What Can Your B-to-B Data Do for You?
Data is all the rage in marketing today. Everyone is talking about it. “A carefully considered data strategy must be a CMO’s top priority,” says AdAge. Data has been called the “new oil” that fuels marketing today. But B-to-B marketers still struggle to get their full share of value from data. One reason is that they are missing some important ways to apply the data to marketing problems. So, here’s a list of the top database applications for business marketers today. Are there any opportunities here that you can pursue?
Business marketers put the marketing database to an enormous variety of uses, among them:
- Capture data about customer behavior from all sales and communications channels, including social media.
- Model and predict customer behavior.
- Query and perform “what-ifs” to stimulate marketing ideas and actions.
- Profile customers to gain insight into their needs. Also known as creating “personas.”
- Segment customers for differentiated treatment.
- New product simulation and testing.
- Identify prospects, score them for assessing quality, and nurture a relationship with them until they are ready to buy.
- Select customers and prospects for promotional campaigns.
- Measure campaign performance.
- Track marketing tests and experiments.
- Ongoing marketing communications to build and sustain customer relationships.
- Calculate the value of a customer.
- Track and manage the entire customer experience.
This is my list, but I wouldn’t be surprised if I missed something. Can you add to it?
A version of this article originally appeared in Biznology, the digital marketing blog.
Ruth P. Stevens consults on customer acquisition and retention, and teaches marketing at companies and business schools around the world. She is past chair of the DMA Business-to-Business Council, and past president of the Direct Marketing Club of New York. Ruth was named one of the 100 Most Influential People in Business Marketing by Crain's BtoB magazine, and one of 20 Women to Watch by the Sales Lead Management Association. She is the author of Maximizing Lead Generation: The Complete Guide for B2B Marketers, and Trade Show and Event Marketing. Ruth serves as a director of Edmund Optics, Inc. She has held senior marketing positions at Time Warner, Ziff-Davis, and IBM and holds an MBA from Columbia University.