29th Dec, 2020
Marcom, , Designation
Stale, and unstructured data persisting in subscription-based database models inhibit the sales generation capabilities of enterprises. Here are some ways to exorcise the demons of conventional database models and bolster sales growth.
Conventional data management strategies lack the speed, scalability, and flexibility to deliver insights. Unstructured & redundant data impacts ROI negatively, and leaves sales and marketing departments struggling with their demand gen cycle. Considering the dramatic growth of unstructured and semi-structured data generated from sources such as IoT sensors, social media, etc., database marketers need to be open to supporting new data types and new sources. They should embrace new ways for customer profiling and analyzing several moving data sets and subsets in a streamlined manner.
Efficient data management is the cornerstone of any successful marketing strategy. Clean, accurate and high-quality data is essential for getting deeper insights into prospect profiles. Having said that, here are some restraints that hold back database marketers, and techniques to circumvent them.
Challenges associated with data management
Several marketers fail to create a successful and sustainable marketing campaign due to the lack of real-time data. A massive amount of prospect data is generated globally, but only a few marketers become successful in consolidating it from discrete sources and silos. In many cases, database marketers fail to convert data from one form to another, and then errors arise. Due to this, organizations fail to leverage data as it becomes redundant for sales & marketing campaigns.
While data connectivity issues and silos keep shadowing the business value, enterprises face issues with classifying data and using it with the right degree of customization. Besides this, de-duplication errors make data transfer hectic. Multiple sources of truth arise, and the sales and marketing wings find it difficult to be on the same page.
In addition to technology-led challenges, data compliances also limited database marketers’ access to data. Privacy regulations like GDPR and CCPA have further confined data collection and sharing practices. Therefore, the access to third-party data is limited for ad targeting and sellers have to solely rely on the first-party data. Due to this, some businesses leave data on the table. Experts believe that almost 56% of marketers access data about customer interaction from phone calls, while only 8% use first-party data to inform personalization. On the other hand, many companies don’t get the right data volume and data quality to fuel their outreach programs. This hurts their customer acquisition and retention rates.
Strategies to modernize data management
If the challenges are evident, then where are the solutions? Well, the solutions are also evident, but marketers fail to identify them. A modern database management model is the blend of uniform access integration sufficed with data intelligence. By precisely capturing, updating, storing, and monitoring datasets, enterprises can overcome the challenges and harness the real power of data. To begin with, here are some modern-day contactable database management techniques for organizations to strategize and conquer!
#1 Whitespace Discovery
Imagine how businesses can benefit from the tremendous potential of a space that isn’t explored or tapped yet? Whitespace discovery does the exact same thing. In the database management realm, whitespace discovery enables businesses to gain insights into future-oriented insights through internal and external applications. Enterprises can use Whitespace Discovery and advanced analytics to develop a comprehensive sales plan through actionable data and fill the gaps in their data infrastructure.
#2 Database Profiling
Database Profiling includes automated depth profiling to find out individual preferences, predict their buying behaviours, and make informed decisions. Automated profiling algorithms mine ideal prospect information from a variety of different sources
Database profiling helps data scientists to analyze the data available from a pre-existing information source and gather stats out of it. It also enables businesses to identify attributes required to for painting a detailed picture of their customer. By identifying customer profiles, businesses can catalog a cluster of similar clients that are important for sales, and drives sales engagement for them.
#3 Data Integration
Undoubtedly, increasing data volumes create opportunities for organizations. But, raw data is equally a problem. Among the massive percentage of companies using data, only few are successful in creating insights. Real-time data can be complex. Handling large amounts of data requires a customizable integration plan to move it seamlessly in a multidimensional ecosystem. Start-to-end integration ensures that their database is well-integrated, secure, and properly governed.
#4 Ideal Customer Profile (ICP)
Account Based Marketing Strategies demand a clear and focused identification of the Ideal Customer Profile (ICP). Organizations with a robust ICP program show a higher account win rate because they succeed in building a strong groundwork for their demand gen program. Assembling the necessary demographic, firmographic, and technographic elements in the contactable database make the Ideal Customer Profiling precise and maximize performance.
#5 DBMS Cleansing
Data cleansing is the procedure of altering data to ensure it is precise and correct. Data cleansing removes duplicate copies, eliminates deceased data files, and ensures that every corrupted or inaccurate information is eradicated from a database. Cleansing practices and data scrubbing improves data intelligence while optimizing data warehousing methods.
Solving the problem of mismanaged data with a modernized data management architecture
The dependence of organizations on data is growing rapidly with the increased reliance on ABM-led programs to fuel the sales pipelines. Enterprises need to have a strategic approach for effective data management that expands far beyond the compilation of customer info.
The right database lays the groundwork for a successful demand generation program. However, it creates an opposite impact if it is factored with archaic methods to collect data.
Modern-day sales approaches demand modern-day methods to connect customer data across all touchpoints and extract sales intelligence.
Reach out to the experts at Denave experts for setting up a laser-focused database strategy and powering the sales-pipeline.