We’ve all been sold the benefits of data analytics: real-time insights, a single view of the customer, personalised, relevant messaging that resonates with every recipient. But in reality, companies are too often held back by their data.
When I look at data analytics, there are three key steps involved to develop a workable approach:
- A solid foundation. Our starting point is creating a clean database of a client’s entire market. We might start with a full client database, or a partial customer list – it doesn’t matter how clean the data is to begin with, as we augment it with third-party intelligence about the industry to fill in the gaps. We also have our own proprietary database which we can mix in too – this gives us confidence in the quality and accuracy of the data.
- Enriching the data. Once we’ve got all the data, clean and in one place, we can start enriching it. This begins with basic information like the size and attributes of prospects, but also online behaviour and even intent data.
- Putting it into action. With analytics, we’re able to spot patterns and segment the market on more interesting criteria. You might discover young companies currently experiencing rapid growth and using a specific competitor technology stack are likely to be good targets – particularly if intent data shows they are currently in-market for your solution.
Feed that knowledge into your content and digital marketing, and imagine the timely, relevant communications that could be taken to those organisations.
We’ve deployed this kind of solution for several clients – and we’ll be sharing details of our work with Basware at Get Stacked in London next month.
With thousands of tools in stock, hardware stores like Home Depot overwhelm many homeowners. It’s the same with martech. Every marketing strategy relies on or uses technology and there are almost 7,000 vendors to select from. It requires a different frame of reference to keep pace without being overwhelmed.
Don’t think vendor, think category. It’s impossible to know every martech vendor. At five per day, it would take four years to cover all 7,000. Having working knowledge of each category, where each fits, and how they relate or overlap is realistic. Focus on understanding the categories available to you before deep diving into individual vendors.
Every category isn’t equally important. Concentrate on foundational martech categories. In B2B these building blocks are web content management, CRM, and marketing automation. Enterprises should centre their martech stacks around these and ensure tight integration. If you don’t, I’d wager your conversion rates are lower and your cost-per-lead is higher than your peers.
Categories relate to specific stages. When evaluating martech, map vendors to the demand funnel stage(s) they impact. This helps clarify where the technology will drive impact and where it won’t. Exclude fringe cases; placing vendors in every stage they could conceivably address means that every vendor you speak with will ‘technically’ fit every stage.
Categories impact customers or employees. Group vendors by the intended beneficiary to specify the group that will receive benefit: Customer-facing technology that directly engages customers and prospects. And employee-facing technology that’s solely used by internal staff.
Doing your homework and researching vendors in this way can simplify the sometimes overwhelming reality of martech.
What comes to mind when you think of marketing automation?
Messages going to the right people at just the right time? Prospects being nurtured automatically through each stage of the buying cycle?
It’s all possible. But to get to this point there is another element you need to get your head around. Get it right at the beginning and you’ll see better usage across your department, better results in relation to your objectives and more ROI from your licence fees.
A marketing automation system calls for a truly ‘systems thinking’ approach. This is largely about taxonomy: a chance to organise the important information and categorise like a true professional.
Remember when you implemented Salesforce and clearly thought through your business objectives, hierarchy of information, naming conventions and processes? This all applies to setting up Pardot (or equivalent) too. While it’s possible to get it up and running and fire out your first email in a matter of days, you will miss a golden opportunity to set up the platform in a way that is going to really drive results and build upon more effectively.
The problem is how to set up a system, before you know the system? Here is your pre-implementation to do list:
- Set SMART objectives
- Plan your Pardot content journeys
- Set up your campaign structure and naming conventions
- Determine and document your naming conventions across all Pardot assets
- Devise your lead scoring rationale and methodology
- Build in GDPR compliance.
It’s far from simple – each of these bullets is a story in itself (if you can’t make it to my session at Get Stacked, you can read more here). But this is your starting point – you can thank yourself later
