Top 3 Signs that Your Marketing Analytics Solution Isn’t a Good Fit
- AUTHOR Bonnie Crater
- June 19, 2017
- No Comments
Bonnie Crater, CEO of Full Circle Insights discusses how to evaluate their marketing analytics solution, marketers should ensure that their system’s data matches sales’ numbers, make sure that they have maximum funnel visibility and confirm that the system provides access to numerous attribution models
The use of marketing technology (martech) has skyrocketed over the past few years. Companies are looking for new ways to apply insights from data to generate leads that will ultimately result in sales, but other trends also drive the widespread adoption of martech.
In the B2B space, the longer sales cycles — and the fact that many buyers don’t show up on sales’ radar until much further along in the buyer journey — means marketers’ revenue generating responsibilities have expanded. In the past, marketing generated leads early in the cycle and handed them off to sales, which then took over lead-nurturing activities. Those days are gone.
In today’s data-driven economy, marketing must shoulder more of the load and demonstrate its value. Marketing analytics solutions generate data, which is crucial in a modern business environment. But while more marketing performance solutions are available today than ever before, how do you know you’ve chosen the right one? Here are three signs your analytics solution may not be a good fit:
- Marketing and sales numbers don’t match: Marketers frequently resort to performance management solutions that are not integrated with their sales colleagues’ CRM platform. In many companies, CRM platforms like Salesforce function as the de facto revenue reporting system, and when the numbers don’t match up, it can seriously damage marketing’s credibility and the ability to generate conclusions about performance.
- System doesn’t provide full funnel visibility: Now that marketing nurtures leads through a larger portion of the sales funnel, it’s critical to have full funnel visibility. Yet too many marketing performance solutions are designed as if the marketing-sales handoff were still occurring at the top of the funnel. Marketing needs a solution that allows them to trace leads through the entire funnel, including exits and re-entries.
- Platform features limited attribution options: To justify spend, marketers must be able to precisely attribute revenue to marketing campaigns, but many are limited by their performance management solutions and settle for single-touch or simple even-spread attribution models. That means they miss some of the nuanced ways marketing campaigns impact revenue that aren’t readily apparent in those types of models.
Do any of these three signals ring a bell? If you’re not confident about your numbers because they don’t match up with your sales colleagues’ data, consider making the CRM platform your sales team uses a core component of your marketing technology stack. Look for a marketing performance solutions that is native to the CRM platform to find a single source of data truth.
If your system doesn’t provide full funnel visibility, look for a solution that delivers critical insights on metrics such as volume, conversion rates and velocity across all stages. In addition to individual response, you’ll also want to ensure that you have access to account-based marketing (ABM) reporting tools to make account prospecting transparent and measure marketing and sales progress across all accounts and subgroups.
If accurate attribution is an issue, look for a solution that provides a variety of options out of the box to rapidly deliver insights — and make sure the solution also has robust customization features. Every sales cycle and marketing strategy is unique, so it’s important to choose a solution that allows custom weightings, accounts for variables and enables cross-comparisons of models.
The rapid proliferation and adoption of marketing performance management solutions signals the extent to which marketers value a data-driven approach. But as the digital marketing industry matures, many are finding that the solutions they adopted early on aren’t working as well as they might. And companies that don’t have an incumbent solution are more closely evaluating their options.
By honestly assessing their marketing tech stack and taking a detailed look at their choices, marketers can find the solution that works for them, even if it means they have to make a change. Marketers who align their data with sales, gain full funnel visibility and broaden their campaign attribution capabilities will be ahead of the game.