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What can your B2B data do for you?

Data is all the rage in marketing today. Everyone is talking about it. “A carefully considered data strategy must be a CMO’s top priority,” says AdAge. Data has been called the “new oil” that fuels marketing today. But B2B marketers still struggle to get their full share of value from data. One reason is that they are missing some important ways to apply the data to marketing problems. So here’s a list of the top applications for business marketers today. Are there any opportunities here that you can pursue?

Business marketers put the marketing database to an enormous variety of uses, among them:

  1. Capturing data about customer behavior from all sales and communications channels, including social media.
  2. Modeling and predicting customer behavior.
  3. Querying and performing “what-ifs” to stimulate marketing ideas and actions.
  4. Profiling customers to gain insight into their needs, also known as creating “personas.”
  5. Segmenting customers for differentiated treatment.
  6. New product simulation and testing.
  7. Identifying prospects, scoring them for assessing quality, and nurturing a relationship with them until they are ready to buy.
  8. Selecting customers and prospects for promotional campaigns.
  9. Measuring campaign performance.
  10. Tracking marketing tests and experiments.
  11. Ongoing marketing communications to build and sustain customer relationships.
  12. Calculating the value of a customer.
  13. Tracking and managing the entire customer experience.

This is my list, but I won’t be surprised if I’ve missed something.  Can anyone add to it?

Ruth Stevens

Ruth Stevens

Ruth P. Stevens is a senior advisor for Consultants Collective. She consults on customer acquisition and retention, for both consumer and business-to-business clients. Ruth serves on the boards of directors of the HIMMS Media Group, and the Business Information Industry Association. She is a trustee of Princeton-In-Asia, past chair of the Business-to-Business Council of the DMA, and past president of the Direct Marketing Club of New York. Ruth was named one of the 100 Most Influential People in Business Marketing by Crain’s BtoB magazine, and one of 20 Women to Watch by the Sales Lead Management Association. She serves as a mentor to fledgling companies at the ERA business accelerator in New York City. Ruth is a guest blogger at AdAge, HBR.org, and Target Marketing Magazine. Her newest book is B2B Data-Driven Marketing: Sources, Uses, Results. She is also the author of Maximizing Lead Generation: The Complete Guide for B2B Marketers, Trade Show and Event Marketing, and co-author of the white paper series “B-to-B Database Marketing.” Ruth is a sought-after speaker and trainer, and has presented to audiences and business schools in Asia, Australia, and Latin America. She has held senior marketing positions at Time Warner, Ziff-Davis, and IBM. She studied marketing management at Harvard Business School, and holds an MBA from Columbia University. Learn more at www.ruthstevens.com.

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