Treating your data as a corporate asset can help deliver maximum ROI. Lucy Acheson, head of data planning at WDMP provides top tips
B2B marketing managers are increasingly being pressurised to contribute to revenue generation. Communicating with potential buyers at the appropriate moment in a buying cycle and providing directly targeted information is essential to achieving this goal. However, many still fail to see the significance that the right blend of data and insights can have on achieving their direct response and relationship marketing objectives. B2B marketers need to appreciate the value of the data landscape and more readily view it as a corporate asset. After all, data sitting within a company is valuable as it costs considerably less to generate revenue from current customers than it does from cold prospects.
By analysing existing data, a company can identify at least a basic level of transactional segmentation, which many still struggle to achieve. Often B2B data isn’t in an appropriate format for marketing purposes, and located across different silos within the business. Some organisations may not have the manpower or data management systems to amalgamate and effectively analyse the data, leaving them unable to generate the single customer view.
Committing to investment in data to generate customer insight is a long-term process but proven to deliver ROI. The refinement of marketing spends through a more efficient and targeted approach saves and generates money. So how should B2B organisations manage their data to gain customer insights?
1. The data landscape
It is important to understand what data exists within your organisation. Without this knowledge you cannot appreciate how each data facet could be utilised to generate insight, which will in turn facilitate revenue generation.
Appreciating your data asset will allow you to understand who your customer is, what they are buying and how they are interacting with your business – denoting levels of engagement. Identifying optimal behavioural patterns within a data set, will provide you with a clear focus of which businesses you should be investing in, in terms of revenue defence and revenue creation.
2. Clear objectives
Identify your business objectives and what data you will need. Organisations often mistakenly look at their data to see what questions it can answer, rather than asking if the data they have answers their questions. Data is a means to an end, namely to create insight, which is the real driver of business solutions.
3. Expert advice
Don’t be afraid to seek expert advice. The initial external investment coupled with internal IT and software requirements may appear prohibitive, but seeking advice from relationship marketing specialists can significantly streamline the process. When seeking advice, ask for examples of previous success stories and relevant experience in your sector. Strive for independent advice, so chose a solution that specifically fits your requirements. Lastly, ensure the agency you appoint is passionate about data and can deliver practical effective solutions.
4. Fit-for-purpose database
B2B data can be complicated. To efficiently target businesses, it’s imperative to house data in a way that makes sense from a marketing perspective. In addition, B2B data ages quickly, so it’s important to keep it up to date (easier to do in a fit-for-purpose marcomms dataset). Without accurate data, investment in campaign strategy and creative is wasted. Engage with your sales and service team to motivate them to keep data current – they’re the people talking to the customers on a daily basis.
5. Data analysis
Make your database work by uncovering hidden insights. Once short and long-term marketing objectives are set, create an analysis pathway, the deliverables of which will lead to the creation of the optimum customer journey and revenue streams from each customer segment.
Make sure you fully understand the output of the analysis, that it’s on-brief and has delivered something useful to the business. If you have hired an expert, get them to help you develop the resulting marketing strategy, combating the ‘so-what’ phenomenon that can be faced once analysis has been completed.
6. Relevant communication
Use insight from your data to create highly personalised customer communications, encouraging engagement and loyalty. Addressing the inconsistencies in a customer’s purchase patterns should be brought to life in individual level communications, acknowledging what they are currently buying from you and what they might buy next. Don’t be erratic with your marcomms approach and be sure to develop a consistent, sustained strategy.
7. Research and follow-up
Following implementation of any campaign, interact with your customers – reward those who are spending and question why others aren’t. Identify areas for improvement by directly linking your results to your business strategy. Implement a ‘stop, start, continue’ approach to learning, embracing failure as much as success.
