Using B2B data strategically - Dan White at Marketing Week Live


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The most effective B2B marketers understand how to use data strategically – find out how they do it.

Dan discusses how successful businesses use external data to:

• Sort out their data legacy
• Enrich their knowledge
• Drive their businesses forward.

How can external business intelligence enhance your own data, what can it show you about your customers and prospects, and how does integrating it with your CRM make you more efficient?

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  • Some of you may of heard of us, indeed some of you may use our products. As a company information provider we do a number of things but a key part of what we do is to create products that help businesses use company data for effective marketing
  • After 20 years we’ve built up a fair amount of knowledge about how sales and marketing teams can best leverage the data we supply to drive effective marketing strategies
  • As a coy info provider we’ve always known the value our data offers to the financial sector, the insurance sector, the professional svc sector & the academic & research sector. BUT ever since we’ve been producing information we’ve had marketing teams that have wanted to use it to help them solve a number of challenges that data commonly presents. When putting together this presentation I wanted to provide some context and maybe if I could some figures to indicate a challenge or two that marketing teams faced when it came of company information.
  • So actually using one of our UK products I .......... Now that’s not particularly unusual but you add that up over 12 months and it does show quite nicely the challenge of keeping your internal data accurate, and that’s only 1 field. So having said all that down to business:
  • No two companies But many companies will have very similar challenges around managing their data and using it to enhance the way their businesses works. Problems occur when data is out of date, inaccurate or not rich enough. And bad data can really hinder your business BUT the GOOD NEWS is you now have some very simple & effective ways to not just to improve your data but the way you work with data.
  • Advances in technology means we can easily merge external and internal data. Nothing is standalone anymore. So using the Internet and Cloud based technology your business can progress and you can really start to leverage the value & knowledge held in your own data for no matter how bad your own data it will contain some valuable knowledge captured over the years Dark matter….
  • Sorry to say but unless your business is brand new you will already be managing a data legacy. Some data you own will be either incomplete or inaccurate. Good news is you’re not alone in this. Even some of the worlds largest companies have this problem. But what we do know is all this poor data wastes time, effort and money so in order to use data to be successful you will have to tread the same path as companies who have done this before And so today we were going to look at the 3 ways in which we commonly see successful businesses using external data to progress. We’ll look at how they’re using external data to: sort out data legacies enrich their knowledge and drive their businesses forward.
  • So lets look @ that first point on dealing with your data legacy. You can’t build a house on foundations of sand & when engaging with our clients who are starting to look at this seriously the common starting place is to look at duplicate records which I’ll discuss further in the next slide They will also want to deal with any stale and out of date data that hasn’t been checked for a while or just plain inaccurate data. Nothing scares marketeers more than having to use data which has solely relied on salespeople’s input… Apart from some pretty bad job titles most elements of out of date data are no one’s fault (as commonly sales people are quick to point @ marketing & vica versa) it just happens– even from the address change slide we’ve seen how easy it is for data to go out of date. The important thing is to do something about it!!!! .
  • One of the main causes of duplicate records buying in lists. Load these into your CRM and you’re very likely to add records that are already there Or, you have an ‘enterprising sales person ’ identifying what they think is a good sales opportunity. Said sales person goes to the CRM and finds the company is already there being dealt with by another sales person. Ah but they think maybe it’s not exactly the same company. They think “The contact I have isn’t even in the CRM and they’re in Birmingham where I am going next week”.
  • The result of this slightly self-serving thought process is that you end up with two records in your CRM one record under Joe Bloggs Ltd and then another simply entered as Joe Bloggs . It won’t be news to anyone in the room some of the challenges that duplicate records present to marketing teams and whilst this may all sound very painful the good news is that by starting to deal with this you are already building the foundations of a really effective data strategy
  • To deal with these data issues companies usually run their data through a de duplication exercise to clean the data. For a one off exercise some businesses will do this in isolation by just running their own data against itself. But this does not address the addition of new data going forward. For a permanent solution effective companies will run their data against data from a third party who have up to date well managed and exhaustive content.
  • This way your own records are matched against the file from an external provider & crucially the unique identification number used by the external provider is linked to your own internal records. In this way not only are duplicates removed but also the addition of new records can be controlled
  • For example… users who want to add new records to the CRM are forced to now use the third party’s company name index.
  • Here we can see this record already exists in the CRM as a lead – in SFDC terminology anyway.
  • The good news is you now have the basis of a successful data strategy as this matching exercise has on-going benefits – it’s not just for removing or preventing duplicates. Once a link has been established between your record in the CRM and the matched record in the external party’s database the two systems can talk to each other You open a gateway to any of the information that the external party holds and maintains for this record and for starters you can start to clean up some of your other basic data issues…
  • For example in an external solution, like ours, the trading status of a company is updated daily with data from Companies House and with daily publications called the London and Edinburgh Gazettes.
  • We looked at the address example earlier so you can also use the third party source to challenge the address fields you have. And finally having de-duped and cleansed the existing data you may want to look at enhancing what is left by adding things such as phone numbers, websites , turnover or industry codes to records.
  • Now you have a link to a cloud based information source that is effectively managing data on your behalf and taking away some of the painful (and frankly quite boring) day to day issues
  • Having done the painful bit we now open the door to a large amount of additional information that will help both the sales and the marketing teams and we see companies with these links in place becoming more strategic in the way they operate. They want to understand their clients and markets better. They want to know more about the businesses they are approaching or already work with and try to identify key customer traits. And they want to use this data to present in the environment in which they already work which the links now facilitate
  • For example salespeople can now understand organisations prior to approach. They may want to look at an overview of a company which saves them spending half an hour on Google, and they may also want to understand how big a company is to get a feel for the size of the opportunity….
  • Having found and understood a relevant company the obvious next question to ask is who do I talk to and very often external providers can help by presenting data on key contacts within the business, and clearly from a marketing standpoint it helps maximise the response to campaigns if they are aimed at the right contact in the first place.
  • One particular good example we often see companies use is key intelligence around corporate links and ownership Opportunities in the corporate group – common practise in BvD….. All the 3 last slides are great from a sales perspective but even greater value fro marketers comes from the simple realisation of the segmentation of their clients and prospects they can now do….
  • In this external platform they can segment their clients how they want, for example to look at your current client list by size or industry sector Then they can use this information to find more companies like the ones they’re successful with .
  • Having ID’d a sweet spot, what is the population of the CRM? Do they may want to bring in additional prime prospect data into the CRM to drive the next campaign & to arm the sales team with quality leads.
  • And so really we’re now starting to use the data quite strategically to try and get it to deliver results. Armed with this insight on ideal prospects, they can deliver more relevant campaigns directly to companies who look similar to your current clients This can clearly reduce waste in their sales and marketing effort The more you know about your targets the better your campaign can be and more knowledge should mean you can refine your timing and messages
  • This intelligence makes marketers popular with their sales teams because rather than tenuous leads they get qualified targets that are not only in the right space but are large enough and profitable enough to afford the solutions they are selling. And there are lots of other examples… financial year end
  • The finance team are also happy because they are prioritising companies with a strong credit score – so they’ll be able to pay.
  • And, because these external databases are updated with business critical data all the time – you can use them to find sales triggers . This means you can monitor your chosen companies using your chosen criteria. If a company record is updated with a relevant bit of data, it can trigger an email alert to you or your team. This e-mail brings that "hot" company to your attention and to the top of your priority list. The most common alerts we see our clients watching for are for companies with new financial data or companies who had a change in directors, and companies with a change in ownership after a merger, acquisition or similar. MENTION M&A EXAMPLE OF PE BUYOUT Companies in the news… These events can all mean more opportunity for you. And it’s all about finding opportunity.
  • Now amongst all these fantastic new initiatives it is important also to recognise the role this enhanced intelligence has for lead management and if you get the rest right this hopefully will only become more of an issues for you… PROSPECTING With richer intelligence, you can manage and prioritise your leads much more effectively. You can quickly assess the companies that have responded to your campaigns and make sure you prioritise and allocate leads efficiently and appropriately. Being able to profile companies is also really useful to help your sales team follow up campaigns, and can even be included in your marketing automation. You can rank the companies you’ve targeted by key criteria for mailing follow up projects. So you can make sure the contacts who are most likely to buy from you are spoken to first. ALLOCATING In our company’s sales territories we have vertical, geographic and revenue splits and I don’t know what we would do if we weren't able to review incoming leads via Mint to help us allocate them.
  • So to sum up   Too often businesses are fighting to work with poor data. Their data can be out of date and not have the detail to drive really effective marketing. Successful B2B businesses know that integrating externally managed data into their work flow and CRM helps them to develop effective marketing. And this benefit is ongoing. These companies vastly reduce the time expended on data management and with enhanced knowledge of their clients; prospects and markets are able to deliver more and better qualified opportunities. They are turning their data into a key element of a successful marketing strategy. They are finding that the effective use of data has never been more accessible, simple to implement or as rewarding.   If there are questions I would be happy to take them or come and find out more on stand C28. .
  • Using B2B data strategically - Dan White at Marketing Week Live

    1. 1. The most effective B2B marketers use data strategically Dan White Sales Director – Bureau van Dijk
    2. 2. The most effective B2B marketers use data strategically How?
    3. 3. Context Companies with address change in the last 3 days 12,887 Companies into receivership or liquidation in past week 6,826
    4. 4. The most effective B2B marketers use data strategically How? Today we have technology that helps us, and more high quality data available to us.
    5. 5. 1. Sort out data legacy 2. Enrich knowledge 3. Get results Successful businesses use external data to:
    6. 6. 1. Data legacy… • Duplicate data • Stale data • Inaccurate data Job titles we’ve seen: • Moved to a new part of the business • Glorified Consultant • “Lee” Sales Director – Actually a Women
    7. 7. Data Legacy: Duplicate records Lists “Enterprising” sales staff
    8. 8. Data Legacy
    9. 9. Data Legacy
    10. 10. Create a link …. Internal data Externally managed data Common identifier
    11. 11. Create a link …. Internal data Externally managed data Common identifier
    12. 12. Data Legacy: Remove “dead” companies
    13. 13. Data Legacy: Check your addresses
    14. 14. You’ve made the link… …it’s your gateway to knowledge 2. Enrich Knowledge
    15. 15. Enrich Knowledge: Connect to valuable sales data… • Financial profiles • Activity descriptions • Contacts
    16. 16. Enrich Knowledge: Overviews & financial Profiles
    17. 17. Enrich Knowledge: Relevant contacts
    18. 18. Enrich Knowledge: Group opportunities?
    19. 19. Enrich Knowledge: What does my ideal client look like?
    20. 20. Enrich Knowledge: Plan campaigns
    21. 21. 3. Using data to get results
    22. 22. Get Results: Deliver quality leads
    23. 23. Get Results: Filter by financial health
    24. 24. Get Results: Monitor for sales triggers
    25. 25. Get Results: Lead management… • Source • Prioritise • Allocate efficiently
    26. 26. • Sort out data legacy • Enrich knowledge • Get results Successful business use external data to:
    27. 27. Stand A455