22nd Feb, 2022
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- The year 2021 saw smarter enterprises demonstrate agility and adaptability to catch up with virtual sales interactions and orchestrate digital demand generation strategies
- Businesses transitioned to contextual targeting shortened the path to reach prospects using database marketing
- However, the highly volatile nature of B2B customer data and minimal technology support created roadblocks for organizations looking to build accurate databases
- Enterprises can overcome the database challenges through a host of breakthrough solutions and align the database with elements critical for the success
As 2021 winds down, thereâs nothing that has been untouched by the fatal impacts of the covid-19 pandemic. From reviving customer engagement strategies to rebuilding the sales team, businesses underwent a slew of positive disruptions. Smarter enterprises demonstrated resilience by quickly adopting digital platforms to catch up with virtual sales interactions taking place on online platforms and registered 400% improvement in sales. Digital was no longer an elective and it soon become an existential business need.
The transition to digital and technology-led sales was already there but Covid-19 proved to be a force multiplier of this trend. Enterprises pre-emptively invested in digital demand generation services & outreach programs. Presently, in every sector, enterprises are breaking the previous marketing moulds and turning to contextual targeting. Enterprises have their own internal infrastructure to capture customer data and also enlist the services of a b2b database provider for accurate, updated, and contactable b2b database for hyper-targeted outreach.
A well-managed database enables the shortest path to reach prospects or target audiences. Data on customer preferences like demographic, technographic, firmographic, purchase propensity, etc., helps determine the target audienceâs needs and best ways to address them throughout the buying journey. Database marketers can look at the database, analyze the touchpoints, and create better experiences for their target audience.
In the first part of the blog, we talked about the common challenges obscuring the profitability of B2B databases. Now letâs explore some of the breakthrough solutions that can help tear down the obstacles to b2b database productivity in 2022:
Breakthrough solutions to deflate database challenges in 2022
Stagnation in databases festers even in the best of technology companies. However, b2b database management teams can climb these challenges by devoting time and preparing a long-range strategy. They will need a better grasp of problems and align the database with elements critical for success.
#1 Moving away from subscription-based models
Database marketers should leave the subscription-based database models behind and transition towards predictive models. These models strike a contrast with subscription models in terms of value. Predictive models can be scaled to scan local markets using interactive dashboards. These insights can be leveraged for identifying new patterns, valuable business opportunities, and improving Marketing Return on Investment (MROI).
Successful marketers are leveraging predictive models to extract meaning and relevance out of vast troves of data. Sales & marketing functions are now able to keep track of buyersâ data and tailor sales communication for specific customers. The models powered by Natural Language Processing (NLP) help them defy the market penetration challenges across different geographies and highly specialized industry segments. Teams get better options for understanding their prospects and knowing exactly where their niche is. Reliable database service providers provide AI/ML and NLP-powered b2b data models that help streamline data governance and productivity at scale.
#2 Levers for moderating data consumption volumes and costs
Different marketing campaigns need different data. For example, the data required for IT marketing campaigns might be entirely different from that of the manufacturing sector. It is important to target prospects through a structured database that addresses distinct requirements of the target market.
Businesses fail to get tailored databases because sometimes vendors donât agree to sell a customized database or a part of any database for a specific budget. In other cases, businesses fail to set up a marketing database as they donât get the right skills or resources to onboard data from heterogeneous sources.
Thatâs why database marketers need to act smartly to make a strategically wise investment and moderate database cost. They must stick to a customizable database plan to scale up or down their specific requirements. Data is undoubtedly integral to fuel marketing endeavors, but at the same data, it shouldnât drill a hole in marketing pockets.
#3 Elemental data attributes for granularly measured B2B data
Elemental data attributes provide information at its most detailed level. With enriched data elements, teams can see which touchpoints work when prospects engage with their brand. To make data granular & enriched, businesses must include a wide range of customizable attributes for extracting the data. When businesses do so, they can identify customer attributes and paint a detailed picture of customer profiles.
NexGen demand generation strategies require multi-touch, rule-based, and algorithmic attribution to assign elemental attributes for creating marketing touchpoints. Rule-Based attributes attach a credit for success metrics. Whereas, algorithmic attributes use AI, ML, & NLP-based metrics to assign elements. Transcendent contactable databases are based on a blended approach of combining rule-based and ML-based practices for creating attributes. KPI attributes also help in identifying the right marketing channels that can take them closer to their prospects. Marketers can expand these capabilities for searching for granular details related to customer needs.
#4 Replacing unstructured data with a continuous refresh of data
Databases factored with unstructured & redundant data do more harm than good. They create a misinformation minefield to blow up marketing campaigns. However, the current marketing zeitgeist needs a relevant, contextual, and intent-based database for demand generation campaigns.
Depth profiling is an industry-proven data discovery process that holds the solution to unstructured or raw data. It is a deliberate and strategic process for discovering untapped customers and maximizing customer outreach. To find the missing customer outreach, database marketers should reengineer the database with unique identifiers for each entity. This advantage helps teams in moving the needle on future sales and revenue generation.
It offers infinite options like first response time, a number of accounts contacted, sales eligibility, etc. to find the next new customer for campaigns. The marketing teams can also assign value to the potential lead on metrics like preferences, purchase behavior, etc. Intelligent lead scoring and segmented lists ensure that marketers reach out to prospects with the right message. Filters make finding new prospects easier and ensure continuous refresh of net new data.
In order to replace unstructured data with a continuous refresh of data, the database profiling technique can be leveraged. Data profiling involves collecting data types and descriptive statistics then tagging that data with descriptions, keywords, or categories. Through database profiling, data scientists review source data, understand its structure, and underlying interrelationship patterns. They also get the ability to identify the potential new prospects for data projects. Due to these advantages, database profiling is becoming a crucial part of sales intelligence systems and b2b databases.
#5 Filling the DND gaps created by inaccurate data
Database management should not be a surface phenomenon. It should have the right list of contacts. Without accurate data, Marketers simply end up scratching the surface. They should be able to mine from-the-trenches insights. To get this ability, marketers should ensure that the data is clean and accurate throughout the data lifecycle. They need to interpret data accurately for a bigger and more complete picture.
A complete view of data helps marketers in identifying factors that have been undermined â such as product preferences, customer segmentation, etc. To simplify this, marketers need to break down silos and set up an âenterprise source of truthâ in the first place. The data needs to be harmonized & mapped for accurate views of customers without duplicates across the system.
Modern-day database service providers use data cleansing techniques to analyze data and cleanse it with greater efficiency and speed. This technique eliminates conflicting and out-of-date information by identifying it in no time.
To combat bad data quality and fill in the DND gaps created by inaccurate data, database teams must define a consistent identity resolution strategy. Savvy database marketers bring all their data into one place to build a custom central data repository for identifying the right MQLs and SQLs. Postcentralizing data, a concept called âgroupingâ is used. Grouping aids in creating pockets of data of different leads or account profiles. Every group corresponds to a distinguished data source and is segmented for better lead distribution. The next step is to create a âunified groupâ to extract the best contacts for easy access.
Once teams unify the data into one place, they create a single customer view, as the database might remain still susceptible to inaccuracy. To avoid this, data enrichment is used. It is the process of associating publicly available, third-party data on a lead with the existing lead record. A lot of B2B marketing teams also whitelist certain segments to prevent inaccurate or bad data circulation. In the whitelisted segment, contacts and accounts are synchronized with failsafe database management tools that allow sales & marketing teams to further fine-tune the data flow.
#6 Factoring Real-Time Data/ Direct Dial information
Real-time data resides at the heart of omnichannel marketing. A database should be able to track details like every web page visited and build digital footprints of customers on a real-time basis. To address this need, database marketers take the help of database scrubbing to map the database from multiple systems and find the real-time Direct Dial information. Database scrubbing ensures that no dirt is dished out while moving data into a centralized place.
The data is validated with out-of-the-box levers for relevance and content. Apart from this, marketers get additional access to missing data spread across billions of touchpoints. Obsolete data can be flagged for a full view to solve real business problems. Moreover, information received through the different channels is swiftly updated across other systems, providing the ability to pinpoint specific lead generation opportunities.
#7 Enabling laser-focused & voluminous B2B contact data of the addressable market
Buying signals are spread everywhere they just need to be harvested with the right extraction methodologies for improving the lead volume. Database marketers should outline the prospect-level intent data which covers the TAM (total addressable market). Intent data considerations help marketers in finding the right data sources and enabling a directional ranking of accounts in the target market. Sustainable B2B intent data also helps in including broader search terms to reach the target audience, efficiently and smoothly.
Powerful AI-led algorithms simplify conversion factors to map the right lead for conversion from different channels. With clearer attributions and business rules, these algorithms can help find more prospects like the existing customers in a faster way.
Customer information primarily falls under-tapped or untapped categories. The untapped spaces are known as the Whitespace. Whitespace is fundamentally the customer information that hasnât been discovered yet, and which may be important for hitting sales targets. With whitespace discovery, data marketers can tap into the untapped contacts that hold the ability to positively impact sales.
#8 Identifying ICP using sophisticated data analytics or sales transaction data
B2B corporate database is a mainstay stalwart for demand generation. However, its sales effectiveness depends upon the human and non-human buyer interactions it encapsulates as sales intelligence. The modern-day database should enable sales & marketing teams to closely observe in-person interactions. The solution should closely transcribe the ideal customer profile and allow teams to scale their business development strategy as per selling motions. Once B2B businesses determine the ICP, they can distinguish customers that provide high value to the business. 360-degree view of customers helping teams in understanding personas for outreach programs. to scale their business development strategy as per selling motions. Once B2B businesses determine the ICP, they can distinguish customers that provide high value to the business. 360-degree view of customers helping teams in understanding personas for outreach programs.
Using sophisticated data analytics, teams can enhance their capabilities of audience segmentation and harness business intelligence for growth. Data analytics facilitate omnichannel outreach orchestration by analyzing real-time behavioral data or intent data. By creating data points in the CRM or internal systems, companies can streamline their ABM strategies, determine how to allocate sources, and increase the win rate.
#9 Intelligently mesh the customer database with start-to-end Integration
Building a B2B Database is easy, however, maintaining it is difficult and resource-intensive. Database teams should prepare an automated integration strategy to streamline the data ecosystem within their organization by orchestrating the data gathered from different channels and silos. In the long run, teams can avoid debilitating data onboarding errors which tend to jeopardize the marketing campaigns.
Database marketers can eliminate resurrecting data errors caused by redundancy, outdated and dynamic nature of data. Moving forward, sales & marketing teams can break down silos and make huge cost savings which otherwise go into moving the data in heterogeneous environments and clearing data errors spread line a minefield. The marketing teams can also smack down silos and share data in a standard format across the organization. The data need not be changed anymore for processing across the different systems.
Streamlined data integration can enable teams in bringing data to one centralized interface and giving a single view of data. This unique advantage provides future-ready foundations for sales and marketing alignment. Sales and marketing functions can be brought together on a single page for one single objective to skyrocket sales. These teams can eliminate multiple sources of truth and avoid data deduplication and work together with one single mission. All these benefits lead to time, cost, and several manhours of savings.
Enterprises are realizing that intelligent database management service (DBMS) can be leveraged for creating an overarching business benefits framework. There are many dynamics and tactics that define success with a database management solution. Database management systems backfire if they miss out on instant access, Net New Data, accurate data, real-time data Volume of the target market, and data integration. Therefore, database marketers should rethink their long-held assumptions of databases and look for NexGen elements that address these problems.
Looking for an accurate and contactable B2B database that translates next-gen marketing strategies into sales benefits? Contact our experts and get customized database solutions to meet your unique business needs.