5 Simple Ways Data Helps Drive B2B Business Success
13th January 2017 Will Humphries
It is hard to be in business right now without hearing how significant data and analytics are in decision-making.
However, without a clear understanding of the benefits of data integration, it’s hard to realise its value in B2B lead generation.
The following is a look at several ways that you can optimise your B2B business by leveraging data.
Lead Scoring and Customer Acquisition
Don’t rely on anecdotal experience to define your target market; let data guide your creation of buyer personas.
Customer databases with analytics and reporting features provide compelling insights into the qualities and behaviours of your most profitable customers.
Develop a lead scoring model to identify the characteristics of your top buyers and use your evaluation for customer acquisition.
Direct your B2B lead generation systems at acquiring people that match your data-driven profiles.
Projecting Lifetime Customer Value and Retention
Getting people in the door is just the first step in building a profitable B2B company.
Data is useful in tracking your results with individual and target market customers.
A lifetime customer value model is a way of estimating the long-term value of existing customers based on established buying habits.
LTV takes the monetary value, frequency and recency factors into account.
By identifying your best long-term customers, you can direct your retention strategies at these top buyers.
Also, invest resources wisely to maintain relationships, escalate revenue and drive referrals.
Nurturing the Pipeline
Data insights help you confirm which marketing and sales strategies work in lead nurturing.
For instance, you can analyse the communication methods and messages that drive efficient conversions.
Typical CRM software programs offer substantial sales funnel data that helps you look at the big pipeline picture for your organisation as well.
See how many prospects you have at each stage of the selling cycle.
And identify potential bottlenecks where your sales team needs to focus efforts, or where your leaders need to offer enhanced training to help reps perform better at that stage.
Evaluating Promotional Campaign Performance
Evaluation of marketing and advertising effectiveness is another critical area in which data tells a story.
Digital promotional methods, in particular, allow for rapid and thorough measurement of results.
Track the promotional methods and communication strategies that help you meet your response objectives.
Using data to evaluate promotional campaign effectiveness helps you minimise waste in approaches that don’t pay off.
Focus your dollars on ads that optimise your B2B lead generation activities.
It is not easy to compete with B2B lead generation without integrating data into your organisation.
However, you need to realise ways in which data offers useful information for decisions that impact your business the most.
The information is there; you only need to find it and use it to your advantage.