Improving B2B Marketing by Leveraging Advanced Analytics: Identifying Prospects and Maximizing ROI
In part two of this two-part series, we share how advanced analytics technology allows for a far more personalized approach to marketing. The first steps to maximizing your B2B marketing campaigns, discussed in part one of this series, involve building the right database, profiling the ideal customer and segmenting the market. Here are two additional steps to take when using advanced analytics.
Identify new prospects
A critical next step in generating the most attractive new customers is to identify likely prospects outside your known customer base. Analytics can help you evaluate and better understand your company’s market presence and share of spend within complementary industries and geographies.
With this knowledge, you can help identify the best areas for market entry, expanded sales territories and new business opportunities within existing territories. As you begin to form new customer relationships, you can capture detailed information about your potential clients and add it to a database that is shared by both sales and marketing.
Recognize your most attractive prospects
Once you have a better understanding of your current and potential customer base, use predictive risk filters and data-driven intelligence to model expected responses to marketing campaigns, as measured by propensity to buy, attrition and financial distress.
Also, utilize available market penetration analysis tools to evaluate your customer count against industry, geography, or company-size market segments. Doing so will help optimize marketing spending and focus sales efforts toward business opportunities that are most likely to fit your ideal customer profile.
Employing advanced analytics and following these steps can help improve marketers’ ability to conduct better campaigns, and bring in the most attractive customers.
Success in B2B marketing today requires smarter processes, a greater number of data points, and incorporating current consumer product data, social media data and business reviews and ratings into the planning process. Using advanced analytics allows you to make sense of this data and increase your market share.