Six Steps to Data-Driven Demand Creation
Demand creation and demand management usually are among the first areas that suffer when marketing operates in an information vacuum. Here are two examples of companies that discovered this painful truth the hard way, and then did something about it.
The first is a large software company that recently discovered a black hole in its demand-generation pipeline: It was responding to less than 4 percent of its more than 50,00 business-to-business leads every month, and the average response time from sales was nearly six weeks.
The second is a national retailer. It realized its customer database was little more than an inventory control system that provided practically no usable insight into customer behavior.
Marketers in both companies faced a common problem: Data was a byproduct of the corporate demand-generation strategy, not the engine driving it forward. As a result, neither company was making good use of its customer data at either tactical or strategic levels, and both were suffering from weakening demand.
What happened next? Both companies adopted a customer-centric approach to demand creation and management, and placed customer data at the core of their demand-creation strategies. Today, the software company is accurately routing virtually every b-to-b lead within hours of receipt for swift response and improved customer satisfaction. The retailer is leveraging a new, far more robust customer database that enables on-the-fly marketing and guides both strategic and tactical thinking across the enterprise.
Today's demand generation programs must have an accountable, data-driven strategy that leverages a full 360-degree view of a customer across an organization. By having those points of data collection in place, in a manner that allows an enterprise to integrate and build this customer view, to perform analysis on it, and to engage in dialogue planning and execution that deliver messages to customers in meaningful ways, a marketer will have all the building blocks in place for a successful program.