Marketing Interactions

How effectively are you using B2B data?

Last week, I wrote a post, Lift Revenues 70% By Cleaning Up Dirty B2B Data. Vaibhav Domkundwar from Ready Contacts posted a comment which included this statement:

"Every SFDC customer who adopted web-based CRM over the last 1-5 years is at a point where they are realizing how out-of-control their data is and how critical it is for them to get it in order."

His comment inspired me to think about not just the cleanliness of data, but how effectively we're using what we collect in our sales and marketing efforts. 

Given the growth in the amount of data we can collect—and how "out of control" it's getting—we need to start thinking about which of it is most important to the outcomes it can help us achieve. We only have so much time and we're being charged to do more than ever with our marketing and sales efforts.

Data is pretty much the holy grail for e-marketing where how well you're able to  monitor behavior and read between the clicks and dialogue of online interactions plays an increasingly important role in the success of your marketing efforts. How we pass those insights on to sales and circle back to learn what they've done impacts what marketing actually contributes to company objectives.

Funnily, this process has become how we get to "know" our prospects. So it makes sense that it's kept up-to-date and that we use the information wisely.

Based on our goals of offering better experiences because we actually "know" our prospects well enough to offer relevant and valuable content they need, we need to focus on paying attention to the information that helps us meet that goal, as well as sets us up for the next one.

Different goals require specific insights. In order to reduce information overload to an actionable data set, we need to start thinking strategically about which information will help us achieve each goal. Otherwise we can lose the trees in the forest.

And, it goes without saying that if it's information you have to ask for, your prospects' willingness to fill you in has limits. Remember that actions often speak louder than words. Plus actions may be all you have to go on until the prospect decides to engage in dialogue.

There's an abundance of data that can be collected and behaviors that can be monitored. What's important is the contribution the data makes to the effectiveness of your initiative.

For each campaign you plan, you need to determine which data will help you achieve your stated goal. You may think you know a whole lot about your prospects, but demographic information isn't necessarily the most actionable.

Consider these data observation points:

Recency - When was the last time the prospect accessed your information? If you haven't seen them in 5-6 months, it's likely your short-term value has diminished for them.

Frequency - Does their behavior indicate they find continuous value in your content, or was it just that one white paper download?

Depth - Do they read just the content at the end of the link you send them or do they reach farther into your expertise on related topics?

Participation - Do they comment on your blog, reply to your emails or submit inquiries on your website? Do they fill in the "optional" fields on your webinar registration forms? And, do they actually attend the events?

Breadth - Do you have more than one contact at that company who's given permission for you to send them email? How do the behaviors between all of these contacts match up?

That lift of 70% in revenues based on clean data isn't just because it's clean. It's based on how well you can take action that validates what you think you know by creating valuable interactions embraced by the prospect on the other end.

Lift Revenues 70% By Cleaning Up Dirty B2B Data

Yep. It's true. Based on data quality improvements alone, an organization that pays constant vigilance to the accuracy and quality of their database information can gain a huge upside. And, in this market, you need every advantage you can get...right?

Sirius Decisions released the results of a recent study where they "found that from 10 to 25 percent of b-to-b marketing database contacts contain critical errors—ranging from incorrect demographic data to lack of information concerning current status in the buying cycle."

The problem seems to be that dirty data is easier to sweep under the rug than to clean up. It's not sexy, it's not social and—most of all—it's not cheap. But it's one of those tasks companies need to roll up their sleeves and address. Especially if one of this year's goals is to get conversational and increase relevance to aid in shortening sales cycles.

Read this again, just to stay focused:

"...a strong organization will realize nearly 70 percent more revenue than an average organization purely based on data quality."

And, just in case you want to start pointing fingers and slough this task off to another department, consider that impacts were found across the buying journey. This means that the organization as a whole needs to take this on, but at a minimum, it makes the case for better alignment and feedback loops between marketing and sales.

An example of the breadth of impact across the sales cycle from data quality improvements includes:

• 25% increase in conversions from inquiry to qualified marketing leads
• 12.5% increase in transitioning qualified leads to sales opportunity when you unify data from disparate sources
• 5% reduction in selling time

But reaping these rewards doesn't come easily. It's not a once-and-done kind of thing.

B2B databases double in size every year or so, increasing the probability of data errors. People change jobs and roles. Their buying behavior speeds up and slows down due to constant shifts in priorities based on trigger events. Conversations that aren't recorded can impact your credibility based on foot-in-mouth syndrome if you're not up to date on previous dialogue and interactions.

Data is about the most important thing you've got to work with in a digital business environment. Being out of tune with your prospects and customers hinders your ability to create the consistency and competence that buyers require from their vendors.

Buyers are taking control of their buying process. The closer you can get to them, the more accurately you know their situations, the higher the opportunity for you to be consistently relevant and valuable.

Better quality data means you'll have better:

• persona and profile information
• segmentation capabilities for personalization
• higher engagement due to content relevance (based on insights)
• more accurate sales forecasts
• better delivery for email campaigns
• a more accurate gauge of interest levels
• higher credibility
• valuable conversations
• and so much more...

It may not be glamorous, but data cleanliness is critical to creating sustainable growth. If knowledge is power, you're only as powerful as the quality of that knowledge. When your data is dirty, chances are that it'll be hard to build the credibility you need to generate relationships that produce mutual value.

Why in the world would you leave that to chance?

You could be Losing 50% of Your Potential Sales

A recent IDG survey of 600 IT buyers discovered that they're only finding content relevant to their needs and their stage in the buying cycle only 42% of the time.

Let me say it again >> only 42% of the time!

You know what happens when they don't find what they need, right? They leave. They go elsewhere and your company is eliminated from consideration. And, although this survey was conducted with IT buyers, it's my hunch that it pretty much sums up the state of marketing content for the complex sale.

Here are a few reasons why it's important to have a content strategy:

• There are multiple people involved in a complex sale. Each with a different perspective and investment in project outcomes.


• Buyers have different content needs at different times. For example, the research found that buyers in early stages preferred documents like articles and white papers, but wanted webcasts in mid-stages. Demos, documents and tutorials were most valuable at late stages and customer success stories and scenarios were important for a longer stretch of the buying process once the business case had been made.


• People learn in different ways and have preferences about how they consume their information. This is why podcasts, video and written content options can be a boon to increasing a buyer's perception of relevance.


• Peer reviews, recommendations and referrals carry weight. It's a trust and believability thing. Begin with customer stories and testimonials by people and companies like them/theirs.

Here's something I found quite generous. IDG also learned in this research that buyers were willing to be incredibly nice about the content issue. All they wanted was to find that the majority (56%) of the content was relevant to them and they'd be satisfied.

But, still they're being left disappointed.

I wouldn't be that generous, so that's a gift. But, I'd also recommend you thank them kindly and aim higher. You know, like to 99.99% relevance.

IDG found that this lack of relevancy perceived by buyers is responsible for reducing the vendor's chance of closing the sale by 45%. So, in case you thought buyers just wouldn't notice if your content was garbage, now would be the time to reconsider that stance.

If you were waiting for proof that a content strategy is important, here you go. It's past time to go find out how to meet and exceed the content expectations of your buyers, influencers, recommenders and champions and devise a plan for delivering content that suits the needs for each of them.

Not just one round of content development, either. Business environments change, priorities get shuffled and innovation clips right along affecting how your solutions will deliver perceived business value to your customers. Be consistent about content delivery and keep it focused on the specific audience it's designed for.

The days of one-size-fits-all content are over.

Complex sales require multiple touch points. You need content for each one of them.

Marketers who can serve up relevant, high-value content to the right audience in the right format at the right time have the opportunity to deliver more sales-ready opportunities to their sales teams.

That sounds like a good way to start 2009 to me. What's your content relevance plan for next year?

Marketing and Sales eBooks

In the spirit of the season, I thought you might like a couple of great eBooks to set yourselves up for thinking about all the possibilities of the coming new year.

Go download them, and have a very Happy Holiday!

	Keep Your Sales Up in a Down Economy  Sales SheBang ShEO Jill Konrath asked us to answer one question: What's the ONE thing sellers should focus on in today's uncertain economy? [psst...my article is on page 7] Find out how 19 sales experts answered...Download the eBook now.

Oh, and while you're there, sign up for the Sales SheBang Newsletter. It comes out twice a month with expert insights sellers can put to use immediately.

Winners and Losers in a Troubled Economy

Use customer engagement to turn hard times to your advantage. This eBook is one that all marketers will gain insights from. It's put out by cScape and the Customer Engagement Unit and also includes highlights from the 2008 Annual Online Customer Engagement Survey.

Table of Contents includes:

Cutting back during a downturn is a survival tactic not a winning strategy: Start by asking not what your customer can do for you, but what you can do
for your customer.

Developing customer engagement is a retention and acquisition strategy: Customers have practical and emotional needs–both should be met to
achieve long-standing engagement.

Digital media provide the best means for achieving customer engagement
during a downturn: Dialogue, not monologue is the true language of online business.

Customer engagement is the best predictor of future success: Engagement is a relationship built on mutual benefit.

Responses to economic downturns are not pre-determined: Research and test before you assume that customers will spend less online.

An economic downturn will create winners and losers: The winners will be those businesses that best use digital media and best
engage their customers.

Download the eBook and you'll find 80 pages of insights to help you navigate online marketing in the new year. [minimal registration required]

Marketing Vision 2009 expanded - Part 4: Storytelling

This expansion post is related to this excerpt of my marketing vision 2009 post:

"In 2009, marketers will step up to the plate to make sure the buyer is engaged from the beginning of their buying journey through to their purchase decision because that path will become as smooth as silk without a knotted mess at the hand off to sales."

Stories are often thought of as customer testimonials, case studies or one-time events by marketing. In this new age of storytelling, marketing needs to consider stories as they apply to buyer scenarios and introduce an overarching story theme from lead generation through customer conversion.

A marketing campaign story won’t be effective if it is disconnected from the company’s overall story. Stories are not just used in the way articles are written to inspire dialogue, but serve as the thread that pulls a buyer from interest through consideration to purchase.

Using a story theme helps provide consistency and continuity in your marketing programs. Likewise, buyers don’t care if that (for you) their status changes when they begin to interact with your salespeople. They will, however, notice if the story they hear from sales doesn’t have the same resonance and quality as the one they’ve participated in with marketing.

This means that instead of focusing only on how to create qualified opportunities marketing can handoff to sales, the story needs to reach farther through the pipeline to ensure the buyers’ engagement never wavers.

A company’s story is:

• Oriented around prospects’ needs, priorities and perspectives


• Told through every content and conversational exchange with your prospects


• A way to make needed knowledge accessible and easily understood


• Fuel for pass-along conversations amongst decision makers, influencers and stakeholders


• Supported by customer experiences, success stories, testimonials and referrals


• Extended across sales activities for the smooth transition of progressive relationships


• Substantial enough that your prospects needn’t be forced to accept it in linear fashion


• Memorable

You may also find value in my complimentary eBook: Why Marketing Stories Have Catch

Other Marketing Vision Expansion Posts:

Part 1: Marketing Content

Part 2: Listening

Part 3: Sales Enablement