15th Apr, 2021
Marcom, , Designation
When the pandemic hit the world in March 2020, a lot of business owners experienced reduced customer facetime and lead generation. However, this time taught us the importance of digital marketing platforms and how they can help business owners to reach new heights.
As a result of the transition to digital and technology-led sales, more and more enterprises seem interested in investing in digital sales services. The success of digital lead generation services depends on the ability of database marketers to utilize the database and personalize the digital demand generation marketing campaigns as per the strategic needs of the target audience.
The breakthrough solution for amplifying the digital demand generation marketing programs is an advanced modern-day customer database that is built with the right levers. A customer database helps an enterprise to identify potential customers and suggests highly effective methods to reach them. It includes demographic, technographic, and firmographic, purchase propensity, etc., data of prospects. Database marketers can benefit from these customer data to provide a better buying experience to their customers.
Database marketers who want to know how to build a B2B marketing database should be aware of common pitfalls of a B2B database and should put their best efforts to hit down those challenges. Here in this post, we will discuss common database challenges and ways to smack down those challenges.
What are the database challenges that impede ROI?
B2B Data Challenges
Poor database practices negatively impact the lead generation strategies and impede the ROI. Database marketers should avoid using these mistakes while building a marketing database. Let’s scroll down to see the most common database challenges and how they limit enterprises’ lead generation strategies.
1. Login based access of conventional subscription-based database models
Database marketers who are investing in building or buying subscription-based models with login-based access are more likely to fall behind in the race. This model lacks compatibility with Artificial Intelligence (AI) and Machine Learning (ML) features to facilitate large-scale data processing. Due to these restraints, subscription-based models fail to refine data for detailed insights.
With login-based access of convection subscription-based database models, it seems like a challenging task for the database marketers to maintain the cleanliness and accuracy of the data collected from various sources. These models don’t support cleansing and profiling of B2B contact list.
2. Limited options of moderating data consumptions & standard attribute tags
Large organizations have to deal with an enormous volume of data. Hence, the customer database models need to offer better options for moderating the data consumption volume and cost. In many cases, enterprises end up buying huge heaps of data without its usage.
Also, many database models lack the standard attribute tags to classify prospect data in a meaningful way. A good database model should propose better options to store and access data effortlessly from the unstructured elements.
3. Redundant data or lack of Net New Data
Lack of Net New Data means the information deficiency of new customers in the database. This inability puts marketers in the cold state position. Insufficient customer information prevents marketers from expanding net new prospects.
Enterprises end up purchasing b2b data that is full of existing customers. As of result, markets reaching customers who already purchased or unwilling to purchase the products or services.
4. Inaccurate Database
Poor & inaccurate data quality restrains database marketers from reaching the right customer. Whereas access to accurate, clean, and real-time corporate database enables marketers to determine their customers and proposes a better way to target them.
5. Insufficient Direct Call Information
Another challenge is the lack of volume and depth in the corporate database. The database contains limited data of prospects and It lack the volume to expand the funnel. Enterprises get limited leads for conversions and expand business.
6. Database caters to only a small % of the Total Addressable Market (Geography, Industry, Profile)
Outdated data has its limitations, the data doesn’t only hinder the conversation capabilities but also slouches the customer retention rates. When organizations have no or limited access to the data of their addressable market, it limits their capabilities to reach new geographies.
7. Database with unstructured data
There is no use of a customer database that has unstructured data of invoices, documents, Database marketers get many de-duplication errors while moving the data in multi-dimensional systems and fail to leverage the database in an efficient way.
How to overcome database management challenges?
The aforementioned were some of the most common challenges that persist in a database.
A fair share of these problems can be cleared if database clearly evaluate that what are they going to achieve from the database. They should answer some smoldering questions before buying a B2B database:
Here are some ways to chase and eliminate the database challenges:
1. Moving away from subscription-based models
Enterprise should not invest or purchase B2B database that is based on the subscription and offers limited compatibility with AI, ML and NLP tools. Database marketers should opt for predictive models to extract meaningful and relevant prospect information.
2. Levers for moderating data consumption volumes and costs
Different marketing campaigns require different types of data. Savvy marketers invest wisely in marketing campaigns and stick to customizable database plans for getting the most out of their marketing campaigns. Therefore, enterprises should look for levers to moderate data consumption while purchasing the data.
3. Elemental data attributes for granularly measured B2B data
Elemental data attributes provide access to the most informed and granular data. With elemental data, database marketers get the ability to extract the right contacts for their campaigns. They get the ability to envision a bigger picture of customer’s needs and also the sales intelligence to address those needs strategically.
4. Replacing unstructured data with a continuous refresh of data
Database marketers should take benefit of the database profiling techniques to replace the unstructured data with a continuous refresh of real-time data. Database profiling also ensures that the marketing funnel is pumped right ideal customer profile.
5. Filling the DND gaps created by inaccurate data
Accurate data is the lifeblood of digital demand generation campaigns. Leading or best B2B database services provider incorporates data cleansing techniques to examine the data to make sure the database is filled with clean and accurate information only.
Discover a proactive approach to refine corporate database: “5 Incredible Ways to Fine-Tune the Enterprise Customer Database for Sales Success”
6. Factoring Real-Time Data/ Direct Dial information
The right database is factored with real-time data that enhances the database marketers’ ability to craft marketing messages as per the distinct needs and relevant needs of customers. On an average nearly 30 to 40% of databases contain decayed data. This problem can be counteracted with database cleansing solutions. Deeper profiling makes the prospect data becomes clearer and also provides sales intelligence for conversions.
7. Enabling laser focused & voluminous B2B contact data of the addressable market
There is wide B2B corporate data available, however, this data goes into an unfathomable adobe — as it is tedious to extract it. Database marketers should extract the right data which is relevant to their campaigns and simplifies the path to generate leads. Modern-day database marketers employ agile analytical strategies to extract the desired data from voluminous B2B data.
8. Identifying ICP using sophisticated data analytics or sales transaction data
Modern-day-database enables the marketers to closely monitor their ideal customers. This will allow them to draw marketing strategies as per the customers who are most likely to convert. Clear and focused identification of the Ideal Customer Profile (ICP) helps sales & marketing teams in smoothly driving the sales conversions and shortening the path to purchase.
There is more: Battle-Tested Ways to Make the Most Out of ABM Strategy
After the Covid-19 aftermath, B2B database marketing woke up a lot of C-Suite officers looking to bolster sales conversations on digital platforms. It is capturing the attention of enterprises in every industry and spurring major investment. Many enterprises have achieved meteoric success in acquiring net new business by using the B2B prospect data. However, there are many other enterprises in parallel which are failing to get the real yield. Many other enterprises are realizing that there are hidden gaps or errors in the prospect data which are detonating demand generation campaigns out of existence.
Enterprises vying for a B2B database should consider the aforementioned best practices necessary for its success. They should also approach it from business and customer perspective. Explore this whitepaper, to understand these factors which restrain enterprises from leveraging the B2B database and impede the ROI. Also discover the capabilities which can help enterprises in overcoming these challenges.
Contact Denave! Our database experts can help you score more sales. We will walk you through best practices to leverage the customer database. Our sales enablement experts will ensure that each click helps you in demonstrating success with your campaigns – onwards towards a sun brightened horizon.