Leveraging Advanced Analytics: Personalize to Maximize
B2C marketers have embraced the use of advanced analytics in order to personalize their marketing campaigns and acquire new customers. Now, B2B marketers are employing these technologies to approach demand generation in new ways.
In part one of this two-part series, we discuss how advanced analytics technology allows for a more personalized approach to marketing. You can create efficient, focused campaigns based on a company’s specific anticipated needs. For example, during the purchase cycle determine the estimated credit and garner a snapshot of the financial status. These analytics allow for automation in a process that has previously been more hands-on — and the resulting efficiencies are significant. During the applicable study periods,
- Companies that use advanced analytics tools enjoyed 8% higher win rates (CSO Insights)
- Marketing analytics tools paid back $10.66 in returns for every dollar invested (Nucleus Research)
- Advanced analytics delivered efficiency gains of 30% or more by supporting targeted campaigns and higher conversion rates (Marketing Sherpa)
Below are some of the most effective ways that advanced analytics are used to maximize B2B marketing campaigns:
Build a ‘single source of truth’
You should build and maintain your database, which should be a single source of data—sometimes referred to as a ‘single source of truth’—that is shared by sales and marketing. Having separate databases for sales and marketing creates unnecessary redundancy and compromises integrity.
The database, whether it is internally generated or sourced from outside, needs to be consolidated, cleansed and enriched. The end result should be a database that includes all relevant influencers and decision-makers in every potential prospect and existing customer. Since there are often multiple parties involved in the purchase cycle, this is particularly important in a B2B environment.
If your company sells to both businesses and consumers, the database information should reflect these cross-pollination opportunities. Resulting in the identification of consumer customers that own businesses and businesses comprised of consumer owners.
The goal of the database is to reflect a comprehensive view of the prospect or existing customer. Having on-demand, real-time business intelligence will enable you to quickly engage prospects, find new opportunities, and fine-tune campaigns. Ultimately, connect with the right people at the right time with a relevant solution.
Identify the most—and least— attractive markets for your products
It is important that you profile your ideal customer to segment the market for your products or services. You should thoroughly analyze the data you have collected in order to better understand the customers from whom you currently receive revenue and, even more importantly, the customers who generate the bulk of your profits. You should also analyze the sources of risk to your business, which will help you identify the most — and least — attractive segments of your market and create a strategic business plan to address them.
By researching deeper, you can create ideal client profiles, including attributes created from your data like “ability to pay” and “acceptable risk level.” Through this kind of intelligent customer profiling, a picture will emerge that reveals the most impactful elements of your marketing campaign.
Read on in part two of this series to learn how to identify new prospects and opportunities that are the most attractive for your business.