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Printable Handouts
Navigable Slide Index
- Introduction
- Topics covered
- Why should business marketers care about complete, accurate data?
- How B2B marketing databases differ from consumer
- Three steps to strategic, cost-effective data acquisition
- Building your database
- New developments in sourcing B2B data
- Turn your website into a data source
- Form-fill data is not perfect
- Don’t ignore personal email addresses
- Secret weapon: IP address identification
- Chatbots and live chat can help identify site visitors
- Keeping your data clean
- B2B data decay
- The typical B2B database is barely functional
- Six steps to data hygiene
- Top database marketing applications
- Case study: Makino Americas
- Makino machine tools: A market leader in a changing market
- Identifying the audience targets
- A content production push
- Content distribution through social media
- The marketing ROI
- Thank You
This material is restricted to subscribers.
Topics Covered
- Value of customer
- Value of prospect data
- Where data comes from
- Data hygiene
- Makino Americas
- B2B marketing
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Talk Citation
Stevens, R.P. (2020, February 27). B2B data-driven marketing [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 6, 2024, from https://doi.org/10.69645/PPRH5947.Export Citation (RIS)
Publication History
Transcript
Please wait while the transcript is being prepared...
0:00
Hello. I'm Ruth Stevens,
Adjunct Professor at NYU Stern.
I specialize in B2B marketing,
particularly a sales lead generation.
0:10
In this session, I'm going to explain the value of
customer and prospect data in business markets.
I'm going to talk about where data comes from,
how to keep it clean, how to use it,
and I'm also going to share an interesting case example of how
a machine tools manufacturer used data to revolutionize its entire go-to market strategy.
0:33
To my mind, there are three major reasons why
customer and prospect data is vitally important to business marketers.
First, without it, you can't properly cover your market,
meaning you can't get access to all the business potential you deserve.
Second, knowing exactly who is in
your target audience and how much you can know about their needs,
means that you can sell to them with maximum efficiency,
thus saving time and money.
Third, accurate and complete data helps you anticipate your audience's needs,
address them correctly, and improve
the chances that they will enjoy a satisfactory relationship with you.
1:16
If you have experience with database marketing in the consumer world,
you'll want to keep in mind several important ways that
business data is different from what you may be used to.
Perhaps most importantly, B2B data is more complex.
A company has a lot of moving parts,
certainly compared to a household.
You have hierarchies within the organization like headquarters,
subsidiaries, and corporate parents.
For the B2B marketing database,
you need information on all of these.
Then, there are multiple parties involved at various levels.
In large enterprises, there may be
as many as 20 people involved in making a purchase decision for any given product.
We need to know all of these people and what is their role in the purchase.
Is the person a decision maker?
Is it the end-user?
Is it a specifier?
This information is essential for us to be able to talk to them
properly and influence them to select us as their supplier.
Third, the value of a business relationship
is typically much higher than that of a consumer household.
So we don't want to overlook any account,
and we need to have complete and accurate data on all our potential targets.
That's why accuracy is so critical,
this aim for completeness.
Business data degrades really fast,
as fast as 4-6 percent a month,
which is twice as fast as consumer data degradation.
Most business sellers have a limited universe of potential customers,
so they don't want to miss out on
any given account and they don't want to misunderstand them either.
Finally, business data can generally be used more freely than consumer,
and this is a big difference when it comes to the world of privacy and security issues.
Buyers need vendors to help them solve their business problems.
So thankfully, they typically want to hear from us and they want to do business with us.
So if they meet a prospect at a trade show and get his or her card,
most business marketers feel comfortable entering the data in
their marketing databases and emailing
the person without gaining a specific opt-in permission.