Download to read offline
Uploaded byamdia
B2B DATA: You Don't Have to Love it, But Don't Ignore it
The document emphasizes the importance of accurate B2B data management for improving marketing effectiveness and reducing costs. It outlines strategies for data acquisition, the risks of data degeneration, and best practices for data hygiene. Additionally, it presents case studies demonstrating the successful application of data-driven marketing techniques.
More Related Content
Similar to B2B DATA: You Don't Have to Love it, But Don't Ignore it
B2B DATA: You Don't Have to Love it, But Don't Ignore it
- 1. 1 B2B Data You Don’tHave to Love It, But Don’t Ignore It! Ruth P. Stevens @RuthPStevens www.ruthstevens.com
- 2. 2 How much attentionto you pay to your data? But, wait. It is our problem!
- 3. 3 The business casefor complete, accurate data 1. Market coverage: Improve response, leads and sales by reaching more targets. 2. Save money: Lower costs with less waste. 3. Customer satisfaction: Address customers properly and company perception Bad customer data costs U.S. businesses more than $600 billion a year in wasted communications and staff overhead—not to mention lost opportunities. --The Data Warehouse Institute In B2B, data underlies everything Table of Contents 1 The marketing database 2 Data sources 3 Data architecture 4 Person data 5 Data management 6 Data uses 7 International data 8 Data-driven marketing on a shoestring 9 Troubleshooting 10 Cases studies in data-driven marketing 11 Where B2B data-driven marketing is headed Download sample chapters at http://b2bdatadrivenmarketing.com/
- 4. 4 SOURCING DATA ABOUT CUSTOMERSAND PROSPECTS Building your database: Have you tapped these sources of customer and prospect information? Internal sources • Sales contacts • Billing systems, credit files • Ops/fulfillment systems • Customer service systems • Web data, e.g. logs, social media • Inquiry files, referrals External sources • Business partners/channels • Prospect lists – Compiled files – Response files – Prospecting databases – Customized data • Surveys • Database append
- 5. 5 4 steps tostrategic, cost-effective data acquisition 1. Identify the data elements you need. – Develop a data strategy. 2. Append elements available from third- party suppliers. 3. Fill in the gaps with “data discovery.” – Outbound telephone or internet research, to target accounts – Probing on buying roles and contact info 4. Focus on key accounts. Next generation data sources • Shared contact databases generated by sales and marketing people in B-to-B • Data generated automatically by sweeping corporate websites • Contacts generated as look-alikes from your top accounts. • Predictive lead scoring by modeling best customers.
- 6. 6 More new datasources • Data discovery, via technology and by hand. • Purchase intent inferred from online behavior. • Rich contact profiles based on business people’s social media data. • Auto populate landing page forms with account data. Turn your website into a data source
- 7. 7 13 Supplemented by IPaddress identification Providers VisitorTrack VisualVisitor Demandbase Visistat WhoIsVisiting The danger in form-fill data Source: Eloqua
- 8. 8 HOW CLEAN ISYOUR DATA? Take your medicine… Data degrades quickly B-to-B • Business data degrades by 4-6% per month. Consumer • U.S. households move at the rate of 20% per year. The lesson? Invest in data hygiene. Decisions made on bad data are more dangerous than on no data at all.
- 9. 9 17 B-to-B data decay,in context Source:D&B 706 firms will move 120 new businesses will open 578 businesses will change their phone numbers 60 businesses will shut down 250 business phone numbers will be disconnected 514 suits, liens or judgments will be filed against companies 120 D&B credit ratings will change 120 corporate CFOs will change 60 companies will change their names 10 firms will file a bankruptcy petition In the U.S., in the next two hours… Data degradation in Argentina A CEO changes every 30 months, on average. A manager changes jobs every 18 months. A list of CEO names will be 40% incorrect within a year. A list of manager names will be 67% wrong after a year. Based on input from Francisco Risso, B2B data broker and long-time AMDIA member.
- 10. 10 Decay rates differby element 36.3% 23.9% 21.5% 21.2% 20.7% 18.0% 16.0% 17.4% 15.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Mail Address Business Name SIC Phone Number Physical Address CEO Name Add'l Exec Sales Volume # Employees Decay rates of key business data elements over a one year period (US data). --From an internal study conducted by D&B. 5 steps to data hygiene 1. Standardize data and train key-entry personnel. 2. Train and motivate customer-facing personnel to update the data. 3. Use data-cleansing software, internally or externally. 4. Allow customers access to their record on your web site, so they can make changes. 5. Outbound phone or email to verify, especially to top customers. For recent white papers on data hygiene best practices, visit ruthstevens.com/ whitepapers.
- 11. 11 Segment your hygienestrategy Mrs. Beasley’s makes annual outbound calls every August to accounts who bought >$250. Invest in clean-up on your top customers first. HOW TO GET THE MOST VALUE FROM YOUR DATA Two case studies
- 12. 12 Top database marketingapplications 1. Research/analysis – Purchase patterns, product patterns – Trends – Segmentation 2. Promotion – Campaign targeting/selection – Cross-sell/up-sell – Reactivate dormant/lost customers 3. Measurement – Campaign results – ROI, optimize marketing investments – Lifetime value, Managing customer segments B2b data-driven techniques Segmentation Penetration analysis Profiling Modeling Targeting/campaign selection Recording results of marketing activity Makino case Profile, segment and laser-target accounts.
- 13. 13 Makino’s database strategies •Generate targeted demand • Makino’s key and target accounts must be reached. • Generate leads to fuel Makino’s continued market-share growth. • Create consideration by owning the conversation: Thought leadership • Connect Makino users with targets via content marketing • Align Makino with innovative parts, products, processes and partners. Print Media Webinar Program Traditional PPC SEO Email Social Media Media Relations LEAD GENERATION/ SALES ADVANCEMENT Custom Publications Digital Media White Papers Direct Mail BRAND AWARENESS Social PPC Trade Shows Competitive Tools Makino IMC Box/IPad SALES ENABLEMENT A market leader in a changing market • Relied primarily on trade shows and print advertising in trade pubs. In 2004, Makino Americas understood it needed to change. – Turned to digital and database marketing • Built a database in Saleslogix organized by rep territory. – 15 years of customer data – Subscribers to their 4 custom pubs – Imported trade pub subscriber files – Total: 6,000 accounts • Analyzed total metal cutting market: 55,000 accounts. – Identified buyers based on UCC filings and government records. – Sales team identified target accounts. – Marquee accounts like GE and Caterpillar. – Total: 8,000 accounts, with 2-30 contacts per account.
- 14. 14 Data combined withcontent An unusual focus on social media • 74,000+ Facebook page Likes/Fans • 6,012 LinkedIn Followers • 1,802 YouTube Subscribers • 5,305 Twitter Followers • Messages drive to deep content at Makino.com • Goal is conversions/Lead generation
- 15. 15 Data-driven marketing ROI •200% increase in social media audience • Web traffic up 18% • Record lead creation in 2014 – RFQ’s average 2-3 per day • 4 record sales years in a row • Market share growth • Marketing expense as a % of sales declining Marketing expense as % of sales 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Five9 case Look-alike modeling for prospects.
- 16. 16 Database strategy • “First,we target the right accounts. We look at past wins, and the attributes of those customers. We examine those who buy and later become long-term clients.” --Doug Sechrist • Look-alike modeling identified 6,000- 7,000 prospects. All demand gen efforts are focused there. Key variables in the model • Number of employees in the call center. • Presence of a customer service or outbound sales and marketing team. • Use of an outbound collections department internally. • Use of similar technologies, whether SaaS or on premise. • Past purchase of cloud-based software. • Competitive technologies installed. • Use of “adjacent” or complementary technologies, like a workflow management system.
- 17. 17 Marketing strategies • Developedindividual personas based on existing top buyers, using details from LinkedIn and other social sites. • Built a tiered system of lead distribution, giving hottest leads to top reps. –Uses outsourced appointment setting vendors to help qualify leads and develop new contacts in key accounts. Ready to focus on your data? ruth@ruthstevens.com @RuthPStevens Thank you