Data is the center of the marketing universe. The data sustains rigidity of sales structure within corporations and empowers marketing officers to wield prospect information in a flexible manner. The data has carted prospects towards sale closure with precision. It has helped untangle the perplexity of the B2B sales process.
The modern day scenario has little to do with sales team working with a riddled collection of unqualified leads passed on by marketing teams. The collaborative assessment of leads based on the likelihood of becoming future customers will result in the realization of successful sales. The sales process may take a year or more to reach completion which is based on the product and type of industry involved. The entire scenario is likely to unfold between informed buyers and competent marketers supported by rich data sets. Analysis paralysis is a threat that looms around B2B marketing world where efforts begin drifting away from goals fuelled by over-analysis of data or strategy.
CMOs must get grippier while working with B2B data whether it is the purchase of marketing technology or bolstering relationships within the corporate framework. Being equipped with better data could translate into better decision making and close-knit working practices between sales and marketing teams.
Pouring high-quality intelligence into the B2B processes will free up marketers from nitty-gritty duties for seamlessly controlling the data. Some experts argue how data can help transform the sales pipeline by actuating certain marketing frameworks. The views do not vary starkly from one marketer to another. However, marketers face the challenge especially when it comes to collecting client information and turning them into actionable data sets. Handling heaps of data are never easy and sometimes with intent to chase deadlines, marketers are seen hastily aggregating data.
Many leading experts in the industry say that marketing flounders under analysis paralysis. Having abundant data sets can hinder marketer’s ability to interpret aggregated information to utilizable data. Marketers enter into a gridlock by consuming more data than what they can cope with. Informed decisions can be made by deciphering the metrics to the last bit while simultaneously avoiding analysis paralysis. The parameters, on the other hand, must be filtered out to hand pick actionable data.
Most popularly suggested tactic is to observe the metrics through a centralized console where they are be managed through a consolidated viewpoint. It becomes easier to track the data without being perturbed by the unconnected analytics. Leading corporations use prominent metrics such as MQL and total visitors on the site. The marketing qualified leads are determined by the lead score.
Increasing number of marketers are moving away from the marketing qualified leads (MQL) towards sales qualified leads (SQL) where the scope is on the bottom part of the sales funnel where the metrics gauge the leads. In such a conversion strategy, the marketers have access to specific attributes that outline the definition of leads within every company and based on these performance indicators; the decision is made to pursue or abandon the opportunity.
The conversions leading from the shift towards new trend becomes the attribute of marketing campaigns. Standing apart from the older metrics, the newer focus on high-value content such as trials, sign-ups and much more.
3 smart strategies marketers must follow:
Marketers can steer into success by incorporating these three strategies:
1. Test! Test! Test!
Marketers must continually test their plans to single out optimal policies, direction, and the overall costs of implementation. Marketers must pay attention to their efforts to ensure they do not burn out during the process. After testing the waters, marketers must make a checklist of the tests and associated data that positively impacted the sales. The results can be used to draw out elaborate plans for the future.
2. Benchmark is the outgoing standard
Sometimes, marketers can be blindly misled by the notion that numbers extracted from one company would serve as a standard benchmark in opportunities elsewhere. But, the fact remains that sales funnel strategies are shaped uniquely and varies from on company to another. Marketers must understand this aspect while juggling with multiple opportunities at hand.
3. Soak up marketing technology
Marketing automation may offer substantial returns; however, the risk dilates when many systems are simultaneously deployed without viable means to observe and respond. Marketers can overcome the challenge by deploying one tool and keenly waiting for results before moving onto another tool. Gradually working up the ladder will yield more positive results.
Testing is the key
Testing is invaluable in any data-driven marketing realm. Testing is implementable irrespective of company size or acquisition strategy.
Micro changes made to certain promotions can have adverse effects if they are left unchecked. A simple A/B testing is a proven mechanism to prevent missed out opportunities. Marketers must make a habit of testing every result rather than performing a one-off test.
The world is dominated by mobile technology and refusing to accept this fact could affect the long-term performance. The B2B industry has flourished through mobile friendly strategies where marketers must mandatory conduct tests to ensure conformity to constantly upgrading technology and user-friendliness on the mobile platform.
In this connected world, where everybody is online, the B2B industry is no exception. The users expect unvarying experience across multiple platforms whether it is laptop, mobile, or tablets. The integration is the key to future of B2B marketing.
Data is the pillar of marketing and the onus is on the marketer to stay up to date with the technology, trends, and fulfilling client request through high-quality experience and solution. When marketers are on the verge of slipping into the analysis paralysis, steer the efforts towards capturing highly relevant actionable data. Also, marketers must steer away from becoming over-analytical in impractical areas within the sales funnel.