Data-first marketing: A strategy to stop wasting 30% of your budget

Data-first marketing: A strategy to stop wasting 30% of your budget

By focusing on the basics, you ensure that the contact information and accounts generated by our marketing efforts are compatible, marketable, informed, connected, and effective. This commitment improves our people, our programs, and our results.

Data, data, data. Fuel for the engine, fat for the plant, protein for the bowl. All relevant descriptions of the role that data plays in smart and effective marketing (and business). We eat better, sleep well and exercise. We know, maybe we even preach. Why are most B2B teams unable to prepare and manage data?

In today’s digital world, a world where the customer is central, a world where the buyer is involved and not the internal team structures, data silos, or the sales process, data quality is important. Everything is the fundamental foundation of the marketing and sales teams. need. Here you can collaborate on strategies, develop programs, execute programs and focus on your target markets.

As B2B teams have high expectations and growth, now is the time to get back together to gather the right data. “Good” today means focusing on the basics to ensure that the contact and account information generated by our marketing efforts is compatible, marketable, informed, connected, and effective. This commitment improves our people, our programs, and our results.

Actual customer costs, customer data, and incorrect invoices

If we don’t even consider the quality of the data before it reaches your database, the direct, hidden, and professional costs are real. It is expensive, costs resources, and produces bad experiences when marketing fails.

Inaccurate data – incomplete, inaccurate, and non-standard – hampers your marketing performance and hampers your company’s numbers and promises to your customers and prospects. Like smoking, it is an expensive and bad habit that must be resolved.

We analyze and get the numbers.

• 25-30% of the data generated by application programs cannot be commercialized because the data is incorrect, does not respect privacy, and/or does not match the ideal customer profile (ICP). Even worse, you spend your budget generating data from non-marketable leads. For a quick calculation, the million dollars you think is really only $ 700,000.

• It costs $ 100-120 to register to erase the data once it is on your systems, compared to just $ 2- $ 3 to prepare it before entering the database. With 100,000 new records per year, that’s the difference between the $ 200,000 initial investment in the data cleaning strategy and the $ 700,000 cost of trying to fix it later.

• SDRs take an average of 27 hours per month (sales meeting, January 2020) to clean up erroneous data generated by marketing programs. This equates to a monthly salary of $ 4,000 for every SDR you deal with. You can calculate productivity and costs.

These are just the numbers “in your face”. “Hidden” costs come in the form of trust in sales and customer and prospect violation when the follow-up interval is short.

Strategies and tactics to get the data first

As costs rise, we need scalable strategies to improve the traditional way we think about correcting bad data and ensuring clean, marketable data. One approach is a proactive strategy and the other is an emerging reference for B2B organizations. Both are proven strategies and are even better when used together.

• Obtain invalid data before opening the database. Most of us say, “I have tools or services that clean up my Marketing Automation and/or CRM databases.” To be honest, it never really happens. A marketing manager recently said: “… it’s like cleaning the water that goes into the sewers. It has to be done, but then it’s much more difficult.”

• Make it a primary KPI by defining data integrity and statistical and statistical objectives. As more and more B2B teams focus on precise goals and account-based strategies, a powerful benchmark depends on achieving a high percentage of marketable databases and character coverage in account buying groups. For example, “Our goal is that 85% of our database is licensed and matches our target audience.” Or “… of our 7,150 listed accounts, we have at least 3 active members of our buying group.” This initial commitment to data helps everyone achieve better results.

Create a commercial, segmented and compatible database of ideal accounts and buying groups

A data strategy primarily supports important marketing and sales strategy: a healthy, active, and licensed database of customers and prospects. Implementing and mastering these data strategies becomes even more important when you have one of these progressive growth strategies in action or on the drawing board.

• Implement an account-based strategy or switch to ABM – A lot of work is required if contact and account information is incorrect or not scheduled for calendars. No matter how strong your sales and account-based marketing efforts are in the marketplace, you will be dead without valid data. And there is no hope of alignment between sales and marketing.

Purchase and/or Account Path Mapping: Segmentation is next to impossible if prospects and account information cannot be answered, contacts are not authorized, and/or account information is not obtained from groups and channels.

Build databases and audiences as you enter new vertical or geographic markets – A quick start to marketing and sales requires buying group contacts to join your designated accounts or ICPs to increase demand and support sales. A negotiable database is essential.

Marketing will become much more difficult in 2021 as manager performance demands increase and the presence of potential customers and interactions. Long-distance shopping and research are the norms. As budgets evolve over time, now is the perfect time to define your strategy and commit to getting your data first.