Role of Data Intelligence in B2B Marketing
The success of a business is adjudged by the ROI it captures. Campaigns, when built with precision around what the customers are looking for, can help boost business success. When armed with data intelligence, marketers can build targeted campaigns improving the relevance and increasing ROI.
Here’s a breakdown of how data intelligence can enable your business to thrive in the face of change.
Enhanced data for enhanced customer information
First party data is the data that you collect from direct interaction with your customer. A good example would be the information that gets to know of your customers when they fill in a subscription form in your website.
First party data is a useful repository because it can enable you to build targeted campaigns for those who have interacted with you some way or the other, and needless to say, first-party data is the first step towards building a successful digital marketing campaign.
Why not go a step further by augmenting your first party data with third-party data as well. Third party data is that information that has been collected by external vendors or is available on social media. Third party data is information over and above your own customer information, allowing you a 360O view on the customer ecosystem, one that goes beyond your own data.
Third party data, when combined with first party information, translates into a potent repository empowering you to better understand your customer, their wants, needs and buying behavior. With an enhanced database at your disposal, you can create powerful consumer personas, accurately reflecting who your ideal customer is, their demographic and psychographic characteristics, buying motivations, preferred channels, and overall buying behavior. Thus, data provides valuable insights into you recognizing your most precious set of customers and building a marketing campaign tapping into these groups, increasing your chances of enhancing your brand value and conversions.
Segmenting for targeted marketing
No two customers are alike and this means, one marketing campaign may not resonate with the other. In today’s dynamic digital era, content fatigue is feared by marketers and is considered as one of the primary deterrents to business success. This means ensuring relevance at every step of the buying journey is of utmost importance.
This relevance can be created by incorporating segmentation in your marketing strategy; which in turn can be enabled by data— both first- and third-party.
By analyzing your data on customers, you will not just be simply able to locate who your target audience is but will also be able to group them based on a number of critical parameters. These parameters can range from something as simple as the location to a volley of different categories like demographics, frequency of purchase, mode of purchase, etc.
By segmenting your customers in clusters with similarities, you can build tailored campaigns that will resonate with them, thus enhancing your chances of getting them to interact and engage with your brand in a manner that you may want them to.
With data intelligence, you can personalize your marketing efforts. For example, for those in the early stage of the buying cycle, it may make sense to build content that can help them understand the different products that your business offers. Likewise, for already existing customers, who haven’t purchased in some time, you can send them a reminder.
This is how with the help of data you can target specific customer groups and cater to their needs.
Fostering customer relationship
A priority in the B2B sphere is not just getting onboard new customers or also making sure your existing ones form a strong bond with your brand. Fostering customer relationship is critical when it comes to B2B marketing success.
Brand loyalty can easily be a thing of the past because we have competitors cropping up to vie your existing and potential buyers. In such a scenario, connecting to new and old customers is difficult, but the challenge multiplies when you chalk out strategies for developing and sustaining customer relationships, especially in the face of tough competition.
The 3 Rs – recognize, reflect and resonate – play a significant role in enabling you to build a powerful strategy to woo your target audience and making sure they stick. With wholesome data in hand, you can get valuable insights into who your customers are, the kind of offers they would most feel engaged by and would interact positively with your brand. This data enables you to effectively engage different customers at different times, by creating compelling content that resonates with their buying interests.
By maintaining a brand that is interesting and relevant, you create a sense of trust in your customer base to continually keep interacting, in turn encouraging customer relationships.
The enthusiasm for data-driven marketing is widespread, but most businesses still find themselves early in the implementation phase. For example, there is widespread agreement on the importance of market intelligence as the foundation for decision-making throughout the organization.