5 Hidden Gems in Your Marketing Data
In today’s world of limitless data, marketers find themselves in a similar quandary. There is a strong temptation to collect all types of data simply because it’s cool or available. It’s no wonder that 82% of CMO’sfeel unprepared to deal with the explosion of data. As data-driven marketing matures, it’s time for us to step back and ask ourselves what data is truly valuable for growing relationships. It’s less about amassing data in our CRMs, DMPs, and marketing automation platforms, and more about inspiring connections with our customers.
Marketers need to consider the possibility that they already possess much of the data they need. Like polishing rough stones, the focus needs to be on refining and putting that data to use to drive growth. With that in mind, here are five types of data that, while often overlooked and underused, have the potential to transform your marketing efforts:
1. Identity data – All the data you collect is useless without a way to tie it all together. Building omni-channel relationships requires data to be consistent and available across all channels. This includes capturing the identity of anonymous web visitors for personalization and linking together CRM and marketing automation data for alignment with sales.
While basic identity data isn’t sexy, it’s critical to breaking down data silos and building a consistent customer experience. For example, two inquiries from the same prospect could create duplicate records in your CRM that prompt follow up calls from two different sales reps. This type of negative experience can be avoided by using identity data to build a single view of customers across channels.
2. Connection data – Have you considered how your customer and prospect records are connected through legal, social and organizational relationships? While marketers often treat contacts as isolated targets, the truth is that they are often deeply interrelated. For example, one prospect in your database may work for the subsidiary of one of your customers. Another two contacts may work for the same VP, or they may be connected through social networks and share articles with each other (shockingly, only 55% of marketers use insights from social data). Finding these missing links between people and business entities is crucial to how you segment, route and communicate with your potential buyers.
3. Signal data – From the background noise of clicks, opens and bounces, successful marketers are using data analysis to extract signals about what their customers really like and don’t like. This signal-based preference data can be extremely powerful, especially when married with traditional firmographic and demographic profile data.
For example, signal data mapped to firmographic data can actually tell you that your target audience (let’s say marketers at high growth tech companies) are not engaging with your nurture programs, while a persona of less focus (let’s say marketers of b2c retail companies) are much more engaged. Perhaps your lead gen efforts are focusing on the wrong industry? Read more about signal data.
4. Onboarding data – Closely tracking and collecting data from your customer onboarding process can have a huge effect on loyalty and attrition. For example, capturing customer business goals as they come onboard can help you build segments and, then, content that aligns closely with customer needs. Collecting implementation requirements can help keep customers happy and on track with their experience. Read more about onboarding data.
5. Fiscal calendar data – Fiscal years have a huge impact on buying cycles. Companies typically plan and set budgets near the beginning of their fiscal year and often spend surplus budget near the end.
Aligning your messaging and sales outreach with these cycles is critical to successful timing. For example, if you are selling advertising and reach a marketing director as they are trying to spend a budget surplus, you stand a much greater chance of success.