The world’s most valuable resource is no longer oil, but data.
The above statement quite clearly describes the value of data and the massive impact that data has in today’s business world. When it comes to B2B marketing, data has become an absolutely essential element for running successful sales & marketing campaigns. If you’re not mining your company’s data to help strengthen your B2B marketing efforts then you’re missing out on vast pools of resources that are readily available to you with very fewer efforts.
For B2B marketers, the database is one of your most important assets, whether you’re running cold call campaigns or using Account-based marketing (ABM) to reach prospects and convert them into leads. So it is important to have a clean database with high-quality information so that you have accurate contact information of prospects and leads. The use of data can not only help you better define who your target audience is to help you to attract higher quality leads but it can help you to personalize your marketing strategies, allowing you to build stronger relationships with the businesses you’re targeting.
B2B Marketers nowadays are receiving data more than ever and this data is coming from various sources like artificial intelligence (AI), inbound marketing activities, and predictive modeling strategies. Due to this excessive availability, B2B marketers are provided with a sheer amount of data or information to run the marketing campaigns and further are facing many issues to handle this data as well as keeping it updated – resulting in severe loss of data and efforts.
According to a report by Sirius Decisions in 2018 – On an Average 25%, B2B Tech databases are decayed. This overconsumption and loss of data need to be prevented in order to make the best out of it and to executive result-oriented marketing campaigns.
Following are the 5 ways to cherish your data & get more out of your B2B database.
In today’s complex and ever-changing marketing world, the quality of marketing and sales data is very important. Data quality is important because, without high-quality data, you cannot understand or stay in contact with your target audience. In this data-driven age, it is easier than ever before to find out key information about current and potential customers. This information can enable you to market more effectively, and encourage a loyalty that can last for decades.
A 2017 Informatica report states, “A clear majority of marketing decision-makers of more than 62% point to improving the quality of marketing data as a most important objective of a successful marketing data strategy.”
If by chance you take the importance of data quality for granted, your competitors won’t, and they will not hesitate to strive for the best data to improve their own competitive advantage.
Businesses gather lots of data/information about a lot of different things. Prioritizing this data allows you to identify the most important data at any moment and give that data more of your attention, energy, and time. It allows you to spend more time on the right and important data thus improving the effectiveness of marketing campaigns.
Different departments need different data to function. This data always come in the raw format and needs segregation at different levels. Prioritizing data according to the need of business is important for data’s fitness to serve its purpose in a given context and to reduce wastage of time in dealing with the unwanted or fatigue data.
As time passes, the accuracy of data reduces to a large extent. The data that was 100% accurate and important few months ago turns to be just a spreadsheet after some time. This is happening because of today’s complex and ever-changing marketing world. The data that once provided deep insights into the business, later even isn’t qualified to stay in the system.
There must always be a room in every business for updating the database and reviewing the accuracy of the data after a regular interval of time to keep the database fully charged.
Many B2B companies struggle with keeping their data clean and lists accurate and updated. Acc to Demandzen report – More than 45% of organizations have made these their goals for the year to clean and update their database.
There actually has been a tremendous rise in the data cleansing campaigns. Businesses are now understanding the value of having quality data rather than having a huge database and wasting internal resources to process that data.
We at Apprise Marketing Services – AMS don’t take data quality for granted. We rectify existing prospect data supplied by our clients using a variety of software and methodologies, ensuring titles, phone numbers, company, and other vital fields are valid and up-to-date.
We’ve so far accomplished more than 150 data cleansing campaigns for various B2B companies globally in the past 3 years.
Businesses collect various types of data. Many times, this data is highly sensitive material that is specifically for the interest of top-level officials. This can include clients information, financial reports, and trade secrets that the company is storing. It is necessary that a business keeps this information safe and secured from everyone expect the authorized staff to access this data.
However, storing data is not just about how and where, but also the speed in which it can be accessed, manipulated, and presented when required. So if data is important to your business, ensure that you place the same level of importance on your storage.
Data management is not a one-time project; it’s ongoing and involves every user in the company. In today’s highly competitive landscape information regarding prospect’s personal data, customer trends, demands and most of all, personalized communication matters. This is why businesses have to be careful about their B2B data. Businesses should ensure that this data is time to time cleaned, up-to-date and error-free in order to get achieve maximum results.
With data-driven marketing expected to become even bigger in 2019, organizations are learning how to collect, store and analyze what appears as a bottomless ocean of information.
General Data Protection Regulation (GDPR) has made it easy to cherish the data. The GDPR empowers individuals/businesses within the European Union (EU) to have informed consent regarding how their data is collected, processed and retained, as well as offering easy ways to update those and other details.
This is proving a piece of great news for small and medium-sized businesses. By keeping the business data accurate, not only will you stay compliant, but the data you collect will be of higher quality and therefore of greater value to you as a retailer. This compliant and up-to-date information should translate into fewer unsubscribes, a more trusting relationship with your customers, higher engagement, increased revenue and greater customer service.
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