B2B marketers, the buyer journey, and takeaways from Marketing Nation Summit
While B2B marketers may have more data than ever before, it seems many are still failing to take full advantage of these insights…
Nearly half of B2B marketers base decisions on gut feeling
A new Forrester Consulting study has found that just 52% of B2B marketers base their decisions on data, rather than personal intuition and experience, MediaPost reports.
And a worryingly high proportion are still struggling to ensure they have high quality data, with 49% fully trusting their data to be complete and accurate, while just 48% believe they are effective at using customer data at scale.
There continues to be great differences between B2B marketing leaders and data laggards, with leaders accurately able to attribute campaign success (77% compared to 32%), better at personalising customer experience (79% vs 44%), and more likely to utilise AI for marketing and sales (51% vs 18%).
B2B marketers struggling with personalisation
How would you grade your personalisation efforts? If you’ve given yourself an A rating, give yourself a pat on the back because that places you above the average. As eMarketer discusses a recent survey found that just 6% of respondents graded their personalisation with an A, with 46% grading it as a C.
Some 58% of B2B marketers said they had insufficient data to deliver effective personalisation, compared to 39% of their B2C counterparts.
Top takeaways from Marketing Nation Summit
Data and the customer took centre stage at the Marketing Nation Summit in San Francisco.
According to Demand Gen Report, marketing spend on analytics is set to increase by around 200% in the next three years; becoming “customer-obsessed” will help generate customer trust and enhance the buyer journey; and data and an increased customer focus will lead to an ‘all-bound’ ABM strategy.
Almost half of UK marketers saving for GDPR fines
GDPR is just around the corner, so it’s not surprising that nerves are starting to show. Research from Ensighten found that 45% of UK marketers are setting money aside to cover any potential fines, the Drum reported.
Just over a quarter (26%) of respondents said they feel “very confident” about being GDPR compliant by the May 25 deadline and 61% would apply for an extension on the deadline if they were provided with that option.
Despite concerns, many marketers seem optimistic about GDPR, with 69% believing the new rules will enhance the accuracy and consistency of their data.
Provide buyers with multiple purchase channels
While 87% of business purchasers across all age groups predominantly buy online, 70% still utilise person-to-person sales, according to a study discussed by MarTechSeries. B2B buyers want a range of purchase channels, but it is clear that digital leads the way.
For North American buyers, online marketplaces are more likely to be their chosen channel, compared to their European and Latin American counterparts. Meanwhile millennials are more likely to prioritise pre-ordering and back-ordering. With the high importance of digital channels, it is essential B2B companies enhance the digital experience.
Have a great weekend.
The Kingpin team,