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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 is a Consultants Collective member consultant. Ruth advises clients on customer acquisition and retention, for B2C and B2B 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 business accelerator in New York City. Ruth is an author and contributor to many notable business publications. Her books include B2B Data-Driven Marketing: Sources, Uses, Results and 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.

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