6 Strategies to Drive B2B Demand with Better Business Data
For as long as we have known, acquiring B2B sales and marketing data has typically been a relatively unstructured process reliant on manual intervention. Despite best practices, data supervision measures don’t always result in quality data. This blog explores six different methods that could potentially optimize how companies handle business data and boost B2B demand. Studies show that 46% of organizations are under the impression they draw less than half of the potential value from their data, owing to poor data management. Since more data equates to more noise that has to be cut through – the challenges are only compounded by ample amounts of data and analytics at the disposal of sales and marketing executives.
6 Methods to Drive B2B Demand with Enhanced Business Data
How can companies begin to overcome this predicament? Breakthroughs in data science and advanced strategies for gathering data will pave the way towards optimized business data handling. Continued dependence on manual systems to gather and assess data will not produce the results required to reach the right prospects.
Automate Data Collection
When it comes to public companies there is a ton of information readily available regarding employee size, revenue, strategic investments and so on. However, this is not the case when it comes to private or small to medium size companies. The information that is collected from businesses under these categories is usually accomplished via surveys or calls made directly to the company itself. Relying on these legacy methods to gather data is time-consuming and error-prone.
The methods of data collection are as important as the size of such data. By automating data collection your business can function based on real-time sales and marketing insights. Your teams can concentrate on higher value-driven tasks instead of focusing on closed off companies or contacts that have already moved on.
Leverage the Entirety of Data at Your Disposal
Segmenting data can be done far more accurately when marketing executives are functioning with an up-to-date account data set. Business attributes like number of employees, revenue and location are all critical, but are most often left blank. This creates a difficulty in curating personalized content, email marketing and digital advertising strategies. Marketing teams most often have an ideal customer profile. But with insufficient data they could be overlooking potential high-value prospects. Complete data can assist companies in targeting the ideal customer.
Real-Time Message Delivery
Eliminating gaps between sales and marketing teams regarding the nature of accounts that should be targeted is critical. It is imperative that these two departments operate with the same set of goals in terms of what qualifies as a promising account. Once they are functioning in sync, sales intelligence data allows revenue teams to send out appropriate messaging in real time. Evaluating the results and responses from such personalized messages makes identifying new similar companies much easier.
Establish a Single Source of Truth
The revenue operations function encompasses a wide variety of roles like sales, marketing, sales development alongside customer success, renewal and more. The goal is to functionalize data in a streamlined manner so as to make a single source of truth available to the entire revenue team. Having a seamless flow of data into the CRM as well as other systems is crucial. This will also make sure that your teams are not wasting time hunting down data for each lead or account in their CRM. When all teams are functioning based on a single source of truth you can eliminate any discrepancies regarding an account’s potential. Bridging the gap between sales and marketing allows for enhanced performance.
Leverage Modelling Accuracy with Enhanced Data
Constructing the best possible data model will have no effect if the data that is being fed into it is contaminated. Pristine data helps maintains overall database quality and optimizes model capacity and accuracy. This solid data foundation lets marketing teams highlight accounts that are an ideal candidate or are gearing up to purchase similar products or services. AI augmented tools enable teams to spend just a few minutes instead of months to build ideal customer profile models driven by data. With this information your sales and marketing teams can function more efficiently by focusing on prospects likely to pay off.
Insight-Driven Finance Decision Personalization
In order to drive increased levels of demand, an in-depth understanding of accounts and contacts is required. This gives you a better idea of their individual needs so you can match that data possible ways your business can fulfil them. These insights can give you a competitive edge by going beyond standard firmographics and providing you with more detailed information like their spending on marketing technology or whether they sell primarily to B2B or B2C. With this information it is possible to upsell, cross-sell and be more competitive with hyper-personalized messaging.
Are you interested in leveraging technology to improve how you handle business data? Or would you like to structure a marketing strategy that leverages the same for better B2B demand? SprigHub can help you with marketing campaign planning and budgeting tools plus more with our revolutionary, AI-powered marketing investment optimizer. With a strong foundation in AI-powered data analytics our platform provides a closed loop process for marketers to plan and measure campaigns. With multiple levels of real-time data visualization, your team can make smarter, informed decisions driven by automated AI data analytics. If you’d like to know more, book a demo to see how you can leverage enhanced marketing performance visibility to increase marketing ROI.
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