Five Areas of Improvement for Data Driven Marketers
Data has become a new necessity for modern businesses and the result for marketers has been both a blessing and a curse. While the depth and availability of data has opened up countless new opportunities to target, segment, and engage audiences more effectively; data on efficiency, effectiveness, and other KPIs now also dictates marketers deliver on an ever-improving scale. There’s no question, expectations are now higher. The good news is that for marketers â€śroom for improvementâ€ť is no longer a criticism. Instead, itâ€™s an opportunity to drive more revenue. From our own data and client engagements, weâ€™ve identified five areas of improvement where marketers can increase effectiveness and, in turn, increase revenue.
- Lead Scoring and Qualification: Too many leads with not enough direction on what to do with them is a major indication that lead scoring and qualification is not much more than guessing and gut feelings. If marketers are spinning their wheels to drum up high volumes of leads, chances are, lead quality is falling short. Patterns within behavioral data, installed technology, and content consumption, however, can reliably show what leads are ready to receive and appreciate email communications, talk with sales, or even close. With a data-driven approach to lead scoring and qualification, fears of lead quantity go away, and the focus shifts to having the right lead quality.
- Targeting Market Segments: Telltale symptoms of market segmentation practices devoid of data-driven insights include simplistic targeting by industry and size alone, spray and pray campaigns to massive lists, Â resulting in responses that are ineffective or unexplainable — neither being helpful. Effective, data-driven target marketing, however, means accurately determining contacts with the most relevant credentials working for companies with a high likelihood of being in an active buying cycle, and all with reviewable data points to explain why these are the right contacts – and which levers to pull or criteria to change if they’re not.
- Finding New Market â€śWhite Space:â€ť Targeting and segmenting on where demand is at present is great, but what about finding opportunities for the future? Many marketers hit the same segments over and over assuming an audienceâ€™s attention span is a completely renewable resource. What marketers often miss, however, is that data can unlock key patterns in previously untapped or traditionally unexpected audiences where initiatives may be extremely effective.
- Â Allocating Resources by Lead Priority: Not all prospects are created equal. Some are well worth hours of research and attention, some are already ready to buy going in, and some are just low-reward situations. Looking at geographic, organizational, and budgetary data, however, marketers can identify and prioritize leads based on relevance and potential returns. Instead of a one-size-fits all nurturing and lead management process, marketers and sales professionals can more efficiently allocate time and energy from a lead to lead basis. Smart data marketing sets up this process and then learns from it — leveraging that insight to adjust as the market changes.
- Telling a More Engaging Market Story Marketers may want to dictate how their brands appear in the public eye, but itâ€™s the markets themselves that determine the true identities of brands. Data, however, affords marketers the opportunity to tell the brand story that the market wants to hear â€“ as opposed to the story the brand wants to push. Trends like installed technologies, or spending patterns can show real needs within markets that marketers can highlight, address and appeal to. All great storytellers start as great listeners, and through data, marketers have a great opportunity to listen to their markets at scale and frame their own stories around the needs, wants and expectations of their customers. Of course, that story telling doesn’t end with your market. There are important internal audiences (sales, marketing, C-Suite, operations, etc.) that data driven marketing can inform to spur a healthy debate about where you stand, where you’re succeeding, and where you need to improve. This is one of the most critical functions of effective data driven marketing.