The vast majority of senior B2B marketers are using basic marketing analytics tools such as web analysis (91%) and spreadsheets (80%), but more advanced technologies such as predictive analytics and social analytics will require more attention this year, per a recent report [download page] from Regalix.
Asked which of various tools and technologies will require more attention this year, the largest proportion (65%) of respondents pointed to predictive analytics. In fact, a recent report from Econsultancy and RedEye found that despite increased accessibility of predictive analytics, there’s plenty of room for growth.
Beyond predictive analytics, social analytics (50%) and web analysis (50%) are also ripe for increased focus, per the survey’s respondents. It’s worth noting that senior B2B marketers want to pay more attention to web analysis even though it’s already the most commonly used analytics tool today. That suggests that respondents might feel that they’re only scratching the surface with regards to the insights they can derive from web analytics.
Attribution tools and business intelligence are also high on the list of tools and technologies that need more attention this year. A separate recent report from Econsultancy, in association with Lynchpin, found that a business intelligence skill set is one of the fastest-growing in-demand analytics skills at organizations around the world.
Meanwhile, it looks like B2B marketers will have some budget to throw behind those priorities. Almost 6 in 10 expect their analytics budget to increase over the next 12 months, per the Regalix research, with just 3% forecasting a cut in analytics spending.
Success with analytics is likely behind that increased spending, as 86% of respondents report being either very (22%) or somewhat (64%) successful in tracking ROI from analytics data. Furthermore, 71% report an increase in sales revenue of more than 10% owing to their use of marketing analytics, including almost 4 in 10 who have seen a revenue lift of more than 25%.
Analytics budgets are also likely rising due to analytics’ ability to help in identifying channels with the most ROI. This is the key benefit of using analytics, per the report, and is increasingly being seen as a solution to what has been called marketing’s dominant problem today: creating the most efficient results-driven marketing mix across channels.
Overall, the survey reveals that 82% of B2B marketers are investing in analytics, with all seeing analytics as very (84%) or somewhat (16%) important to their success.
For more on analytics and B2B digital marketing, see MarketingCharts’ 2015 B2B Digital Marketing Insights Report.
About the Data: The Regalix report is based on a global survey of 561 senior B2B marketing executives and business leaders. Some 41% are based in North America, and 42% come from companies with at least $100 million in revenues. The software and internet (30%) and business services (22%) industries were the most heavily represented.