Over the last decade, every aspect of business marketing has transformed due to the surge and availability of accurate and consistent data collection tools. Marketing is no different, and in recent years, Business-to-business (B2B) marketing has gained speed on relevancy as they are fueled by a data-driven approach to increase customer engagement.
Tools are now accessible to analyse unrelated content and gather the non-constructed data to create a clearer picture of some valuable insight, allowing businesses to bridge the gap between their marketing and sales.
Of course, how the data is used, and which information is used varies across industries and teams. In that regard, this article aims to dig deeper into B2B marketing and how it can improve your company’s audience targeting.
What is B2B Marketing and Data-Driven Marketing?
Business-to-business marketing refers to the techniques and best practices used by companies to market their production of goods to general business operations and for resale to other customers like a retailer or a wholesale seller. This includes raw materials, finished parts, services, or consultations that other businesses need to operate.
It is comparatively more challenging than business-to-customer (B2C) because marketing your company to other businesses means fewer customers, limited data, complex transactions, and sometimes even derivative demand. That is why they have adopted data-driven marketing, wherein strategies are built on insights on behavior collected through customer interactions and engagements.
1. Taking the relevant data to enhance your target market strategies
Marketing is built on a customer-centric foundation, but despite the age-old practice, many brands still tend to lean towards an inflated perception of how your brand interacts with the audience in the marketplace. There are three primary informants you should investigate when collecting data that is relevant to your target market: firmographic, look-alike modeling, and technographic data.
Firmographic data focuses on the characteristics of the audience’s organisations, size, location, and industry. Look-alike modeling studies the profile of a target audience and pens down keynotes on their characteristics, allowing you to have better filtration on your ads. Technographic data focuses on their behavior and characteristics when making purchases, which is crucial for businesses as it can help them redirect sales.
These factors can help improve your B2B marketing and streamline your efforts into a more niche-driven strategy to ensure their ads aren’t wasted on an audience that doesn't fit the bill. As a data agency, Digital Line Media can help with targeting for any data driven marketing campaigns you may be considering.
2. Personalise Marketing
Your marketing strategy should revolve around your customers and cater to their specific needs and pain points. This is a fool-proof way to successfully engage your prospects, which is observed in a study of 650 multi-channel marketing campaigns. It showed how personalised advertisements consistently beat out static campaigns. Proof of that is Coca-Cola, who was one of the first to tap into the influence of relatability to generate a high response rate from recipients.
3. Map data collection across all customer touch points
The challenge of data-driven marketing is collecting data and applying it to a sound strategy that connects all the points gathered in your research. This means that you can increase the reliability of your data by considering all customer touch points, from pre-sales to support. This can be achieved using ML, AI, and predictive modeling for a better analysis of your data collection. This includes social media, point of sale, website traffic, ratings, reviews, word of mouth, and even engagement through social events to gather quality sources.