Data Management

Reimagining Data Management for B2B Marketing

Successful B2B marketing campaigns requires valuable insights into customer data.  CMOs should consider reimaging the data management approach for their organization to achieve desired outcomes.

Enterprises globally have successfully shifted to digital and remote environments in recent years.  B2B marketing teams had to explore new channels to engage more audiences and increase the conversion rate.  The B2B buyers today expect a consumer-like experience and want to be active participants in the buying process.

A recent report by McKinsey & Co in 2022 titled “The new B2B growth equation” suggests that B2B buyers expect more channels, convenience, and enhanced customized experiences.  The report also highlights that nearly 20% of the B2B decision-makers do not mind spending approximately between USD 500,000 to USD 5 million on one remote or self-serve transaction.

Enterprises generate a large amount of structured and unstructured data about their customers through digital platforms, video conferencing, and webinars.  Hence, B2b businesses find it challenging to understand which target audience to focus their efforts on, what is their requirement and how successful is the presales team in interacting with them.  It becomes a difficult task to spot the business opportunities to improve the outcomes.  Here are a few ways CMOs can consider reimagining data management to enhance the customer experience.

Expand enterprise attributes

B2B marketing teams that embrace a basic audience targeting approach will not be able to get desired results.  B2C marketing teams have the upper hand in this case because they have a vast data pool that determines the relevant target audience base relying on their devices, purchase history, and behavior data to spot the right prospects.  Many B2B marketing teams still have traditional targeting parameters that do not hold much value in the current market scenario.

B2B CMOs should consider expanding their company attributes which they track.  They need to have stringent evaluation criteria to filter attributes to select ones that are uniquely relevant to their product and services.  These expanded B2B marketing attributes should be able to provide more insights into the sales and presales teams to deliver a customized message.

B2B marketing teams need to go beyond company size, industry, revenue, and other attributes.  CMOs should consider embracing attributes to understand the current tech stack installed in the prospects’ organization, what solutions they use to research, and their current expense on research and development. Just identifying and expanding the attributes will not work; CMOs need to inculcate them throughout their operations.  Expanding relevant marketing attributes and implementing them successfully in the workflows will help to enhance the marketing effectiveness.

Choose a reliable and scalable partner.

CMOs should consider developing and implementing a robust B2B data management framework to deliver relevant messages to influence organizations based on their account. Most B2B enterprises struggle with finances, efforts, and talents to modernize their data management.  Such enterprises can evaluate and choose a strategic partner that offers technology with efficient ways to modernize their data.

While evaluating the vendors, it is crucial to analyze the alignment of the product and services with long-term business goals.  The B2B landscape is becoming more competitive, which increases the need for customized marketing approaches.  To suffice the need for hyper-personalization, CMOs should consider reimagining their data management approach.  Delivering the right message to the right prospect through the right channel will optimize the data management standards.  B2B enterprises need to give up on traditional models and embrace an effective B2B-driven data structure to enrich the customer experience and have a higher conversion rate.

Read Also: Winning Customer Trust with Privacy-Safe Targeting

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