A Product Executive’s Perspective On Unlocking B2B Data’s Latent Potential
Salesforce is a trailblazer in their space.
If you need proof, just look at the great legacy they’re building for themselves, particularly in promoting the cloud and democratizing access to software. We also saw their ever increasing breadth of solutions at this year’s Dreamforce event.
As always, Dreamforce 2016 left attendees buzzing on a variety of new products, perhaps none more notable than Artificial Intelligence (AI) and Predictive Analytics. But even bigger than those topics has been the major underlying theme around B2B data.
The growth of the Martech stack and explosion in data has led to most marketers sitting on a wealth of information in the cloud across their CRM and Marketing Automation (MAT). But the focus now is on understanding the latent potential inside customer data.
Today, marketers are tasked with driving revenue and pipeline more than ever before. And the conversation increasingly needs to move away from the new tech you want to adopt to asking more fundamental customer data questions like:
- What is the quality of my customer data?
- How actionable is my data?
- How quickly and efficiently can I monetize customer data?
- How can I better understand past successes from my installed customer base?
- What learnings can I apply from existing data to find new customers?
This overarching trend around pipeline growth primarily falls into two categories: driving net-new pipeline and increasing pipeline from existing customers. Chances are you have some new technologies and initiatives in mind that you would like to test out to meet your goals, but here’s what you need to be on the lookout for when considering them:
Predictive for the sake of predictive is not a viable approach
We’ve seen an increase in adoption of predictive over the past few years, but marketers need to be wary of the “smoke and mirrors” that many vendors are using to position their offerings.
Traditionally, “predictive 1.0” solutions have largely focused on their algorithms and models, even putting the impetus on ‘bake-offs’ rather than proof-of-concepts that factor in long-term goals. But while you can have amazing algorithms, your predictive solution of choice is only as good as the data driving those predictions.
So my suggestion is: Find a solution that has incredible data powering an amazing predictive engine.
Integrate your tech stack the right way
It’s no secret that the growing number of Martech solutions is throwing everyone’s tech stack for a loop. So if you’re in the process of integrating platforms across your tech stack, make sure you do it the right way.
Bringing together a tech stack is a ‘one-time-only’ event.
Make sure to build out workflows and processes that are reputable and well thought-out. Also, check if your tech stack can integrate your solutions on an ongoing basis.
Data is great, but you need insights
According to a recent Demand Metric report, more than 80% of companies without effective demand gen blame data quality for ineffective marketing campaigns and sales flops. Yet, only 42% of companies with rich data are happy with their demand gen.
Data quality is a critical issue for marketers today, but it’s not enough to just have high-quality data. Marketers still need insights into their prospects, customers, and market to create more targeted campaigns that yield better results.
Get better insights with network effects
A great source of insights for your business can come from partners in adjacent industries or competitors. It’s important to be part of a network that real businesses contribute information to on what campaigns, offers, and pricing drives favorable marketing and sales outcomes.
At Radius, we’re solving that need with Customer Network Effects, which creates an unparalleled “source of truth” for B2B data, with data accuracy reaching 95% and audience reach across digital improving by up to 19x.
Leverage multi-channel marketing at every stage of the funnel
Buyers interact across various digital touch points nowadays, so make sure you’re building an integrated, multi-channel marketing strategy to address their needs. You need to know your best leads and the most impactful channels you can interact with them on.
Wrapping It Up
There’s a major shift in B2B marketing, and data is leading the charge.
It’s imperative for marketers to understand the latent potential of their customer data, draw insights across the buyer’s journey, and act on them with personalized, relevant campaigns.
If you want to learn more about upcoming transformative sales and marketing technologies, join executives from Salesloft, Revana and myself, for an executive roundtable on How to Transform Data into Dollars in 2017.
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