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Why is using customer data in B2B marketing important

A new four letter word seems to have taken over a lot of minds these days. It’s called DATA. When it comes to B2B marketing, it is something whose importance cannot be undermined. The four letter word has become absolutely essential to running a successful marketing campaign. If you’re missing out on mining your company’s data to help fortify your B2B marketing efforts then you’re missing out on innumerable resources that are readily available to you.

 

The use of data not only aids in better defining your target audience but also helps you to attract higher quality leads as also assists in personalizing your marketing, allowing you to build long-lasting and stronger relationships with the businesses you’re targeting.
The following are a few examples of how the use of data can benefit your B2B marketing strategy.

Augmenting data from various sources
When you collect first hand data from the interaction that you’ve had with targeted businesses, it is known as First party data. It could anything from their purchase history or their history of downloads from your site like eBooks or white papers. This kind of data is extremely helpful in targeting leads using email marketing.
But there is one other point that you need to keep in mind and that is augmenting the use of first party data with that of third party data. Now third party data is data that is collected from outside providers, which means it’s data that you haven’t collected from your users.
Third party data comes handy if you wish to better understand your customers’ wants and needs. This in turn allows you to create more accurate buyer personas. So when you actually get down to creating buyer personas, please remember to consider customer demographics, psychographic characteristics, values, pain-points, motivations, goals, favorite brands, and preferred channels of communication.

Segmenting and personalizing
By poring over both first party and third party data, you’ll not only be defining your target group but also be able to segment them so that you’re not just marketing towards one of your potential target audiences. Remember, it is a possibility to have more than one target audience.
To elucidate our point, let’s look at startups and medium-sized enterprises. They both fall into the business category but at the same time they have very different pain-points and will require different messaging. Generally speaking, startups would be more interested in some issues such as affordability, whereas medium-sized enterprises would be more interested in reliability.
You can divide your marketing using the data you have collected so that you can personalize your marketing energies more, such as by directly targeting startup companies with a particular email while directly targeting mid-sized companies with another. You can meet their specific needs using this method.

Targeted marketing
It will come as no surprise to you when you start applying the data you have collected from customers, you will notice that your target base shrinks to quite a small number. This does not necessarily mean lesser sales.
This is turn is a good practice because when you focus on a targeted audience, you generally have a much higher success rate. Whereas with a broader target, you’re probably wasting your resources on businesses that won’t be interested in your products or services.
If you look at it closely, you will realize that targeted marketing only helps you go a long way and establish new relations. It’s not just that the use of data can help, it’s that not using data can actually be detrimental to your marketing efforts. By ignoring your consumer data, your message will end up falling on deaf ears, which means a big part of your marketing budget is going to waste.

4 Ways To Use Your Data The Right Way To Increase your Sales

Did you know that just 0.5% of data available is used by marketers who seem to be totally intimidated by the vast amount as well as its complexity?

 

Did you know that just 0.5% of data available is used by marketers who seem to be totally intimidated by the vast amount as well as its complexity?

It is misnomer that only large enterprises have the resources to utilize data because small businesses can easily take advantage of it as well and make a lot of difference to their bottom lines.
We are there to help you make sense of all the information which can no doubt become overwhelming. And once you discover a way to fit it into your own decision-making process, you’ll know what you were missing out on

Look at old data
Your historical sales data holds so much information that you’d be surprised. That data can easily be leveraged to expand sales efforts at each stage of the funnel. By discovering which sales tactics work best, you’ll be able to gradually refine your approach and improve conversion rates each time.
Old data can also be used to develop better sales forecasts, allowing you to identify high-value targets and better allocate potential opportunities and new leads.

Optimize pricing

Pricing it right can be one of the biggest challenges of introducing a new product. Too high a price is sure to drive customers away, and pricing too low can erode your profit margins and even customer perception.
In addition to external research, look at your past transactions and your customer base. Using data from your CRM, you can easily segment your customers by different price points to help narrow down the ideal price range based on each group’s price tolerance, behavior and demand.

Enhance the tone of your messaging
Customers have their preferences and choices and look forward to communications that are tailored to their specific needs, inclinations and desires. Most businesses do this by creating customer segments based on a wide range of attributes such as geographic location, age, sex, marital status, etc.
This can be conveniently achieved by A/B testing the various elements of each message. You can know and identify how customers respond to different headlines, offers, images and copy to find that works best.

Create compelling stories
Case studies are an operative way to inform potential customers of your capabilities and recent endeavors; they highlight real world examples and serve as enablers when closing new deals. Beyond combining core data points, make sure that you include visual elements such as charts and graphs that clearly highlight the key points and benefits.
Keeping your case studies brief and succinct with visual data will help you create impactful selling points.

Key Takeaways: Mining value from your data takes some time and perseverance, but once you do, the benefits are limitless. Regardless of the size of your business, learning to incorporate data into your sales processes will not only help you become a much better decision maker but also drive revenue growth.

How DATA impacts CFOs

By now we all have easily established that organizations big or small, all need and also manage to collect overwhelming quantities of Data. They could garner it either from internal functions and operations or external customer interactions. With business analytics presenting a robust promise to evaluate data for competitive gains, real-time insights across the value chain has become critically important for Chief Financial Officers.

 

More often than not, CFOs need marketing data to run a tight ship and manage the strategic aspects of the business. Datakart offers ready and relevant data that not only helps CMOs but also other C-suite and helps them take their business to a new high.

CFOs can meet many a challenge using data wisely because:
Relevant data is unquestionable
Data from Datakart is relevant as well as actionable data and can easily be your “ace of spades”. But to use that card and win the game, you need to first have it in your deck. If your organization wants to make decisions based on facts, having actionable data on-hand empowers you to answer all the questions that begin with ‘why’? To make it easy to comprehend, we can safely say that relevant data which is reported correctly is indisputable. Actionable analytics and insights remove the subjectiveness in business.

Relevant data lends itself to unbeatable strategies
Once you have a hypothesis, paired with relevant data, you can create a strong, measurable strategy and put it to work! The structured criteria of a hypothesis, including data, is your foundation to base and execute the strategy. Compare results to the hypothesis regularly and make sure that the campaign is right on track. If it’s not, make amendments to reach your desired goal. Having the hypothesis, based on relevant data, allows your team to achieve more goals.

Relevant data can help you optimize
How can you empower and enable your team if you don’t hand them over the right tools? Just the same way, your team will not be able to optimize anything if you don’t have meaningful data to support making changes. Many a time, people blur testing with optimizing. Testing is a part of optimizing, but they aren’t one and the same thing. Testing is measuring to check the quality, performance, or reliability of something. Optimizing takes those measurements a step further. It means to make the best of or most effective use of something.

Relevant data gives you the purpose of work
As much as you’d like to ignore it, the numbers don’t lie. Data can prove that the projects you’re working on are where your limited time is best spent. It can also let you know what not to work on. For example, maybe you spend 15 hours on email marketing, and you put on quite a many per month thinking they’re driving leads. But once you look at the report, you realize the emails account for 25-50% of your time on the clock and only bring in 2-5% of leads. Maybe then, you will realize that your time might be best spent on a totally different lead generation campaign.

Key takeaways – Data and its analysis are still in their early stages of development, but that they offer endless possibilities for companies to use is beyond any doubt. Every single piece of information, inside and outside the organization can be employed to better structure the business on all levels. In this framework, it is likely to witness major shifts in the roles and responsibilities of CFOs in the years to come. Datakart with its ready marketing data is there to help the CFOs understand the opportunities better.

Data is the kind of universal resource that we can mould to provide new innovations and new insights. It’s all around us, and it can be mined very easily.

We’ve got to use every piece of data and piece of information, and hopefully, that will help us be accurate with our product evaluation. For us and anyone else in marketing, it is our lifeblood.

Tips to use data wisely

When analyzing your sales performance consider data for the following:
Pricing changes eg. price increases or discounting
Competitors entering or exiting the market
New product or service launch growing sales
New product or service cannibalizing existing product or service sales
Customers moving between products or services
Changes in customer demand eg. increasing or decreasing
The segments and distribution channels you operate in