their IP addresses and comparing them against corporate addresses.
Even in the best case scenario, trying to identify anonymous website visitors this way will leave the identity half of them secret, and most of the other half you will only know the company they work for. If you don’t use IP address tracking, the result might go down to 98%. This means that you’ll largely have no idea who is visiting your website and what their buyer intent is.
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. What you need to do is 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 on average 9% of your website traffic with the highest likelihood to buy.