Data is a crucial marketing asset for leading marketers to make actionable decisions which in turn derive significant leads. In this technology-driven era, data is growing at a fast speed, getting bigger and more complex to manage. This blazing speed of data has started to seek the attention of market leaders. Herein, proper structuring or you can say mining is important to reinforce your b2b marketing efforts, else you might be losing various resources that are readily available to you.
The use of market data helps you to define–what your target audience is, who and where they are, what business challenges and marketing opportunities they have, what mode of communication they would prefer, and so on. All these details will help you to attract higher quality leads, personalize your marketing efforts, and allowing you to build strong relationship with businesses that you are targeting.
Current Market Data- Your Crucial Asset
A typical B2B marketing strategy incorporates collecting contacts across a wide range of marketing channels through different activities and campaigns. By running such campaigns time to time, you will have loads of information about current or potential customers.
Note: Contact data is only valuable when it is updated and complete.
This data is like any piece of business equipment that needs to be maintained on regular basis. A regular tune could save your business efforts and capital.
By considering following points, you can see how market data can benefit your B2B telemarketing strategy.
Augmenting First Party Data with Third Party Data
First party data can be collected directly from the interaction that you have made with your targeted businesses. It includes their purchase history, previous records of downloads from your website (such as eBooks, White Papers, etc.). This kind of data is highly fruitful in targeting leads through email marketing strategy. On the other side, third party data is data that is gathered from outside source or environment such as from social media. This data is quite helpful to better understand your customer’s demands. This, in turn, allow you to create accurate buyer personas.
Segmenting and personalising market data: After analysing both first party and third party, you will be able to know who your target audience is. Also, it is helpful to segment audience on the basis of different parameters such as business size and nature. Always remember that you can have more than one target audience.
By looking at your early clients or adopters, you will be able to identify your first target audience. It is like who are the first people using your product? Startup and medium-sized businesses both fall into the business category. They have different pain-points, requirements and thus need different messaging. In general, startups would be more interested in affordability and flexibility. On the other side, medium-sized companies would concerned about reliability and security.
You can segment your marketing by using the data you gathered. After this, you can personalise your marketing efforts such as directly targeting small-scale companies by sending one email while targeting mid-sized enterprises with another. In this way, you can personalise your message to better meet their specific requirements.
It is true that more strategies you apply on the data you have collected from market, the more narrow your targeting audience has become. This does not necessarily infer less sales. In fact, narrowing down marketing will help you to garner rewarding results as your staff remain engaged on marked audience. With a broader target audience, you are probably decreasing the productivity of your resources.
By using both first party and third party data, you can build your marketing strategy that can have a positive impact on your business performance. Now, you can reach your marketing objectives more easily.
In essence, the market data is your greatest asset and a potential goldmine. You can consider b2b call centre service as it focuses on building marketing campaign that help your company in engaging business clients that are relevant to your business.