Why database marketing is important in B2B?
It’s 2k19! And it’s data everywhere.
We all understand how important database is, as a tool in B2B marketing. It’s nearly impossible to market your business cost effectively without database that can help you in customer segmentation, analytics and communication. It is important for both acquiring new customers and retaining the old ones. Ruth P. Stevens, famous B2B marketing Consultant and Educator, calls database a “recorded history of the customer relationship.” However it isn’t easy and cost-effective for every business to generate their own database, most companies look for third party contact data. But buying or renting it is difficult too as it comes with its own challenges in terms of quality, legality and suitability. One needs to be vigilant to look only at companies that provide high-quality data that will help you achieve your marketing goals. Here are few things that are part of database marketing.
Database Marketing Essentials
- Customer Segmentation
It is a process of creating individual lists or groups based on select criteria such as demographics, personal interests etc.
- Prioritization of valuable accounts
There are a number of organizations that can be prioritized over others based on relevance and response from them.
- Record of past Interactions
This helps you to understand customer’s circumstances better to offer relevant solutions that will sell easily.
Marketing campaigns can be designed to nurture a potential customer with useful information so that when he is ready to buy we have his mindshare.
- Establishing credibility in the market
The more credible data you have the more likely to have credible customer relationships and hence improving your credibility in the market.
- Track of growth
You can track the growth of the industry in an organized way that can help you get insights for effective marketing.
Ruth P. Stevens claims that “B2B data tends to degrade at the rate of 4% to 6% per month, so keeping up with the changing titles, email addresses, company moves, and company name changes is a challenge ”. To keep your data updated requires dedicated attention and resources. We at CT Conduct marketing campaigns with our steadily growing database of around 200000 organizations and 50000 educational institutions. This database is constantly updated and through intensive profiling we are able to get current names of decision makers, influencers and assess the IT landscape in these organizations with details of their future spending plans. All compliance and data security guidelines are followed during profiling. Our DM campaigns can stand alone or as a part of a larger strategy and complete analytics are provided mid-stream to refine the campaign. To know more about us, click here.
- Privacy Concerns
With increasing focus on privacy concerns from individuals it is better to go for Optin data and reach out to companies on their public phones and email Ids.