August 2017 DATA-DRIVEN KEYS TO BETTER B2B
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1 August DATA-DRIVEN KEYS TO BETTER B2B
2 If you are a B2B marketer, you already know that your customer s purchase journey differs significantly from that of B2C buyers. The length of B2B sales cycles is longer, the number of decision makers is higher and the B2B purchase path is fragmented, no longer starting with a sales rep. These differences should not only impact your marketing messaging, but also other B2B advertising strategies essential to executing effective data-driven campaigns. 1 Be prepared to engage accounts over long sales cycles to increase conversion Just as in B2C marketing, where the consumer (person who consumes content) remains constant throughout the buying cycle, in B2B an account (company that is either a customer or a prospect) remains constant in a specific buying cycle. B2B businesses know that targeted Account-Based Marketing (ABM) is critical during long sales cycles. Successful B2B marketers execute against these targets by creating account-based audiences made of users (consumers) who work at these accounts. Once the audiences are created, they are activated to allow for cross-channel implementation across web, mobile, social and TV to achieve the best results for their marketing goals. This account-based approach drives high-quality prospects through the funnel, giving marketers multiple touchpoints to keep their brand top of mind, while ensuring revenue and data flow into downstream systems, such as sales and finance. Additionally this approach aligns sales and marketing while encouraging a healthy, long-term joint marketing and sales strategy and relationship. 5 Data-driven keys to better B2B 2
3 Follow these five easy steps to leverage ABM for continued engagement during long sales cycles. Align with sales to develop an account list for sales outreach and opportunities. Build a custom account list based on in-house business priorities and the individuals to target. Activate that audience across digital, social, TV and mobile channels, then monitor campaign response and sales activity. Nurture individuals and accounts demonstrating interest and intent. Categorize audiences to tailor content based on where they are in the funnel (e.g., Content strategy X for Accounts in the Advanced Buying Stage ). 5 Data-driven keys to better B2B 3
4 2 Know your data types There are many different categories of B2B targeting available to marketers. The key here is not to forget that the buyer (e.g., C-level) also is an individual who appears online as a consumer of content (e.g., photographer, golfer). In other words, don t hesitate to explore B2C data types to augment current marketing activities and apply them uniquely to campaigns. = HERE ARE THE DATA TYPE CATEGORIES: Persona-based B2B data Identifies professionals based on their characteristics, regardless of the specific company employing them. These segments can focus on a specific type of company or professionals within a targeted role. Persona-based targeting often reaches a broader audience and includes SMBs not always included in a target account lists. COMPANY TYPE Target professionals based on the size, age, revenue and industry of their employer. I want to target people who work at companies with more than 1K employees. EMPLOYEE TYPE Target professionals based on their function, title, seniority and decision maker status. I want to target HR decision makers. 5 Data-driven keys to better B2B 4
5 Account-based B2B data ABM is an important strategy for B2B marketers because it extends activities to the programmatic channel. Account-based audiences can be built based on a list of named accounts or through custom solutions to target unique criteria. ACCOUNT-BASED MARKETING Target employees based on a list of provided accounts. I want to target finance execs at my top 2K accounts. PREDICTIVE ACCOUNT INDICATORS Target accounts based on past characteristics or behaviors they are likely to exhibit. I want to target accounts on my list that are growing in revenue or spending on specific product categories. ACCOUNT PAST PURCHASE Target employees based on the types of solutions their company has previously purchased or installed. I want to target companies that invested in ERP software in the past. B2B EVENTS Target professionals at companies based on the trade shows they previously attended and/or showed interest in. I want to target companies who attended or showed interest in major Mining and Energy tradeshows. Persona-based B2C data PERSONA-BASED B2C DATA Often neglected is the use of B2C data to provide additional context around the end customer s interests, location, demographics, etc. I want to target golfers in the audience with the new brand campaign featuring a PGA player. 5 Data-driven keys to better B2B 5
6 3 Consider previously unused channels Injecting the right data into your campaigns lets you reach your audience regardless of where they are. Historically, LinkedIn was the primary social platform for reaching B2B prospects. Using persona-based B2C data allows marketers to now reach B2B prospects across all social platforms. 4 Move toward campaign metrics better aligned with the B2B purchase cycle In a perfect world, marketers would know exactly how much revenue their campaigns are driving. However, closing the loop between media spend and revenue is no easy task, and it is especially difficult in B2B. However, there are data and workflows across Ad Tech and Mar Tech platforms to help B2B marketers measure the effectiveness of their investments in data and media. This means a B2B marketer can eventually prove return and effectiveness to the last mile of sales conversion. So, what s this approach? Historically, marketers have treated B2B audiences differently than B2C audiences, but the reality is it s the same person. With third-party data, marketers can now extend beyond traditional B2B properties to reach target audiences when they are consumers in high-impact environments. AJ Resnick, Head of Connected Experience, Just Media ACCOUNT-BASED ENGAGEMENT Show the lift in engagement rates with the accounts targeted during the course of the campaign. MEASURE Continue measuring traditional CTR and CTV metrics to keep track of tactical performance. DATA STRATEGY Align the data strategy to marketing spend/initiatives, such as events, competitive or conquesting to see a direct correlation to performance. For example, a custom event-based audience for a specific Vegas tradeshow drove X% more leads and online keynote views than last year. 5 Data-driven keys to better B2B 6
7 5 Consider predictive analytics and next-generation metrics for B2B marketers The previous suggestions deal with numerical metrics about users and their online interaction with an organization s content. There is, however, a considerable amount of data that a B2B marketer will have in their CRM systems, such as wins, losses by accounts, products, etc., which can be used to measure performance and improve outcomes. Advanced B2B marketers are now developing in-house or partner-sourced predictive analytics capabilities that use big data and machine-learning techniques to analyze this data at scale and make recommendations, such as accounts most likely to convert soon. With ABM, these recommendations can be acted upon at scale (e.g., by launching a targeting campaign focused on specific accounts recommended). Using predictive analytics, B2B marketers can get closer to the last-mile sales conversion measurement by adding online interaction data to the data B2B marketers already have in their CRM systems. For example, in addition to providing recommendations, these analytics can also link sales conversions (wins/losses) and trace them back to marketing initiatives (e.g., campaigns, audiences, visits) that directly or indirectly enabled these sales. Although not a perfect metric, this approach will modernize a B2B marketing team s approach. Some B2B brands have in-house data science teams with predictive analytics capabilities. More often, however, marketers look to vendors for help. Not only do they have established methodologies for analyzing historical win/ loss data, they also aggregate massive amounts of third-party data to help spot new accounts that look like your best customers. Niraj Deo, Sr. Director, Product Management, Data Services, Oracle Data Cloud. 3 Must Read ABM Trends for 2017.
8 Five ways to get to a win by putting the right message in front of the right decision maker at the right time. Find the right audiences by testing previously unused channels, activating account-based marketing and adding additional data types for better contextual targeting. Also, deploy predictive analytics and use KPIs that better align with the B2B purchase cycle and you are off to finding your target audiences across the open web and social platforms with greater scale and precision. oracle.com/thedatahotline Turn big ideas into great campaigns Oracle Data Oracle Data Cloud delivers the richest understanding of consumers across both digital and traditional channels based on what they do, what they say and what they buy enabling leading brands to personalize and measure every customer interaction and maximize the value of their digital marketing. Copyright 2017, Oracle Corporation and/or its affiliates. All rights reserved.
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