It’s out with the old and in with the new. Business owners that once made choices based on instinct or intuition are converting to a more concrete approach. Using data as a means to drive business decisions has become something of a commonality, regardless of what field you’re in. With a vast amount of numbers and information accessible to brands, it’s a bit of an inevitable no-brainer to turn to the numbers when making important executive decisions. However, recent research conducted by Dun & Bradstreet and Forrester indicate that data informs only 50% of B2B marketing and sales decisions. Interesting, shocking and an all-around compelling statistic, this indicates a need to reimagine the way B2B brands can utilize data and analytics practices to make more informed decisions.
Research conducted through the CMO Survey indicates that by 2021, allocated spending for analytics purposes will rise a dramatic 200 percent. Use the three tips below to reconsider how analytics can transform your business and ideate new ways to meet ambitious revenue objectives.
1. Velocity over volume.
Forrester’s Q1 research shows that a whopping 80% of marketing aficionados measure volume, meaning they prioritize the collective impact of social media followers, website visitors, qualified leads, and more. Instead of placing the value on the volume of these impressions, experts suggest a more sales-driven approach that focuses on velocity and explores the concept of how you can leverage your marketing efforts to make speedy sales.
Making those imperative, executive decisions consistently and in a timely fashion can augment big pay-outs that aren’t comparable to what you might see as a result of volume and efficiency.
2. Don't rely on IT. Just do it.
Another common misconception when it comes to analytics? The thinking that entrusting the responsibility to IT and business intelligence software is the way to go. While these resources are designed with precision, experts say they aren’t engineered to understand the scope of marketing. Not to mention they’re expensive, they don’t acclimate to your current business practices, and they often take long periods of time to implement. Hiring seasoned employees with marketing operations experience will be more exponentially more beneficial than the contrary. Having these integral members of your team will allow you to expand your strategies, define your tech stack, oversee performance, manage budget, and measure ROI. These insights are impactful, so invest in the right people to augment desired results.
3. "Wait, tell me more about this technology stack?"
A performance tech stack includes: a central marketing database, time series revenue analytics, powerful analyzers, ad hoc reporting, and monitoring and alerts. Each component bears its own role and responsibility, so it’s easy to see why investing in a tech stack is a smart move. Each piece of the puzzle here is defined and detailed, and when it’s done correctly, it translates as a real game changer for brands.
Analytics are undoubtedly valuable, but it’s just as important for B2B brands to prioritize the team in addition to the technology. When the two work in conjunction with one another, the potential and likelihood of reaching your goals will soar.