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Global Marketers Channel by RuthAug 27, 2019
What can your B2B data do for you?
Text by
Ruth P. Stevens
Data is all the rage in marketing today. Everyone is talking about it. "Data ownership is a top priority for brands worldwide," says CMO.com. The Economist calls data the "new oil" that fuels marketing today. But B2B marketers still struggle to get their full share of value from data. One reason is that they are missing some important ways to apply the data to marketing problems. So, here’s a list of the top applications for business marketers today. Are there any opportunities here that you can pursue?
Business marketers put the marketing database to an enormous variety of uses, among them:
Capture data about customer behavior from all sales and communications channels, including social media.
Model and predict customer behavior.
Query and perform "what-ifs" to stimulate marketing ideas and actions.
Profile customers to gain insight into their needs. Also known as creating "personas."
Segment customers for differentiated treatment.
New product simulation and testing.
Identify prospects, score them for assessing quality, and nurture a relationship with them until they are ready to buy.
Select customers and prospects for promotional campaigns.
Measure campaign performance.
Track marketing tests and experiments.
Ongoing marketing communications to build and sustain customer relationships.
Calculate the value of a customer.
Track and manage the entire customer experience.
This is my list, but I won’t be surprised if I’ve missed something. Can anyone add to it?