A study conducted by Forrester Research highlights that predictive analytics users are twice as likely to perform well in key business metrics compared to those who use traditional analytics. Specifically, 83% of B2B companies leveraging predictive analytics see "considerable or very high" business impact — noting a higher likelihood to exceed marketing goals, have a higher market share and see annual revenue growth steadily increase.
The Radius-commissioned study, “From Insight To Action: How Predictive Analytics Improves B2B Marketing Outcomes," surveyed 106 B2B marketers in director-level roles or higher. The study aims to highlight how predictive analytics is impacting marketing initiatives in comparison to traditional marketing analytics capabilities.
More than half (61%) of B2B companies have already implemented predictive analytics into their marketing strategy. Also, 37% of respondents noted that they are interested in predictive and are planning to implement in the near future.
The study also shows that predictive can help alleviate B2B marketing pain points. Respondents noted that limited visibility into addressable markets is the No. 1 challenge for B2B companies, and 86% of marketers agreed that predictive can help evaluate opportunities to enter new markets. Importantly, 89% of respondents noted that predictive capabilities can help B2B marketers identify net-new leads and customer opportunities.
Other findings include:
- More than half (55%) of predictive users track conversion rates, compared to the 36% of nonusers;
- Roughly 80% of predictive users have a standardized marketing platform, compared to the 34% of traditional analytics users; and
- Almost every predictive user (97%) understand how and why their customers buy, and 92% optimize their marketing mix to reach the right buyers.
“Given our goal for this study was to evaluate the use of predictive analytics among B2B marketers, we were excited to find the majority of companies have already incorporated these systems into their marketing arsenals and are actively driving business growth,” said Radius Director of Product Marketing John Hurley. “We’ve entered an age where technology and data science can deliver the power of analytics to marketers.”
Click here to view an infographic highlighting the study findings.