More data has been created in the past 5 years, than in the rest of history. This enables us as Marketers to be increasingly powerful, increasingly able to generate business for our organisations. To reach that Holy Grail: knowing our customers so we can market to them in a smarter way that leads to relevance for them and cost savings for us.
But are we making the most of all the intelligence that’s our fingertips? Without analytics and without actually acting based on the results, we are wasting a huge opportunity.
Data is the cornerstone of any Marketing activity. It underpins everything we do. It determines our success. It allows us to understand our customers’ behaviours so we can identify new opportunities. It saves our Sales and Marketing budgets by allowing us to put the right message to the right audiences and build profitable relationships. In essence, it is the most important part of an integrated marketing strategy.
We need to constantly review how we’re managing, reporting and improving our activity based on the insight data provides. We need to provide insight to our Sales teams on contact behaviour in order for their engagement to be more profitable.
But I’m getting ahead of myself. That may be the vision of ultimate success, but where do we start? Data Quality, that’s where.
If our aim is to bring in pipeline and we’re looking at 2% of our data becoming obsolete every month just through natural erosion let alone duplications and errors, how much of our time and money is wasted? A lot.
The same eDM goes to the same contact multiple times. A poor impression for a prospect, let alone a customer. Mail is delivered to the wrong address. That’s wasted time and money. In fact, 33% of those surveyed said that staff had been deployed inefficiently and 91% said that budgets have been wasted over the last 12 months.
So, what’s the result? A negative impact on profitability. Inaccurate data is an obstacle to acquiring and retaining customers, causing inefficiency which affects profitability. What can we do about it?
Data is the cornerstone of any Marketing activity. It allows you to understand your customers so you can identify new opportunities. It saves your Sales and Marketing budgets by allowing you to put the right message to the right audiences and build profitable relationships. Consider how you create, cleanse and manage your data so you can focus on getting the most from your campaigns, protecting the investing you’ve made in acquiring it.
Audit: The key is to understand whether what you have is a) what you need and b) up to date. Where are the gaps? We can help you understand if companies are still operating, whether the telephone numbers and email addresses you have are still valid.
Cleanse: Once you know what you’re starting from, you can fill in the gaps. Remove the gone-aways, enhancing the database quality and accuracy through de-dupe, merge, purge activity, direct telephone engagement and web research.
Enhance: Now you have a solid base to work from, you can add in the detail. Replace the contacts who are no longer valid, complete the invalid contact details. Define what else you need to know in order to make this a viable prospect.
Segment: Segmentation allows you to reduce costs by aligning specific products and services according to audience, so you’re contacting the right people with the right message.
Insight: Gain insight into customer behaviour in order to identify new market and product opportunities, increase market share and gain market intelligence to create competitive advantage.
Profiling: Who are your customers? What are their preferences, trends and how do they buy? This can help you to engage with them at a deeper level and retain their business.
Propensity modelling: Based on specific criteria, understand what your next target customers “look” like and where to focus your new business efforts.
All supported by comprehensive and detailed reporting and analytics.
An organisation specialising in accountancy software was feeling increasing pressure from its competition. Existing clients were being drawn elsewhere and prospects weren’t turned on by its proposition.
They recognised the need to refocus their product and service offering, but in order to do that successfully, they needed to stand back and take an objective look at their data. Was it accurate? Was it current? What were clients and prospects actually looking for in an accountancy solution?
Find out how they:
· reduced customer churn
· saved on Direct Marketing costs
· increased the number of Sales-ready leads
We see it time and time again: companies with tens of thousands of contacts in their database, thousands of leads that “need to be followed up” and Marketing and Sales teams at loggerheads.
Marketing: “Why aren’t you following up these leads we’re passing to you?”
Sales: “Why aren’t you passing us any decent leads?”
We’ve already talked about what makes a lead a lead, so how do you get to the stage where you can start from a foundation of fact? It’s our good old friend: data. It can be the bane of our lives, but treated properly and with the respect it deserves, it’s our saviour.
Out of the entire database, how many have we touched in the last year? How many have responded or contacted us? Where have we had success? Why? What do they “look” like? What do we want to know about them that we don’t? How could we target our messages better?
Armed with the knowledge that well-cared for data can provide, we’re in a stronger position to create programmes which resonate with our audiences, making better use of our hard-won budgets, and not randomly “blasting” Financial decision-makers with the same message as User Buyers. That’s not a good look.
Even more importantly, when we acquire our leads, we can build enough knowledge about them and their behaviours to guide them through the sales cycle so when they’re passed over from Marketing to Sales, they’re ready to be converted!