A lack of quality as well as justifying digital marketing spend with the right ROI and results leads top the list of challenges today's B2B marketers are facing, according to a new study.
The "Ad Waste Survey" from Demandbase and Wakefield Research polled 500 B2B marketers and found that measuring ROI (46 percent) and problems in acquiring quality leads (42 percent) ranked one and two in terms of challenges that B2B marketing organizations are currently facing.
The measurement metrics B2B marketers are relying on could be part of the problem, according to the survey. Measurement metrics cited by respondents as the best ways to measure success included conversion rate (33 percent) and cost per impression (19 percent), while metrics aligned with B2B strategy, such as total leads and target account lift, scored lower at just 17 percent each.
Marketers could see better results by paying closer attention to these metrics, rather than the more B2C-centric conversion rates and CPI metrics.
"B2B marketers are realizing that while their digital advertising strategy may be reaching a large audience, it's not necessarily delivering the right results," Peter Isaacson, chief marketing officer at Demandbase, said in a company statement. "This ad waste dilemma isn't new—most companies know that they are wasting a significant part of their digital ad dollars, but the problem is they don't know which part. B2B marketers need to adjust their strategy away from B2C best practices and look at B2B-focused solutions that can deliver more effective advertising, personalization and sales programs to the specific accounts that will really deliver business results."
Overall digital strategy is also lacking for many B2B organizations, according to the report. A total of 70 percent of responding B2B marketers said that their organization's digital advertising strategy fails to meet expectations. Twenty-one percent responded "hardly ever," while just 8 percent said their strategy never fails to meet expectations.
When it comes to targeting, an overwhelming 96 percent of respondents indicated that their digital advertising inevitably reaches people outside of their intended target audience. That's a big area in need of improvement, which is why so many B2B marketers and solution providers are focused on targeting so intently.
Optimizing the digital marketing mix was also addressed in the survey, with 89 percent of survey respondents saying their digital marketing mix is not optimized and that a different mix would yield better results. So if you're currently kicking around ideas on how to mix things up a bit, you're not alone.
- Read the complete statement highlighting the report
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