Data Services & List Management

When it comes to account-based marketing (ABM) today, data is the name of the game.

Admittedly, ABM is based on a time-tested, traditional sales strategy: identify and sell to prospects that match the needs and demographics of your best customers. An effective salesperson can easily target three to five significant accounts and build deep relationships without extensive data.

But to make ABM the centerpiece of your department’s sales efforts, you need to scale your process. And the key to scaling your ABM is your ability to manage your data, integrate with third-party data and identify the critical insights. 

The date for compliance with the European General Data Protection Regulation (GDPR), May 25, 2018, is approaching fast. Are you ready? Read on to understand what GDPR is, why it exists, how it affects consumers and what marketers and their organizations need to do to abide by it.

What Is the GDPR and Which Companies Need to Comply?

The GDPR requires that all businesses that use European Union (EU) citizens’ personal information, no matter where their headquarters are, must observe privacy regulations related to that data. Given the global nature of most large corporations, it’s likely most need to prepare to fulfill GDPR guidelines now.

GDPR includes rules related to how companies collect and protect personal data. The cost of non-compliance is up to four percent of an enterprise’s worldwide revenues or 20 million Euros, whichever is higher. Clearly, non-compliance can have damaging effects on an organization’s bottom line. 

The Need for B2B Prospect Research

The more you can personalize your communications with B2B prospects, the greater your competitive advantage. Because of this, marketers and salespeople are scrambling to learn more about their prospects than ever before, including everything from firmographics to insights on individual personalities.

To communicate in a way that’s relevant, you need to dig deep to understand:

• The market in which target accounts operate
• Company growth, profitability and strategies
• Buying team structure and key players
• Your business’s connections to the account. Has anyone in your organization interacted with the account in the past? Do you have any links to them based on education, employment history, interests or group memberships?
• Which accounts are sending signals online or offline that they intend to buy?
• How can I best communicate with prospects based on their personalities?

But how can you do the research efficiently and effectively?

Do you want to increase your conversion rates by 355%? Of course you do.

What’s the secret? Well, according to a study by Jupiter Research, companies that segment their databases increase their conversion rates on average by 355%.

It makes sense.

Since your prospects and clients don’t all have the same problems and needs, you can’t expect a broad message to appeal to your entire database. To create a robust, successful marketing campaign you need to provide content and messaging that’s relevant. You need to segment your list so you can, for example, send targeted emails and structure tailored telemarketing programs.

Getting Over the Initial Hurdle

You’d think all business managers would be clamoring to slice and dice their list into micro-segments for marketing campaigns. But they’re not doing this! The same Jupiter Research study found that only 11% of companies are using a segmentation strategy. Why are 89% of businesses missing the boat? 

Preparation Precedes Performance

The saying “today’s preparation determines tomorrow’s achievement” certainly applies to the creation and maintenance of marketing lists.

After all, if you rush into a marketing campaign without cleaning up your list and collecting critical data first, you end up wasting time chasing duplicate leads, trying to reach contacts that are no longer in the company or looking for incomplete information in the midst of a campaign.

It’s like putting your revenues through the paper shredder.

To achieve a successful marketing campaign, you need to purge duplicate leads and ensure your list has complete, accurate data so you can reach your targets easily and with the right message.

The 4 Steps to Success

Take these four steps and get all the information you need at your fingertips for successful marketing campaigns.