Why B2B Companies Need Closed-Loop Analytics

MarketingProfs 09 Jun 2021 02:00

In 2020, B2B digital marketing spend surpassed $8 billion and accounted for 11.3% of company budgets, on average. Although those numbers are expected to grow in 2021, only 1 out of 5 B2B brands are successfully tracking the ROI of their paid media campaigns.

Marketing attribution has always been challenging for businesses with multiple touchpoints in the customer journey. For some B2B companies, that journey often happens across devices, and it can last anywhere from weeks to months. Some major software engineering companies go through RFP processes for a year before they actually earn any revenue.

When the buying process is that long and you run PPC campaigns that don't immediately generate sales at the time your leads convert, how can you know the true value of your digital marketing spend?

Closed-loop attribution is the answer.

Regardless of its niche or vertical, no B2B company will grow and boost conversions without a complete picture of its users' interactions at every touchpoint—from the first click to the final contract. It might take a little more work, but closing the loop is the surest way to open up the possibilities of dominating in paid search.

Closed-loop analytics will give you the answers to those questions, and that knowledge will help to optimize your future PPC campaigns so that you drive the most qualified traffic to your website and improve the overall ROI of your digital marketing budget.

Until Google makes it easier for companies with longer sales cycles to measure the value of their clicks, closed-loop analytics is essential.

If you're using Salesforce, you can track imported Salesforce milestones using Google Analytics event goals. Likewise, sales teams using HubSpot can push their HubSpot events to Google Analytics.

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