When it comes to B2B marketing, data has become absolutely essential for running a successful marketing campaign. If you’re not mining your company’s data to help reinforce your B2B marketing efforts, then you’re passing up on a major reaches of resources that are promptly available to you. The best marketers use data to help form and cultivate relationships with their potential customers through their marketing campaigns.
Right from initiation of the marketing lifecycle- when data is collected/captured from various sources such as engagement, nurturing, tracking to the final stage where actual customer conversions take place, data is the key consistent factor. With the integration of data into businesses and combined efforts from both marketing & sales team, results are bound to be positive.
According to HubSpot, “a lead is a person who has indicated interest in your company’s product or service in some way, shape, or form”. In simpler terms, a lead is a piece of data: it is information about a person or organization.
Just look at the numbers about data:
- 88% of companies correlate data obtained by third parties to enhance their understanding of each customer (Forbes)
- Nearly two-thirds (62%) of consumers say it’s acceptable for companies to send personalized offers and discounts based on items they’ve already purchased. (Salesforce)
- According to CMO, 67% of marketers believe speed is one of the primary benefits of data-driven marketing, resulting in the ability to execute their campaigns quickly. (CMO Council)
- 64% of marketing executives “strongly agree” that data-driven marketing is crucial in the economy. (Forbes)
So, what do these stats tell us? B2B Marketers are having the 360-degree view of accounts and contacts from their data-driven marketing efforts.
What are the benefits of marketing data?
- Lower Costs
- A major benefit of improved data quality is a reduction in overall costs. Here are a few examples:
- Reduced marketing spend e.g. quality data allows you to be more efficient. Targeting is more effective which means there is less wastage. The right message gets to the right audience hence increasing your ROI.
- Reduced time reconciling data e.g. with low-quality data you can waste time trying to reconcile data issues and trying to resolve anomalies/errors.
- Cross-selling: better data enables selling an additional product or service to an existing customer
- Up-selling: better data gives companies the ability to sell add-ons, upgrades etc
- Retention: having better customer insights will improve retention of customers
- Increased Sales
- Cleansed, accurate data will deliver the best customer profiling. Improved targeting will ensure you get the right message to the right person automatically increasing the likelihood of conversion and a sale.
- Improved Satisfaction
- Data can improve both customer and employee satisfaction. From a customer point of view, having quality data enables you to embrace a more customized approach. Receiving relevant, tailored communications will resonate more with the recipient increasing their perception/satisfaction.
- From an employee point of view, quality data will reduce frustration. Contact rates will be higher both via phone and email plus lower levels of returned postage. All in all, this will reduce frustration within the business.
- Better Decision Making
- At VSynergize, we believe the better the data quality, the better the decision making within the business. Incorrect decisions can be taken if the data is wrong i.e. sending marketing messages to goneaways or deceased records. Accurate data will obviously deliver better results and generally reduce business risks.
Data in-flow is a consistent activity for B2B businesses. Align sales and marketing to enhance customer experience and seamless business operations and track ROI. Unhealthy, distorted and redundant data can cause a serious impact on sales and marketing thus widening the gap. But good data and strong internal relations could increase business revenue by 66%.
Understand your data is the key to successful marketing campaigns. It can help to reduce the risk of wasting time and money on strategies that don’t work, as well as allow you to understand what your customers want. If you don’t monitor your activity results on a regular basis, this can limit the evolution of campaigns and have a negative impact on outputs. After all, data is a bloodline.
If you would like to learn more about how we can help with your data challenges, call us today on 855-203-8196 or email us at email@example.com