Starting at the very top, a key question many business owners, B2B and nonprofit marketers have is “what exactly is marketing data”, followed closely by “where do I get it from?”
Table of Contents
What is marketing data?
What is marketing data and where do I get it from?
- Personal Data
- Transaction Data
- Web Data
Why it's important
While this should seem obvious, it’s amazing how many organisations actually place little importance on data. Others are getting it completely wrong. The third group, consisting of smaller NFPs and B2B marketing teams? Well, sometimes they skip it all together. Collecting information across your business allows management and teams to make informed, educated and strategic decisions.
So, what is marketing data?
Customer Data
Prospect Data
WEB DATA (Users and visitors to your website or e-store)
Social Media Analytics
ROI
Why is marketing data so important?
We use all of those digital interactions over time to create innovation and connect with customers in new ways. For example, mobile usage was so high on our online platforms that we created better, more secure apps.
A representative from JP Morgan Chase
Segmentation and Personalisation
Marketers that exceeded their revenue goals are using personalisation techniques 83% of the time. In addition, businesses that employ data-driven personalisation were shown to deliver five to eight times the ROI on marketing spend (Invesp).
Strategy
Is your B2B client even on social media? Maybe. Or perhaps an advertisement in an industry journal or publication would be more effective. Gather all the information you can and work out where they play.
Innovation
One way to do this of course to make sure you’re at the very least keeping up with competitors, but real data allows your team to innovate. In an article by DMN, a panel discussing the impact of data driven marketing, found that a clear benefit for customers included innovation.
Measurability and Accountability
Strategic marketers that are clever about using marketing data are more successful.
What is data analytics and how does it apply to marketing?
The holy grail of marketing is to proactively pounce upon every individual customer opportunity by predicting beforehand who will respond and predictively intervene each customer loss by predicting who will defect.
Dr. Eric Segel, expert on predictive analytics digital planners and data scientists
Clients regularly ask about data analytics: what is it, what should be measured and how does it apply to marketing?
Analytics is data derived from software that collates figures from various sales, marketing and social media channels and turns them into valuable insights. One of the most important gains from utilising analytics is the ability to report on ROI. Another plus is the informed ability to adapt and change campaigns based on actual data – so they are more successful.
Failing to personalise could lose you customers
We’ve stressed the importance of personalisation and customisation as an effective marketing tactic and how when informed by data, the benefits increase dramatically. Moving beyond the basics of name, address and date of birth, other tools can be used to further identify the trends and preferences of customers. You may already have access to some of these tools; including in-built features of popular platforms – such as Google Analytics and each of the social media platforms.
Furthermore, according to a Salesforce study – 52% of customers are either likely or extremely likely to actually switch brands if a company doesn’t make an effort to personalise communications. Don’t risk losing customers!
Predictive analytics
Carefully profiling your audience allows for great predictive insights around behaviour. Predictive analytics specifically uses advanced analytics including algorithms, data mining, modelling and AI to determine the likelihood of future outcomes based on historical data. It’s a whole new angle growing in adoption that can definitely give you an edge over competitors.
Digital Planners and Data Scientists
For the best results, brands might find recruiting data scientists (in the case of large organisations) to cut the data into strategic chunks. Within marketing teams, the role of a digital planner can be useful to formulate a sound digital strategy that can stretch up to 5 years into the future. These experts are key in forecasting sales, growth and cost per lead, and budgeting for campaigns.
Testing channels and tracking conversions
For any marketing strategy to be successful, your teams need to know which channels work and which channels are timewasters as quickly as possible. By paying attention to key social metrics and tracking against any acquisition goals – you can save a lot of money.
How valuable is your data after the campaign?
How valuable is your data after the campaign is run and won?
A successful campaign doesn’t just generate business; it should build quality new lead opportunities and generate insights that will step you above competitors. But this all largely depend on the quality and experience of the agency itself and there are other measures to determine its success.
So, what happens after the campaign is run?
Quality data
Working together with an outsourced agency will allow you to develop valuable prospect data and when actioned this data leads to priceless market insights. The outcome of having quality conversations is detailed, opportunity relevant information and leads. At the conclusion of the campaign when you are left with substantial market intelligence – you have an actionable competitive advantage over the competition, and you should not waste it. When planning your marketing activities this information is a goldmine.
Sales and marketing follow up
In addition, sometimes a prospect is not ready to commit, perhaps timing may not be right for them. If they’re not given a clear follow up option such as a number to call a designated person back, a follow-up phone call from the telemarketer, an email address to contact - you can quickly lose them to a competitor.
Providing an easy option to follow up adds credibility and can increase campaign ROI – so you can’t afford to leave this out.
Nurture communications
Opt in permissions
Create equity from the data
Quality conversations with prospects do not just involve selling. If a prospect is engaging with a competitor, telemarketers will ask why. If a prospect is unwilling to engage with your brand or campaigns, experienced telemarketers will ask why not.
The information gleaned from such conversation can be viewed as valuable intelligence, especially where a prospect has shared around existing systems or relationships.
Any issues highlighted can then be assessed and addressed. This is an excellent opportunity for sales and management teams to demonstrate exceptional customer service and exceed expectations.
How did it measure up?
The Spam Act
Specific guidelines on what you can and cannot send via email, SMS, MMS and instant messenger and what permissions are required. Australia requires email permissions…
Read More
There are generally two types of permission: Campaign Specific permission and General Opt-In’s. With a campaign specific permission, you may only communicate with that contact with Campaign specific communications, however, if a contact consents to a General Opt-In, you can send additional business-related communications until that customer Opt’s Out (including newsletters and other promotional communications).
If it has been more than six months since the last time you emailed one of your prospects, you should work on gaining their permission again. You can do this simply by sending them another opt-in email making sure they still want to hear from you. This way, you can get them to opt-in again or clean them off of your list if they opt out.
Does your brand need a revamp? Mention this ebook for a special offer 30-minute brand consultation and audit FREE when we chat. Let’s see where you stand!
Case studies
1 – Philips Lighting
01. The Brief
Philips Lighting launched a loyalty program – Club Blue – aimed at providing product information, special offers from aligned wholesalers and loyalty rewards.
02. The Approach
We undertook an extensive on-boarding campaign – contacting electrical tradies throughout QLD, NSW, VIC & ACT to introduce the program, invite participation (SMS) and follow-up to gauge feedback. As part of the on-boarding, contacts provided their preferred wholesaler details – allowing targeted wholesaler/tradie offers to be shared.
03. The Results
With a dedicated group of local telemarketers, who enjoyed the cut to the chase attitudes, or the drawn out discussions that provided invaluable feedback, the campaign was incredibly successful and overachieved the expectations of Philips Lighting.
The outbound activity to more than 5000 electrical tradies had a 30.6% Club Blue program on-boarding result.
The market intelligence gathered and the wholesale preferences of the electrical tradies called was priceless insights for future marketing activities.
2 – Amber Tiles
01. The Brief
Over a 3 year period we worked on many data projects for Amber as they moved toward a more uniform client and prospect data management approach. With many of the Amber stores owned and operated by franchisors the data activities were undertaken for those who wished to improve their ability to provide targeted communications
02. The Approach
We had warm, friendly local telemarketers call the Amber trade customers and have a chat about their business, the key contacts within their business, preferred ways of engaging with Amber (email, phone, newly released app) and thanking them for their ongoing commitment to Amber.
03. The Results
Knowing there was a problem with initial data quality, we were able to return to Amber a clean list of trade customers with contact names, email addresses and opt-ins for ongoing communications.
The Amber customer service ethos was reinforced by the warm conversation with a talented telemarketer who could have a laugh with the tradies.
Philips Lighting
01. The Brief
Philips Lighting launched a loyalty program – Club Blue – aimed at providing product information, special offers from aligned wholesalers and loyalty rewards.
02. The Approach
We undertook an extensive on-boarding campaign – contacting electrical tradies throughout QLD, NSW, VIC & ACT to introduce the program, invite participation (SMS) and follow-up to gauge feedback. As part of the on-boarding, contacts provided their preferred wholesaler details – allowing targeted wholesaler/tradie offers to be shared.
03. The Results
With a dedicated group of local telemarketers, who enjoyed the cut to the chase attitudes, or the drawn out discussions that provided invaluable feedback, the campaign was incredibly successful and overachieved the expectations of Philips Lighting.
The outbound activity to more than 5000 electrical tradies had a 30.6% Club Blue program on-boarding result.
The market intelligence gathered and the wholesale preferences of the electrical tradies called was priceless insights for future marketing activities.
Amber Tiles
01. The Brief
Over a 3 year period we worked on many data projects for Amber as they moved toward a more uniform client and prospect data management approach. With many of the Amber stores owned and operated by franchisors the data activities were undertaken for those who wished to improve their ability to provide targeted communications
02. The Approach
We had warm, friendly local telemarketers call the Amber trade customers and have a chat about their business, the key contacts within their business, preferred ways of engaging with Amber (email, phone, newly released app) and thanking them for their ongoing commitment to Amber.
03. The Results
Knowing there was a problem with initial data quality, we were able to return to Amber a clean list of trade customers with contact names, email addresses and opt-ins for ongoing communications.
The Amber customer service ethos was reinforced by the warm conversation with a talented telemarketer who could have a laugh with the tradies.
