Continuous improvement supported by sound data analysis should be essential to all companies engaging in some form of online sales. Surprisingly, according to the fifth edition of our report Scandinavian B2B Commerce 2021, 38% of companies still do not measure or follow up on their digital activities.
Assembling furniture in the dark
When looking at B2C e-commerce, tailoring marketing activities based on measurements and insights is bread and butter. Our report shows that B2B-companies that have followed suit, using data and analysis to develop their digital sales, experience both increased revenues and profit margins.
On the other hand, not measuring, is like trying to assemble furniture in the dark. As with any venture, you need to start somewhere, and our report shows that the majority of companies measure top-of-funnel metrics. These are a great starting point, allowing further cross tabulation with other variables to provide deeper insights and a shining light on your customer interactions.
Flick the switch using data
Data is the guiding light towards improved customer understanding, a more tailored online offering, efficient processes and, in particular, a profitable digital business. Yet only 13% of B2B companies consider themselves to have a data-driven mindset.
Having a data-driven mindset is more common among large companies leaving lots to learn and take advantage of for small and medium businesses. The report shows that 60% of smaller businesses don't measure at all, even though basic measurements can have a profound effect on their digital sales.
In today’s digital world, acquiring game-changing metrics is easier than ever before, as many readily available e-commerce platforms already have measurements and analytics built into their platforms. Using these analytical functions is a short step to propel any digital business forward.
Small steps for greater ROI
When choosing what steps to take towards an improved digital experience, much can be learnt from the report. In this fifth edition of our report Scandinavian B2B Commerce 2021, we created a digital maturity ladder to better understand the development of digital B2B-commerce. Even though it shouldn’t be seen as a blueprint, the digital maturity ladder is an excellent starting point to gauge a company’s digital development and get needed insights into what steps to take. What is evident, is that all companies at the top of the ladder use data and analysis to fuel their online business.
To summarise, using data and analysis is crucial to develop your e-commerce and increase both revenue streams and profit margins. For more detailed information and insights download the full report here.