Measuring ROI and Attribution was identified as the biggest challenge (44%) among B2B marketing professionals, according to an Adobe survey entitled “State of B2B Marketing in Asia” that asked a total of 317 people, 174 of whom were from Asia. Listed marketers in Asia. This was followed by demand and lead generation (37%) as well as inconsistent and broken customer experiences due to different systems in marketing and sales (28%).
While the challenge of measuring ROI and attribution was paramount alongside demand and lead generation for marketers in IT, software, and technology, those in banking and finance saw their greatest challenge in making better data-driven decisions to meet, according to the study. . This was followed by the visibility of the leads passed to sales and measuring the ROI and attribution.
Meanwhile, the biggest challenge facing professional service marketers, making the marketing heard or getting a spot at the top, has been at the top of the list of manufacturers too.
1. Excel spreadsheets are still the first choice
When it comes to measuring ROI and attribution, the study found that 100% of marketers who spend 40+ hours each month calculating ROI are not using marketing automation. In fact, Excel spreadsheets (60%) are still the tool of choice for B2B marketers when it comes to ROI reporting and attribution. Adobe found that this is especially true for marketers working in industries outside of technology and IT.
On the flip side, the majority of marketers (63%) who spend only zero to 10 hours per month reporting had marketing automation.
At the same time, 51% of senior marketers have not set a marketing ROI or benchmark target. For those who have goals, about 42% is between 1: 7 and 1: 10+ in the ratio of marketing spend to sales. When it comes to attribution, Adobe also found significant differences in the sophistication of marketers. The majority of marketers in banking and finance (58%) do not have an attribution model, along with 43% of manufacturing marketers. On the other hand, only 13% from IT, software and technology reported the same thing. According to Adobe, IT, software, and technicians mostly use multi-touch models, followed by single-last-touch and omni-channel sales.
2. Manage sales and marketing funnels
Lead generation, the second biggest challenge facing B2B marketers in Asia, is undoubtedly a critical tool in any marketing effort. However, only 15% of marketers have a well-defined service level agreement regarding lead handover to sales and only 10% stated that they have a documented common lead scoring strategy agreed by sales and marketing.
Adobe found that 27% of respondents were unsure or couldn’t tell what their Lead Nurture Process is. However, the majority of B2B marketers in Asia have documented lead and scoring processes, including 28% who have a well-defined lead scoring and nurturing process from marketing qualified leads to winning and losing opportunities.
The difference was also evident between the industries. According to the study, 78% of marketers in the IT, software and tech sectors have a well-defined lead nurturing process, while 50% in the banking and finance scene said they do not know what it is.
Meanwhile, marketers shared different levels of confidence when it came to forecasting. 40% weren’t sure of making accurate sales projections based on their sales and marketing lead management funnel.
The most important reasons are the lack of a clear lead management strategy, working with multiple CRMs and different technologies, and the lack of coordination between sales and marketing and isolated companies.
Only 20% said they feel confident, with the main reason being having strong data and analytics across the sales and marketing funnel.
3. Account-based marketing is the greatest shortage of skilled workers
Account-based marketing was cited as the biggest skill shortage among respondents, followed by performance measurement and analysis (33%), marketing operations and martech skills (25%), and marketing strategy and research (23%). Adobe found that the IT, software and tech skills shortage was consistent. Banking and finance; and professional services. Meanwhile, marketing strategy and research, as well as local country knowledge and understanding, were major skills shortages reported for the manufacturing sector.
B2B marketers need more respect from the management team
Adobe defines advanced marketers as those who sit at the executive table and report directly to the CEO. They also effectively measure and communicate marketing’s contribution to the company’s revenue and growth, and use integrated marketing automation and CRM systems as attribution funnel management and predictive forecasting tools. The aspiring marketer, on the other hand, is defined as someone who is on their way to snagging a seat at the leadership table. In Asia, they have a keen appetite to be heard at the executive tables and are ambitious and ready to move their business forward. However, aspiring marketers still struggle with being viewed as a cost center supporting sales.
Around 28% of the marketers surveyed agree with the statement that marketing is only seen as a cost center that supports sales. However, 22% were neutral to the statement, 51% either disagreed or disagreed with this statement.
However, the numbers differ depending on the industry. The majority of manufacturing marketers (61%) said they were viewed as a cost center, while only 40% from the professional services industry said the same. In the areas of IT, software and technology it was only 14%.
On the positive side, Adobe found that 65% of respondents said marketing is a respected revenue and growth function within the company, and 75% said their CMO or marketing director has an important seat at the executive table.
In order to gain respect at the leadership table, Nicholas Kontopoulos, Asia Pacific Head of Growth Marketing at Adobe DX, told MARKETING-INTERACTIVE that aspiring marketers need to master their current challenges, including measuring ROI and attribution, more visibility on the lead -Generate and leverage marketing automation and build trust when you work with predictive insights and forecasting. About 40% of respondents said they are unsure about making accurate sales forecasts based on their sales and marketing lead management funnel.
Kontopoulos said these factors collectively hamper marketers’ ability to drive demand and prove their contribution to the business, let alone join the executive team.
“Marketers need to effectively measure and communicate the contribution of marketing to business revenue and growth. You need to be more focused on sales, pipeline, and use marketing automation to turn things around and measure their impact on KPIs, ”he said.
In order to overcome the negative perception of marketing as a cost center, business leaders must ensure that their marketing director reports to the top of the company and has access to business goals and metrics, according to Kontopoulos.
Marketers must also be given the autonomy to decide which tools and platforms are best suited to the company’s marketing needs. According to him, building such a culture will allow marketers to better align themselves with business goals and decide which platforms and resources they need.
In turn, marketers must learn to communicate their contribution to the business goals in order to gain respect.
Marketers need to speak the company’s language so that stakeholders can understand their contribution to the long-term goals. At the same time, according to Kontopoulos, professional development marketers need to keep pace with new marketing technologies, trends, and best practices to prove they are up to date and able to work with relevant marketing strategies.
At the same time, marketers also need to take more ownership of their skills development and stay up to date with new technologies and emerging industry trends. The aim is to overcome the lack of key skills in the industry in areas such as account-based marketing, performance measurement and analysis, and martech.
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