Why You Need Market Intelligence to Improve Lead Quality
It’s time to address the 600-pound gorilla in the room: lead quality, or the lack of it.
92% of marketers say they’re running an account-based marketing strategy (ABM).
That’s an excellent start because ABM lets you hone your resources on the most profitable opportunities.
But despite all the data and technology at our fingertips today, 58% of business leaders say generating high-quality leads is still their top challenge.
Not only that, but 40% describe their marketing and sales tactics as outdated – a third are still cold calling leads.
Data, technology, and market trends have changed drastically, but most businesses still haven’t worked out the kinks yet.
What’s the solution?
Harnessing the power of market intelligence.
What is Market Intelligence and Why is It So Important for ABM Lead Quality?
Over the past few years, martech tools have opened up the ABM world to startups and medium-sized businesses. No longer is account-based marketing reserved for Fortune 500 international corporations.
Its newness means that many businesses haven’t grown into their ABM strategy.
63% of all B2B marketers say their ABM strategy is less than five years old:
Access to data and automation tools has accelerated, but tactics haven’t.
To grasp the power of marketing intelligence, you need three things:
- Data on customers, leads, and prospects
- Technology and marketing tools
- Human research
Individually, these things aren’t as useful. Market intelligence puts them all together so you can build a comprehensive picture of your ideal leads, current leads, and how and where to reach them.
7 Ways Market Intelligence Improves Your Lead Quality in ABM
Market intel is vital for ABM. While technology has made ABM easier – 68% use automation, for example – it’s still a high-risk/high-payout marketing venture.
You don’t want to waste time and resources targeting the wrong leads. Start with market intel.
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Market Intelligence Helps You Hone Your Goals
Ask any business what their goals are, and they’ll probably say something along the lines of “generate leads, nurture them, pass them off to sales.”
But the buyer’s journey isn’t linear today.
That means goals don’t line up with the current buyer’s journey.
Market intel helps you understand what a typical buyer’s journey looks like for your industry – based on competitors, customers, and intent data.
Instead, you’ll want to focus on building conversations with leads at the right time, as opposed to pushing them down a linear path.
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You Can Build Comprehensive Firmographic Profiles
You can’t target the right leads if you don’t know who you’re targeting.
Market intel helps you build complete buyer persona profiles with info like:
- Company name
- Company size and market share
- Geolocation
- Job role and buying power
- Websites they visit
- Apps they use
- Daily problems
While you’re at it, you can also figure out which personas you don’t want to target.
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Market Intelligence Improves Your Content Marketing Effectiveness
Once you get buyer persona profiles developed, you can put them to work in your content marketing.
Your market intel will tell you which types of content your leads want to consume – like eBooks, blogs, videos, podcasts, etc.
You’ll also learn where they hang out online and what they’ve already read.
Intel is essential for creating authoritative content so you can position your brand as a thought leader.
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It Forges a Deeper Connection Between Marketing and Sales
Businesses who break down the marketing/sales barrier enjoy 36% higher customer retention rates and 38% more sales.
No surprise there. Data often gets stuck in siloes, preventing departments from accessing important info.
Market intel forces marketing and sales to cooperate on a deeper level. Sharing information on current leads, results from past failures, and go-to tactics pushes both departments toward growth.
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Market Intelligence Encourages Better Social Selling
Social selling is incredibly effective – when it’s not salesy. No one likes the dreaded LinkedIn cold opener.
Instead, market intel lets you figure out who you should approach on a casual level.
You can network by sharing useful information and learning about potential leads. Ask questions to gather data on potential markets.
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It Improves Your Understanding of Current Customers
80% of B2B buyers say they’ve switched suppliers within the past two years because a company didn’t meet their expectations.
It’s hard to focus on improving the customer experience when you’re devoting so much time to generating new leads.
Market intel forces you to analyze your current customer base so you can expand to new ABM leads based on the insight.
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You’ll Know Which Leads to Focus On
Finally, market intel improves your overall understanding of leads.
You’ll have firm sights on your goals and what qualified leads look like to meet those goals.
You can devote human energy to nurturing hot leads while letting automation take care of the leads that may be low quality leads, or higher in the funnel and not ready to engage.
Understand Your Audience with Market Intelligence and Watch Lead Quality Grow
You know your ABM leads are out there somewhere. With so much technology and data available, there’s no reason to spend time tracking down dead-end leads. Market intel lets you put data, research, and tech together to hone your focus on leads that matter.
