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Why You Need A B2B Data Strategy - And How To Implement One

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Created:
02 Jan 2021

Introduction

B2B data is a critical component in your business activities since it’s going to control the major decision-making process that’s made in your business. However, it needs more than just a definition to understand how B2B functions. One interesting fact about B2B data is its ability to transform figures into reality. In order to achieve this, it’s important to ensure your firm has B2B data strategies in place. It’s worth noting that the B2B data strategy comes with one primary purpose. That is, to provide an opportunity that will allow businesses to attain marketing as well as wider business objectives. This is only possible if you’re going to come up with the action plans that’ll enable you to attain these goals.

The significance of B2B data was reemphasized by Marketscan’s research that reported that close to 96 percent of marketers admitted that data was vital within their marketing sphere. This was supported by similar research that was conducted involving senior management staff that saw more than 90 percent siding with marketers. In what could be seen as a change in tune, only a third believes that data is the center of the strategic decision-making process. It must be remembered that having knowledge sometimes will not translate into results. In other words, the quality of your database will only be meaningful if you know how to transform your beautiful figures into reality.

Significance of having a B2B data strategy

Coming up with a B2B data strategy will help marketers to define action plans that need to be implemented. It starts with choosing marketing campaigns to how you’re going to generate leads that will increase sales volume. In a post that was published on LinkedIn, Stephen Lahanas maintained that different parts of the enterprise are most likely going to view data separately without centralized vision as well as foundation.

One major challenge that you’re likely going to face when you fail to come up with a data strategy is the possibility of duplicating data across your organization. This will bring another challenge related to identifying the rightful data that could suit your enterprise. More than 60 percent of B2B marketers have a feeling that their companies have data skills gaps that revolve around data management as well as analysis. To make matters worse, 70 percent of marketers admitted that they’re not making good use of their existing database.

How to implement your B2B data strategy

As explained earlier, data strategy is something that outlines steps that need to be followed to accomplish a given action plan. This helps in coming up with clear actions that are free from ambiguous objectives. Implementing the B2B data strategy follows three stages that have been outlined below.

3 steps for implementing B2B data strategy

1. Setting up your goals

The first step in implementing a data strategy is clarifying your goals. A point to note is that coming up with a reliable data strategy is not straightforward as many would want to imagine. Formulating an effective data strategy will require one to narrow down to specific action plans. In simple terms, you need to avoid setting general objectives and concentrate on a particular end result. For example, instead of saying that you want to generate more leads, you should specify the number of leads that you want to generate plus their timelines.

Regardless of the goals that you’re going to formulate, it’s important to ensure that they meet five criteria. While it’s important to ensure that your goals are specific, it’s important to have goals that assessed. Identically, you should avoid coming up with unrealistic goals that cannot be achieved. Lastly, you should ensure that your objectives are relevant to your business and must have a timeframe after which they become irrelevant. After formulating goals, share them with your marketing team to ensure that you’re moving in the same direction.

2. Conduct a data audit

Since data strategy works hand-in-hand with the database, it’s prudent to check your data records to determine their accuracy. Bear in mind that even your cleanest database may have few traces of unclean data since there might be errors that were committed during collection. Auditing of data can happen in two ways depending on what suits your business and the intensity of the database. You can conduct a data audit yourself especially when the data involved is not massive. In the event that you’re dealing with masses of data, it will be important to include the services of B2B data consultancy. The latter is a reliable option because it involves professionals that understand every aspect of data processing together with management.

FEATURES OF A CREDIBLE AUDIT PLAN

 Gives room for missing data to be added

 Allows for the deletion of people that left

 Involves the removal of duplicated data

 Includes assessment of email formats

 Identify fraudulent data

 It can be used to generate profiles for the best customers

 Contain vital information that can be used to calculate market penetration.

 Identifying the potential market opportunities

3. Always be consistent

After ensuring that both your goals and database are in the correct shape, the next step is to work towards attaining your goals. More essentially, you need to avoid making the mistake of pumping more resources into implementing the strategy without proper follow-up plans. This will happen more regularly if you fail to observe the aspect of consistency. There are greater possibilities that more results are going to come on your way if you’re going to be more consistent with your approach.

BOTTOM LINE

Data strategy is critical in ensuring that your business attained specific action plans. The significance of data strategy can be seen in selecting marketing campaigns and strategies for generating leads. When implementing a data strategy, there are three major stages that need to be followed, including setting up your goals, carrying out data audits together with maintaining a high level of consistency.

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