Data is playing a significant role in businesses as it helps managers and owners design better processes, study and optimize trends, and understand customers more, among other things. Business-to-business (B2B) sellers also use data to improve their operations, especially in designing their marketing strategies.
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The success of any marketing strategy lies in the process of designing, training marketers, and identifying the proper channels to market your products. All these are possible by collecting and analysing data because data drives marketers to identify opportunities and challenges they missed before. These insights by data help achieve revenue marketing by focusing on those areas that optimize resources to achieve revenue growth.
This is only a part of the many roles of data that B2B marketers can utilize and run effective campaigns.
Why Data Is Important In B2B Marketing
B2B is one industry that may have been slow in jumping into the big data world. This is because data wasn’t considered to play any significant role in B2B. However, this isn’t true since in the marketing department, data has a lot to offer.
Here are some of the roles data can play in B2B marketing:
- Identifying The Right Audience
- Predicting Trends And Preparing For Them
- Better Customer Acquisition And Retention
- Creating Fresh Content
- Evaluating Marketing Performance
Identifying The Right Audience
The market out there is big for any business to prosper. This also applies to B2B sellers who are targeting other firms. However, this doesn’t guarantee that your B2B will get customers. This is because when you try getting customers without identifying those who suit your profile, you’ll waste resources on leads that won’t be converted to buyers.
In contrast, data can help you create a customer profile and work with it. The customer profile is a mock profile of how you expect your potential customer to look. These include their demographic details, the business they’re into, and their behaviour. The only way you can create a perfect profile is through garnering enough data from your past clients or your competitors.
After building the ideal customer profile, you can then focus on those people who match the profiles. This allows you to channel all your resources to the right audience rather than the general market.
Predicting Trends And Preparing For Them
Staying ahead of the group is beneficial for B2B marketers as they can prepare and make plans on their inventory and other resources to meet the demand of the season. For example, if you expect a high selling season, you can restock your business, train your workers, or recruit new members. By doing this, you can take advantage of the opportunities that’ll come up then generate more revenue.
However, you can’t blindly predict events in the market as you can either come up short when the demand is high or overstock your inventory when the demand is low. So, to avoid this, you should embrace the use of data in your B2B. First, your marketers can try and understand the consumer behaviour of your customers, then align products to meet these behaviours; when the demand is low, the supply should reduce.
Second, data can help your marketers know which channels to use to market products. For example, many youths are likely to spend time on social media. Therefore, using this trend, B2B marketers can design strategic social media campaigns.
Better Customer Acquisition And Retention
When B2B marketers set out to market their products, they not only want to acquire many new customers; instead, they’re looking to turn them into return customers. Customer acquisition is only the first step of creating a relationship with your customers, but retaining them ensures you cut your marketing costs by a significant percentage.
When you have enough data, you know the leads to target and how to approach them to turn them into buyers. You can also identify long-term clients who’ve been in the business with you and then make them buy your new products. When dealing with return clients, you can send appreciation messages for them to feel connected to the business and increase your chances of turning them into loyal buyers.
Creating Fresh Content
Digital marketing isn’t a new thing to most businesses. In B2B, content marketing can be used to generate leads for your business through social media and content blogging. For this type of marketing to be successful, you’ll have to optimize your website on search engines so it can get noticed by visitors, leading to click-throughs and conversions.
Search engine optimization (SEO) partly depends on the content you’ve created. Your website needs to be active with relevant content before it’s ranked. However, generating these is often a problem for many marketers. Data helps lessen the burden of B2B sellers looking for relevant content all the time.
You can use customers’ feedback, surveys, advice, video and audio clips, and reviews to create authentic and fresh content. This type of content is special because it’s user-generated, meaning it directly addresses the issues users are looking for.
Evaluating Marketing Performance
Marketing is a learning opportunity for marketers as they get to lay strategies, execute them, take the wins, and learn from the failure. That’s why it’s essential to document all the marketing campaigns your team will have because it’ll act as a good reference point for future campaigns.
That’s another role of data in B2B marketing. You collect meaningful data from your customers, the conversion rates from the different marketing channels, and potential areas you can exploit. You can then evaluate if the performance met the marketing goals you had set. Most digital marketing methods help you measure your performance easily, and you can determine whether you’re failing or not.
A good analysis of your marketing performance will help you decide to stick to that strategy or change it in the future.
Marketing is moving to more intelligent-based strategies, making it difficult for businesses that don’t depend on data to compete. B2B needs data to know what they’re doing and the steps they should take, starting from lead generation to performance evaluation.
The data is there as customers will leave reviews, and your business will also store most of it from its past campaigns. Therefore, the B2B marketers have to take and use it. Because it plays a crucial role in marketing, your competitors will likely use it, and so should you.