B2B marketers say pressure to prove ROI is increasing, but budgets are not. Some 41% are feeling more pressure to do this, 27% say it’s getting overwhelming and 14% say it makes them want to pull their hair out. That is according to a new report from B2B marketing solution provider Anteriad.
Dig deeper: How clean, organized and actionable is your data?
Only 16% of those surveyed saw a significant increase in this year’s marketing budget and 19% said their budget was being cut, according to the 2023 B2B Marketing Data Impact. Not surprisingly
Why we care. Fortunately, the recession continues to remain around the corner. Unfortunately, we are now definitely in “challenging economic times.” That means the lucky marketing departments are the ones being asked to do a lot more with what they already have.
Automation helps but it’s only as good as the data it gets. In pursuit of quality, companies are using an average of 18 different data sources. It looks like that is paying off. Only 13% of marketers don’t feel confident in their data, according to Anteriad.
Very good intent (data). Nearly all (97%!) of those surveyed said Intent data leads are more effective than non-intent data leads. Eighty-six percent that intent data leads increase Marketing Qualified Lead (MQL) to Sales Accepted Lead (SAL) conversions. Moreover, intent data use is associated with revenue growth. Those who experienced a significant revenue increase last year are more likely to use intent data than those who did not.
When asked to pick the three most important factors when choosing a data provider it’s no surprise 62% said accuracy. It was followed by:
- 50% Proven results
- 30% Data privacy/compliance
- 26% Data reach
- 25% Data recency
- 22% Ability to see and identify B2B profiles from B2C data/identities
- 18% Location-based data
- 14% Breadth of topics
Data quality and completeness were cited by 44% of respondents asked to name the top three associated with second- and third-party data. It was followed by finding trusted sources (31%), then limited budget and integrating data (both 28%), and then data security and compliance (27%).
The report was based on a survey of 328 U.S. and U.K. B2B marketing decision-makers and senior management at businesses with at least 250 employees.
About the author
Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for CBSNews.com, Brandweek, CMO, and Inc. He has been city editor of the Boston Herald, news producer at NPR, and has written for Harvard Business Review, Boston Magazine, Sierra, and many other publications. He has also been a professional stand-up comedian, given talks at anime and gaming conventions on everything from My Neighbor Totoro to the history of dice and boardgames, and is author of the magical realist novel John Henry the Revelator. He lives in Boston with his wife, Jennifer, and either too many or too few dogs.
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In a competitive and challenging business environment, B2B marketers are feeling more and more pressure to prove the return on investment on their marketing efforts. As businesses become more cost-conscious and strategic in their marketing investments, they expect to see tangible results and evidence that their investments are paying off.
The challenge to effectively demonstrate ROI (return on investment) for B2B organizations can be daunting. With analytics and data being more readily available, and marketing channels becoming increasingly complex and varied, many organizations struggle to pin down exactly what their ROI from marketing initiatives really is.
Traditional methods of evaluating ROI in the B2B marketing world tend to focus mainly on top-of-the-funnel metrics such as impressions and engagements. However, this is only really useful in measuring outputs rather than outcomes.
In order to properly track and measure ROI, B2B marketers need to have the right systems in place, allowing them to gain deeper insights into marketing performance. This way, they can track how campaigns are performing and what has been achieved, right down to the individual user level. For example, marketers should be able to track website visits, as well as interactions and conversions across multiple channels.
In addition, they need to move past simply viewing ROI in terms of monetary value, but also look at qualitative business outcomes. This could include increased loyalty and customer satisfaction, improved internal team communications, and the overall value of customer relationships.
In order to ensure that B2B marketers are achieving the best returns on their investments, they need to utilize data-driven insights to measure campaign performance and adjust their strategies accordingly. By utilizing the right analytics tools, B2B marketers can measure ROI effectively and ensure that their marketing efforts are paying off for the long term.
