12th May, 2021
, , Designation
- Is your enterprise looking for a B2B database for powering demand generation campaigns?
- Know the important levers you should look for to make the right purchase decision
Noah Elkin, the Gartner leader for marketers’ teams once remarked, “Smarter use of data will help marketers respond faster – and better – to business challenges. Don’t just focus on Big Data; think about shifting emphasis to smart data.”
Sales intelligence is critical for the success of modern-day digital demand generation campaigns.
However, despite squandering billions of dollars on the database, enterprises are scrambling to connect their brands with real buyers. The primary reason is lack of accuracy and the right target audience definition in their data engine – Only 20% of enterprises have access to incremental contactable leads, targeted job level definition, information of target market, and real-time net new data database.
Challenges with conventional databases
Lack of filters:
The traditional tactics of database creation do not allow segmenting of results based on the various tags and filters. Due to this, repeat customers or first-time buyers cannot be segmented in marketing campaigns with conventional methods.
Lack of Standard Attributes Tags:
The inability to tag the information doesn’t allow easy updating of the data sets. Mass redundancies prevent enterprises from getting the net new data in the database.
Duplication in data:
The conventional method of database creation leads to duplicated data or creates the same entries repeated information. This leads to wastage of efforts and resources as the same prospect is targeted several times in the campaigns.
Insufficient direct dial information:
The outdated methods of database generation don’t provide direct dial-in information of prospects. Such inconsistencies produce massive inefficiencies in marketing campaigns.
A small percentage of the addressable market:
The traditional database methods cover only a small percentage of the addressable market.
Lack of sales intelligence :
Without real-time sales intelligence, i.e., technographic, firmographic, demographic, preference data, etc., enterprises end up counting pennies while billions of dollars walk straight out of the door.
Core elements to modernize database and cross these challenges
The continuous flow of customized data :
With the changes in jobs, locations, databases decay at the rate of 2-3% every month. In the long run, 1/3rd of the business database gets obsolete every year. Therefore, the enterprise must ensure the right levers in database generation to identify the Ideal Customer Profile (ICP) and ensure continuous refresh of data.
Scaling billing options:
Customizable plans in the application or management platform should be available, to deliver specific data as per the specific marketing needs. It gets the best value for investments as the customer pays only for what is required.
Attributes for in-depth data:
In-depth attributes must be available to extract & mine the profile data. This helps in preventing data decay and provides up-to-date information.
Mostly the clients don’t provide their correct info while filling the forms on the website or in other information-gathering campaigns.
Collecting information is only the first step, and marketers need to leverage the client’s interest and other interaction patterns. The database generation tools must be tech-powered to refresh the data and add new detailed entries in real-time.
Multiple checking levels:
There must be a multi-level checking mechanism for the contactable data. Segmenting DND and opt-out validation contacts is important. In addition to the work mails, direct dialing information and business messaging ids must be focused on.
Whitespace Discovery :
The most important feature deciding the business growth is leveraging technology to explore the untapped client database. It helps in increasing the market size by maximizing client outreach. Whitespace discovery feature, mining the most important points from voluminous data, helps the high niche market missing customer outreach.
Big Data Analytics :
Identifying the ideal customer profile for marketing campaigns from sales transaction data offers more profiles of existing customers. Moreover, from big-data analytics, the organizations can assess which profile interacted with the marketing content and how that can be leveraged to enhance conversions.
More than 70% of the enterprise demand generation campaigns lag just because of obsolete, non-contactable data. Whereas enterprises with advanced AI & ML tools to mine databases can spend real energy on positioning offerings, closing deals, and building business. They can leverage real data covering:
- Several new or untapped customers
- Net New Data
- New accounts from new cities
- Upper segment and SME data
- 100 to 1000 Small Medium and Large Enterprises with over 500 employees
Download this Whitepaper! Know the components required to transform the database into a lead machine.