Last Updated on March 24, 2023 by hassan abbas
B2B marketing is not just about finding and targeting prospects but identifying and reaching out to qualified prospects. A qualified prospect is a lead or a potential client whose persona matches the organization’s ICP. It is, therefore, vital for B2B marketers to explicitly define their ICP (Ideal Customer Profile) for each product/service segment. Also, businesses must ensure that their sales and marketing database is customised as per the ICP.
Insights on Database Service Providers
The best database service providers specialise in providing a wide range of prospect information. The marketing requirements of most B2B businesses make it imperative to tap into diverse data sources. Business and individual-level data points are necessary for the marketing team to reach and target the right prospects. These include:-
- Details like business name, location, sector, funding, turnover, and staffing constitute firmographics.
- Data points centred on the firm’s tech stack (current status, benefits, limitations, subscriptions) are categorised under technographics.
- Information about the key decision-makers should be highly detailed. Apart from their direct contact details, their tenure, role, responsibilities, and experience should be listed.
- The personal details of these decision-makers, such as age, gender, and location, can be clubbed under demographics.
- Capturing the latest intent data of prospects can be a game-changer for B2B marketing. Being privy to the prospect’s online reviews, browsing behaviour, and subscriptions can be immensely helpful in nurturing and converting them.
What Constitutes a Holistic Database?
- The reasons why businesses are eager to collaborate with database service providers today are multifold. A holistic database helps in understanding client requirements and defining the ICP accurately.
- It also eases digital lead generation and increases the much-required inter-departmental coordination between sales, marketing, CRM, and revenue operations.
- While acquiring data from trustworthy sources is non-negotiable, expanding the purview of data sources is equally important. Sourcing B2B marketing data from just one or two digital channels or platforms is highly unlikely to provide critical insights.
- Multi-source databases best fuel lucrative business opportunities with the latest, insightful, and razor-sharp data points. These render a holistic picture of the client’s persona, status, preferences, budget, intent, requirements, etc.
Advantages of Multiple Data Sources
The diversity of B2B data sources can be directly correlated with the volume and reach of the database. However, such an assumption is too simplistic as it doesn’t factor in the data quality. Whether it is an in-house database or a database subscription, here are the advantages of relying on multiple authentic sources:-
1. Provides Scope for Detailed Analysis and Insights– Singular-sourced data can often lead to tunnel vision on the part of marketers. Having several distinct and reputable data sources enables detailed analysis and the meticulous planning of marketing strategies. Varietal data ensures that no minute yet important prospect detail is omitted.
2. Helps in Devising High-Engagement Marketing Strategies– In the fast-paced digital world, online promotions completely rely on how well brands can engage potential buyers. Understanding the buyer psyche in and out is the key to capturing their much-elusive attention. Businesses can ensure higher engagement and conversions by compiling an in-depth database.
3. Ease out the conversion of MQL to SQL– A Marketing Qualified Lead (MQL) is qualified to make a purchase and aligns with the ICP of the business. MQLs may or may not have a current purchase requirement. With a multi-source database and rich intent data, Sales Qualified Leads (SQL) with an immediate/upcoming purchase requirement can be identified.
4. Spearheads Sales and Marketing Operations to the High-Priority Zone– A rich, multi-feature database is the biggest asset for Account-based marketing. It helps segregate and score leads regarding conversion and revenue generation potential. Thus, the sales team need not waste time chasing inconsequential leads.
5. Aids in Meeting Revenue Targets and Brand-Building– Maintaining a robust database is also necessary for accurate, data-driven insights and demand forecasting. It helps in meeting business objectives and invokes a positive brand image.
Even the most brilliant marketing strategies will fail if they are not directed toward the right target audience. The right database is vital for identifying potential clients, segregating high-value leads, or studying in-depth client profiles. Furthermore, the versatility, quality, and usability of a B2B database are of the utmost consequence to the marketing ROI. Multiple legitimate data sources help in regular database enrichment, improving the accuracy and precision of data-driven insights. With these concrete, actionable insights, marketers will be far better equipped to craft personalised outreach strategies. Eventually, roping in top-quality leads and acing Account-Based Marketing is what distinguishes a top-listed business from mediocre ones!
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