An effective data strategy goes way beyond having a good list.
In the last part of this series of posts on how modern marketers get superior results, we focused on how an engagement strategy can help you understand your customers and send them the right messages at the right time. In this third installment, we’re going to talk about maximizing your data strategy for your prospects and customers.
Modern marketers follow a six-point approach to data intelligence:
1.Data Sourcing and Aggregation
Modern marketers capture, organize, and integrate all possible sources of valuable information. Social data, for example, provides insights into your prospects, while D&B data provides insights into your prospect’s company and market data provides insights into the technology landscape.
2.Insights and Targeting
To translate data into actionable insights about addressable audiences, modern marketers create targeting criteria with specific combinations of desired characteristics, such as:
♦ Job function
3. Strategy and Planning
A data segmentation strategy can help you separate your market into categories that are measurable, addressable, and relevant. Market segmentation typically includes geographic, demographic, psychographic, and behavioral data you can use to measure the purchasing power and profitability of different segments, as well as their accessibility through different communication channels.
Execution is about matching records to tailored content across channels and interaction types. While modern marketers leverage a multi-channel approach, they focus their resources on prospects who’ve opted into communications across preferred channels.
Results should always be measured and improved upon. Here are just a few key data benchmarks you should keep in mind:
♦ No more than 15% of emails should hard bounce
♦ 95% of records should have a valid business activity code and valid number of employees
♦ Your contact list should have no invalid strings or descriptions
♦ 70% of named contacts should be selectable by function
6. Data Quality Control
According to Ascend2, 54% of companies say their biggest challenge to data-driven marketing success is the lack of data quality and completeness. Ongoing contact data maintenance and appending should be a top priority. In one example calculated by SiriusDecisions, this modern marketing activity reduced a B2B marketer’s bad data rate from 25% to 10%, which resulted in:
♦ A 25% rise in inquiry-to-marketing qualified lead conversions
♦ A 12.5% rise in MQL-to-sales accepted lead conversions
♦ A 66% increase in revenue
Data intelligence improves sales health for medical technology company.
Televerde’s data intelligence solution was the key to performance that the people at LifeIMAGE were looking for in 2016. As a new and innovative company, LifeIMAGE was having difficulty identifying its market sweet spot. As a result, company executives had to deal with inside sales frustration, customer attrition, and weak pipeline traction.
Through in-depth research, the experts at Televerde drilled down on LifeIMAGE’s known target audience to uncover additional industry segments. We helped the company clean up its data and ultimately generated a pipeline value of $2.5M within a few months.
Read the healthcare case study now.
In the next post in our modern marketing series, you’ll learn how to generate demand with relevant content. To go to this step right away, download our comprehensive eBook—Your Step-by-Step Guide to Becoming a Modern Marketer.
Next up: Part IV – Drive revenue—and prove it.