Nearly three quarters (71%) of B2B marketers surveyed believe their organization’s digital advertising frequently fails to meet their expectations, according to new research from account-based marketing firm Demandbase. In addition, while the rise of digital marketing is rapidly transforming B2B advertising, the true impact of digital advertising can be difficult to measure and, without the right tools, can lead to program inefficiencies and ad waste. The firm recently revealed the results of its Ad Waste Survey, issued in conjunction with Wakefield Research.
While a January 2015 poll found that the majority of B2B marketers were planning to put more than half of their overall marketing budgets toward digital, the Demandbase survey revealed that an overwhelming majority of respondents know that aspects of their digital programs are ineffective:
- Difficulty in measuring ROI is the number one challenge B2B marketers face
- 96 percent admit that their digital advertising inevitably reaches a significant number of people outside of their intended target, leading to ad waste
- 89 percent agreed that their digital marketing mix is not optimized and a different mix would yield better results
Digging deeper on this theme, the survey asked how success is tracked. Findings concluded that there is still a large focus on metrics that are typically more suited to B2C campaigns. In fact, more than 50 percent measure success by conversion rates and cost per impression.
“B2B marketers are realizing that while their digital advertising strategy may be reaching a large audience, it’s not necessarily delivering the right results,” said Peter Isaacson, chief marketing officer at Demandbase, in a news release. “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.”
The Demandbase Ad Waste Survey was conducted by Wakefield Research among 500 B2B marketers at the manager level or higher, at companies with 250 or more employees between February 3-12, 2016, using an email invitation and online survey.
Source: PR Newswire; edited by Richard Carufel