Data makes the world go around. In and out of marketing, it’s now the sense check for every business decision (or should be). It tells us who buys our things, how they are bought, and what those customers care about. Then, when we appeal to them, we capture their data, and its value continues. 

There are not many “universal truths” in B2B marketing, but the size of your client/prospect database directly correlates to your potential income is one. 

Often overlooked because it’s considered hard to find, marketing data is your most critical asset and informer. 

The sources: Where to find valuable data

Valuable marketing data can come from a number of sources, both internal and external. 

Internally, CRM systems, email marketing platforms, website analytics, and customer feedback all give you a wealth of information that can be captured to aid in better data-driven marketing efforts. 

Worldwide, 47% of decision-making marketers say that email is the most useful avenue for data-driven marketing.

More unlikely places, like your financial platforms—MYOB, Xero and the like—can also be rich sources of data, offering insights from invoices and quotes of past customers and prospects. 

Externally, you can access industry reports, market research, social media data, and third-party data to find valuable prospect and market information. 

Don’t underestimate that external data if you already have an internal database. Combining different data sources gives you the most comprehensive view of your market: the broader your view, the better your ability to make informed decisions.

Your best asset is your database

Your database is hands down the most valuable asset in B2B data marketing. The better maintained and robust it is, the better your targeting and campaigns can be, ultimately making for a higher-value database. 

Or let’s say your database is huge, you think you’re targeting well, and your campaigns are tailored to the right prospects. Your data will tell the ultimate truth. 

With a strong database and the right marketing analytics tools, you have all you need for deeper insights that help you refine your strategies and improve your conversions. 

cropped creativity and data 1 b2b marketing

Lookalike targeting, for instance, allows you to find new prospects that resemble your best customers. This technique relies on your existing client data to identify common characteristics and behaviours. There is no better way to target similar audiences with such precision.

Recognising what you already have

Before adding to your database, it’s worth doing a stock-take. Audit your existing data. A thorough audit will allow you to identify gaps and opportunities within your current datasets. You want to: 

  • Examine your database for outdated, duplicate, or irrelevant entries 
  • Ensure data hygiene to keep it clean and up-to-date.

Once it is clean and up to date, it’s time to put it to work.

Segment your data

Break down your data into meaningful segments based on customer demographics, behaviour, purchase history, and engagement levels. Why? This helps you identify underrepresented segments or potential target groups.

Compare against industry benchmarks

Measure your data against industry standards to identify areas where you might be lagging. What is the industry standard for email open rates, website traffic, or social media interactions? How do yours compare?

Utilise data visualisation tools

Tools like Tableau, Power BI, or your CRM’s built-in analytics can help visualise data trends and patterns, making it much easier to spot your gaps and opportunities.

Conduct customer surveys and feedback

Use your database to gather qualitative data directly from your customers. Simply asking some questions can help you identify unmet needs, pain points, and potential areas for new offerings or improved services.

Analyse the buyer journey

Map out your buyer journey to identify drop-off points, conversion bottlenecks, and areas where your marketing efforts should be directed to enhance engagement with your business. This could inform where there are opportunities for targeted interventions.

Cross-reference data sources

Combine your internal data with external sources to ensure you have a holistic view that can uncover gaps not visible from a single data source.

Implement predictive analytics

Predictive analytics uses historical data to forecast future trends and behaviours. It can be applied to customer segmentation, lead scoring, churn prediction, sales forecasting, personalised marketing, and campaign optimisation. 

Leverage customer lifetime value (CLV) analysis

Calculate the CLV of different customer segments to identify which groups offer the most potential for long-term growth and where you should focus your efforts.

Calculating customer lifetime value - step 1

Calculating customer lifetime value - step 2

Turning data insights into action

Once you have a clean and comprehensive database, your marketing data analytics tools allow you to analyse and interpret that data, extracting actionable insights that drive your marketing efforts. 

66% of marketing data is used to personalise marketing campaigns with better offers, marketing and content because personalisation significantly improves engagement and conversion rates. 

This kind of data-driven decision-making allows you to optimise campaigns by identifying what works and what doesn’t. You can test, track, analyse, and optimise every campaign. 

Start data-driven marketing here

Forget about data being “hard to find.” It is available everywhere. Get into your existing systems (CRM systems, email marketing platforms, website analytics), identify what data you currently have, ensure its accuracy, clean it up and make it work for you. 

Or, call us. The Lead Agency is a data-driven B2B marketing company that leans on the wealth of digital marketing data at our disposal to deliver campaigns that get results.

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