Business Critical Points Marketers Miss to See in their Data

Marketers across the globe are scrambling to assess their options for gathering and utilizing the data to its maximum potential in their marketing campaigns. The data is also being used to design creative marketing strategies to gain maximum advantage. Today, the distinction between online and offline data has almost become invisible. Offline marketing campaigns such as ads on TV and radio are designed to spark significant online activities. This is also a measure of constant evolution of marketing and consequent data. B2B marketing has now become so integrated and multi-channel that it is almost restrictive to make a divergence. Marketers obviously know how to efficiently use the real-time data for their benefits. However, their main target audience is at the bottom of the funnel. Also, the marketing automation systems designed to take sophisticated actions for every lead, does not consider the personal details of the lead. For a marketing campaign to be more customer centric, it is critical to have right set of data that will allow you to create a more personalized, targeted, lasting, and highly engaging campaign. However, there are three critical points marketers usually fail to see in their data:

1. Is the data set ‘Complete’?

When you are nurturing any B2B marketing lead, it is advisable to have as much detail about the prospect and the organization where the prospect works. However, there is a possibility of losing the lead due to constant demand for personal information. Numerous surveys and studies have proven that with higher number fields your web form may result into lower rate of conversion. Thus, it is best practice to have a lead enrichment approach to keep the web forms concise and simple. Later, with the help of your trusted third-party data provider, you can get complete business information regarding your lead. This will also help you craft better-targeted campaigns or suitable course of action for every possible lead in your database.

2. Is the data ‘Reliable’?

While targeting an individual or organization, there is always a chance that the data you collect may or may not be reliable. For instance, a question about company’s annual turnover or total employee count. Most of the times, the data received on these queries are either educated guesses or simply one of the viable options selected from the drop down menu. This unreliability can turn into a major challenge. Once again, having a lead enrichment approach can solve your problems and tell you exactly what you need to know about your lead. Additionally, this allows you to constantly update your database so that you use the latest information while nurturing the lead.

3.Is the data ‘Relevant’?

Apart from the basic information that marketers collect from their inbound leads, it is important to check other relevant information that will help you to better interact with your lead. For instance, information such as the company where the lead is working is a subsidiary of another company that is already your client. Or, your sales reps have already established a relationship with the lead previously. Having this information should change your marketing communication. However, in majority of such cases, the marketing teams do not pass on such information to their sales teams before they have ‘vetted’ it, when the lead may have been qualified already. This issue can be easily resolved by quickly cross-referencing the inbound lead data with the one in your current CRM. This also gives you a better insight on your lead and helps you to take a personalized and targeted course of action to convert them into customers.

Along with these pointers, there are some other important pain points, which marketers fail to identify in their data:

Targeting audience in the middle of the funnel:

As mentioned earlier, majority of marketers use the real-time data to target the audience at the bottom of the funnel – with clear purchase intent. In doing so, they are missing out on substantial users who are somewhere in the middle of the funnel, who have an intention of purchasing your services, but are not yet fully committed to do so. As a marketer collecting data, it’s really important to tap into this space. One major issue that holds back marketers to utilize their marketing strengths is the measurement problem, which makes the companies believe that the lead has gone cold. It is thus crucial to consider the customers and their thought process in the middle of the funnel and design an appropriate marketing strategy to target those individuals.

Focusing on ROI-driven metrics:

It can be overwhelming to measure each and every metric you have access to. Although, numbers are good, it makes no sense to focus on metrics that do not contribute to the growth of your business. It is common sense to concentrate your marketing efforts on the metrics that give you solid rate of conversion. It is time to reshape your data as per the numbers provided by solid marketing metrics.

Behavior based campaigns:

Majority of marketers misses the trick when it comes to understanding the behavioural patterns of their customers. With the increasing relevance of big data, it is pointless to guess how your clients will behave. A data driven approach along with the help of personalization software and tools, you can often tap in a huge pool of opportunities.

Marketing is all about churning out results and that too consistently. It is crucial to have a better understanding of your data before you utilize to engage any lead.

Article credits:

https://www.campaignlive.co.uk/article/four-tricks-marketers-miss-own-data/1375938

https://in.pinterest.com/pin/461830136768163586/?autologin=true

https://books.google.co.in/books?id=5ZRYIuWDedoC&pg=PA68&lpg=PA68&dq=what+marketers+miss+to+see+in+their+data?&source=bl&ots=vmE79cQXGA&sig=dmJ86kOWVPEeOCxpHNgqRHHYnJs&hl=en&sa=X&ved=0ahUKEwi58JTVntjZAhUDTI8KHfY-AcgQ6AEINjAD#v=onepage&q=what%20marketers%20miss%20to%20see%20in%20their%20data%3F&f=false

Image credits:

Designed by Freepik