As account-based marketing and the delivery of targeted, personalized content become more prevalent for business-to-business (B2B) marketers and sellers, data is of utmost importance. Without a proper marketing data management strategy in place, B2Bs cannot execute these programs.
- Many B2B companies cite a lack in data expertise as an obstacle to implementing a true data-driven strategy.
- B2Bs use a variety of first-, second- and third-party data sources in order to build profiles on their audience at both the buyer- and account-identity level.
- Marketers need to ensure data is accurate, valid and up to date. Additionally, data compliance is a big concern to multinational B2B firms in the wake of the EU’s General Data Protection Regulation (GDPR).
- All data sets must be integrated in a centralized system of record. A variety of vendors claim to give a complete view of the customer, but B2Bs are skeptical and confusion remains in the marketplace.
- Collecting data is an important first step. From there, analyzing and putting those data-driven insights to work becomes table stakes. More advanced brands are using intent data and artificial intelligence (AI) to model customer lifetime value, build lookalikes and implement targeted account-based programs.
- A dedicated team with a data science background is needed to manage and execute against this data. This group must be aligned with business goals for maximum success.