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Salesforce B2B Marketing Analytics
The world of marketing has evolved a lot over the past few years. As more and more businesses join the online marketplace, they have to spend more time and energy creating interesting and engaging marketing campaigns and advertisements to keep appealing to their audiences. This means that many businesses need to take the time to not only create new campaigns but also evaluate the effectiveness of their previous campaigns simultaneously.
While there are numerous ways that a business can measure this success, or lack thereof, one of the most efficient methods of assessing and analyzing performance metrics is by using marketing analytics. Put simply, marketing analytics is the study of data — such as website traffic, the number of leads, interactions with advertisements, and more — that is collected to evaluate the performance of your marketing efforts.
There are many different ways to approach marketing analytics. While measuring these performance metrics can be done manually, utilizing a software solution or tool is often more beneficial. This is because a software solution is going to be able to more effectively, quickly, and accurately measure these performance metrics. Now, it is also important to note that the particular performance metrics and time intervals that you should be measuring will change depending on what type of marketing analysis you are looking for. For example, many differences can occur between business-to-business (B2B) and business-to-consumer (B2C) businesses.
There are a number of differences between these two types of businesses — the biggest one being the target audience. But, these differences can lead to a change in performance metrics that you want to measure and sales cycle length. In fact, generally, B2B marketing utilizes a longer sales cycle than B2C marketing, so you will want to ensure that not only the metrics but also the time periods that you are measuring your progress are right for your business.
Luckily, you do not have to do all of this analysis manually. With a solution like Proof MMM (marketing mix modeling), you can make use of Salesforce B2B marketing data to get the valuable insights you need to improve your marketing efforts in the future. By accessing your previous data, Proof MMM can create predictive models of the expected outcomes of your marketing campaigns. This allows you to better understand what is and is not working. It also shows what you can do better in the future to effectively optimize your resources and budget to maximize the overall success of your marketing work.
There are so many terms, processes, and systems to keep up with as a B2B business, and you may be wondering, what is B2B marketing analytics, and why is it important to my business? Well, just like any other type of process or system, your marketing campaigns and other efforts are constantly changing and evolving for the better — or so you hope. The point of marketing analytics is to evaluate these changes and determine whether or not your efforts are improving or missing your target audience or message.
Think about it this way; you are constantly collecting data and feedback from your customers about your marketing campaigns and other advertisements. If you do not have a place for all that data to go or any processes for analyzing and organizing that data, it is simply a distraction that can confuse you more than help. A B2B marketing analytics dashboard can help you to easily collect, analyze, and draw insights from this data.
When you gather insights from the data you are gathering, you will be able to make valuable decisions on how to best improve your marketing efforts. This is why having systems for processing your data is so important. B2B marketing analytics are not the only type of marketing analytics.
You will likely also want to keep an eye on any B2B customer analytics insights, as these can give you a better understanding of how your customers are fairing and how they are interacting with your business. Focusing on a few different focuses within the larger B2B analytics umbrella can help you ensure that you get a wide variety of insights. These insights can be used to help your business better understand and cater to your customer's needs and desires.
B2B Marketing Analytics Setup
Now that you are familiar with marketing analytics and why they are important, you may feel ready to start your marketing analytics journey to improve your marketing efforts. While knowing what marketing analytics is definitely the first step in this process, it is by no means the only preparation you need to implement and maintain a successful marketing analytics system. Before diving into any software solutions, platforms, or even tools, you should take the time to plan your B2B marketing analytics setup. Discover what features you are looking for in a tool, how you want to see insights, and how you will use those insights effectively.
No new tool, no matter how new and shiny it is, will be able to be used effectively if you have no plan for how you are planning to incorporate it into your current system. Therefore, if you are looking for a tool or other solution that offers you the marketing analytics features you are looking for while still being compatible with your current system, you may want to consider including the platform or other system that you are currently using in your search. For example, if you are currently using Salesforce, you will want to ensure that any solution or tool you are considering for your marketing analytics is compatible with Salesforce.
There are a few ways that you can go about finding a tool dedicated to B2B marketing analytics; Salesforce will work. One method is to include "Salesforce" in your search criteria for any tools or platforms. This way, you will only be picking from options that are compatible with Salesforce. This can narrow down your results and shorten the overall time it takes to find the right solution for your business. One example of a marketing mix modeling tool that is integrated with Salesforce is Proof MMM. With Proof MMM, you can quickly gain actionable insights about your performance, automatically recalculate forecasts, and easily share insights, as well as efficiently build and configure models and run rapid "what-if" scenarios to easily identify and understand what you need to change in order to improve your marketing performance.
B2B Analytics Use Cases
You may be wondering how B2B analytics may impact your marketing processes and methods in certain situations. This is where identifying specific use cases, depending on the product, market, and category can help. For example, your business likely has a particular target market — or a couple of different target markets — that you want to reach most with your product advertisements and marketing campaigns. In order to understand how your marketing efforts are performing for these select audiences, you can create specialized use cases for these categories of customers.
For example, as a B2B company, you may be wondering how your marketing campaigns are being received by a particular location or age group. This can help you to better identify your best audience while also analyzing what is and is not currently working within your marketing systems and processes. In addition, you can use B2B product analytics to collect all analytics about a particular product. Common use cases of this type of analysis are things like better understanding sales by customer group. These groups could be delineated by age, location, price, or product version. Use cases like this can help you better understand where and when your sales are doing the best and where they could use some improvement.
B2B Marketing Tools
As the world of online marketing continues to get more and more advanced, businesses are going to have to keep adopting new marketing tools just to stay competitive. This can seem like a never-ending cycle of software or platform implementation — and in some ways, it may be — but it is important to note that without these advanced tools, tracking and improving online marketing efforts can become easily overwhelming.
In such a crowded online marketplace, your business needs to find ways to stand out and set itself apart from your competition. However, this can be impossible to do if you do not know what your customers are responding well to and what they are sick of seeing. Software solutions, platforms, and B2B analytics tools can help you ensure that you can make sense of the mountain of customer data coming in each day. This data, which would otherwise go to waste, can be instrumental in informing your decisions on how to improve your marketing efforts.
Now, you may be wondering how you can implement these new tools in a way that is effective but not extremely costly. After all, if you spend all your budget on adopting new tools, how are you going to be able to invest in your marketing campaigns? Luckily, there is a simple solution that helps you easily get the analysis you need without breaking the bank. This is Proof Analytics' award-winning MMM (marketing mix model) and MRM (marketing resource management) solutions. In addition, proof's solutions are billed monthly as a software-as-a-service subscription so that you can ensure you are getting the tools you need without having to pay a huge annual fee.
“No other analytics software delivers the easy affordability, scalable accuracy, perpetual updates & intuitive ease of understanding that Proof gives analysts, marketers & business leaders. We see Proof as the missing piece.”
“Proof MRM on Salesforce™ has completely changed the game for marketers.”
“The value of data is only realized when you apply analytics to uncover the insights that improve your effectiveness. Proof is a gamechanger in this respect.”
“Proof has delivered a powerful suite of self-serve MRM and MMM analytics that enable full-scale campaign planning, budgeting, digital asset management, collaboration, compliance and approvals, and Marketing Mix Modeling — all on the Salesforce platform and all at a price that makes it impossible for marketing teams to not say Yes to.”
“Marketing consumes a lot of a company's cash. In B2B, it can take months to see a return. Marketers have a real responsibility to every other part of the business who also wanted that budget money; not just to make it count but to prove that they made it count.”
“For years, marketers and business leaders have struggled to work as #OneTeam. It’s one of the longest-lasting feuds in the business world. Proof MRM on Salesforce solves this longstanding problem by delivering a best-in-class MRM platform native on Salesforce, coupled with accurate, easily understood Marketing Mix Modeling analytics.”
“Rooted in more than a decade of award-winning work, Proof Analytics is a transformative software solution that proves the business impact of marketing and communications. Proof has been recognized by industry analysts, customers and business leaders for its innovation and technical excellence. Really well done.”