6 Proven Methods To Drive Demand With Better Business Data

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TL;DR – Key Highlights:

  Relying on calls and surveys to gather data is outdated. Automation is needed to uncover the data to help identify ideal targets for your product or service.

  Getting more precise in your targeting means that you must leverage every bit of data that you can get your hands on. That involves filling any gaps in your internal data with fresh and accurate info from a variety of sources.

  To build revenue, organizations need a centralized data management process that will ensure everyone — sales, marketing, operations, customer support, and more — is working from the same playbook.

  A solid data foundation will improve modeling accuracy and help uncover the sometimes-elusive ideal customer.

•  UCC data and modeling are essential when evaluating liability for lease or other lending functions.

Introduction

Sourcing B2B sales and marketing data has typically been a manual, unstructured process. Even with the best of intentions, data management procedures don’t always equate to pristine data. Studies show that approximately 40% of leads still contain bad data. Duplicate fields (15%), missing fields (8%), and failed email validation (4%) are among the culprits.

The challenges are only magnified as sales and marketing professionals now have an abundance of data and analytics at their disposal. More data amplifies the noise.

Consider this: Nearly half (46%) of organizations believe they derive less than half of the potential value from their data due to data management deficiencies. Source: IDC

How do companies attack this problem? Innovations in data science and better data collection methods will lead the way to better business data. Relying on humans to collect and clean your data will not produce the results that you need to ensure that you’re reaching the right prospects.

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Below, in collaboration with Demand Gen Report, we examine how recent innovations in B2B data have led to six strategies for improving demand generation, including customer use cases explaining how it all comes together. Topics covered include:

  1. Streamlining data collection;
  2. Using all available data;
  3. Supporting better messaging with real-time data;
  4. Developing a single source of truth to drive revenue;
  5. Modeling more effectively with a strong data foundation; and
  6. Making more informed decisions on financing risk and personalizing outreach.

“We have seen a paradigm shift. Data is now a competitive differentiator, with more advanced companies leveraging real-time account data enrichment to prioritize and personalize account engagement.”
– Andrew Gaffney, Editorial Director, Demand Gen Report

1. Automate Data Collection

For legacy data providers, most private company information is gleaned through human workers calling into businesses or some method of surveying to verify. No way can this human-powered system keep up with the demands of modern business today,
resulting in massive amounts of bad data.

What matters more is how the data is collected. When collected and cleaned properly, external data can provide greater accuracy and immediacy. Providing real-time sales and marketing data improves productivity, as teams can focus on high-value activities, and avoid spending time chasing companies that are closed or reaching out to contacts that have moved on.

CASE IN POINT:

TTEC leveraged EverString’s B2B data, as well as its modeling capabilities, to build a data-driven, scalable go-to-market (GTM) strategy. The easy integration and superior customer success support boosted almost every lead metric, including:

  • 150% increase in sales-qualified leads;
  • 317% increase in sales-accepted leads;
  • 592% increase in marketing-sourced leads; and
  • 48% to 67% increase in conversion rate

Watch Jeff Share How TTEC Increased Sales-Accepted Leads By 317% With EverString:

2. Leverage All The Data At Your Disposal

Marketing teams typically have an ideal customer profile. But if the data is lacking, they could be missing some of those high-value prospects. For most RevOps teams, you can’t segment properly if you have a bad fill rate on the relevant fields. Complete data helps companies better predict and target their ideal customer.

Forrester Research VP, Principal Analyst Kerry Cunningham shared: “An aspiration most organizations aim for, truly being data-driven requires three core steps:

  1. Insight Requirement: Define the actionable insights that will be needed.
  2. Data Management: Look at the data, measure its quality, and determine accessibility.
  3. Team Enablement: Consider cultural transformation necessary to accept shifting prior opinions if data proves something new.”

CASE IN POINT:

When Oracle needed help identifying the accounts that mattered most to their business, and how best to start those conversations, they turned to EverString’s F.I.R.E. Methodology paired with EverString data. Oracle deeply analyzed their future buyer and pinpointed the contacts that had the pain.

Power Your Go-to-market Strategy With Fire

Download the F.I.R.E. ebook to see how to power your go-to-market strategy with modern B2B data.

By combining internal data with the world’s best external business data from EverString, then placing that directly into the channels that resonate most, Oracle created a scalable solution to reach the right customer precisely when they’re interested and ready to engage.

“The F.I.R.E. Methodology scoops up the rest of the iceberg, the 90% that you can’t see or that you don’t have time to action.” Tom Kelly, Senior Director, Global Media and Search, Oracle

3. Deliver Relevant Messages In Real-Time

Fit scoring and modeling helped identify new similar companies to pursue. In addition, weekly refreshed intent data signaled their sales team when any of their target accounts were exhibiting signs of heightened interest. Keywords and intent data help content marketing teams to better understand their customer personas. The result: improved personalization of marketing assets and materials.

Nearly 80% of B2B brands are leveraging intent data, with another 16% planning to do so within the next 12 months. The survey also found that a majority of organizations are seeing positive payoffs from their investments in intent data, with 39% saying it has been significantly beneficial and 32% categorizing it as somewhat beneficial.

CASE IN POINT:

Jim Powell, Director of Sales at FedEx, has a total addressable market of over 10M SMB customers, most of which were busy small business owners unlikely to raise their hands for a traditional web form.

Jim partnered with EverString to leverage the full breadth of B2B data, including fit modeling, intent data, recent trend data, and firmographics. By broadening the range of customer engagement, FedEx was able to engage with and convert those contacts that had proven difficult to reach prior.

EverString-Better-Data-Better-Results-B2B-Team-Header-Image4. Build A Single Source Of Truth

It’s critical to have data flow into the CRM and other systems seamlessly. Teams don’t want to spend time chasing down data for every lead, account or contact in their CRM. RevOps teams can rely on a single data source that flows into all the relevant systems for each role.

When your teams are working from a single source of truth, there isn’t someone in sales saying an account is good, while marketing doesn’t agree, or vice versa. You can close the gap between sales and marketing for better alignment and performance.

CASE IN POINT:

Prior to EverString, Dennis Dube, Vice President of Revenue Operations for Advance Local, one of the largest media organizations in the US, said it was a lengthy process for sales and data teams to collaborate. “Sales would have an idea about a market they wanted to target on Monday. They’d throw it over the wall to the data team and after a few iterations, they’d have something on Thursday. That’s just not fast enough.”

A key to revenue operations is having a deep understanding of a client’s overall business and technology landscape. “We are surfacing things that we were not able to know before, like the CRM and marketing automation systems they’re using,” said Dube. “This helps us have more focused and productive discussions.”

5. Improve Data To Bolster Modeling Accuracy

Highly cleansed business data not only helps to maintain your overall database quality but also boosts the capacity and accuracy of your models as well. With a solid data foundation, sales and marketing teams can pinpoint accounts that are a good fit or are ready to purchase similar products or services.

AI-assisted tools enable teams to spend just minutes (not months) building data-driven models of ideal customer profiles (ICP) that have a high propensity to buy your solution. From there, you can use these insights to help your sales and marketing teams be more efficient by focusing their effort where it’s most likely to pay off.

CASE IN POINT:

Snowflake applied a more insightful, data-driven approach and were able to recognize their high-fit accounts were concentrated differently than they originally thought. EverString provided customized propensity scores, allowing Snowflake to home in on companies that have high cloud spending. By pairing internal data with specific EverString account insights, Snowflake developed three new models:

  1. Ideal Customer Profile (understanding target, high-fit audience);
  2. Deal Size (which accounts closed the larger deals); and
  3. Time-to-Close (aka “deal velocity” or deals that would close fastest with the least resources required).

More than 50% of marketing analytics leaders have limited trust in the modeling techniques they employ. Source: Gartner

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View EverString’s sample report summarizing 12 months of UCC filing data and business insights.

6. Personalizing Finance Decisions With Insights

It’s not enough to know your customers on a high level. To drive significant demand, you need to know your accounts and contacts in more detail, down to their individual needs, and then work to match that data to how your business can fulfill those identified needs.

Uniform commercial code (UCC) filing data is a nuanced data point that indicates when a business has applied for a loan and when that application expires. This data set helps teams upsell, cross-sell and gain a competitive advantage with hyper-personalized messaging.

CASE IN POINT:

America’s leading bank holding company, specializing in credit cards, auto loans, banking and savings accounts, is leveraging advanced insights to determine which loans have been made in a particular state.

EverString’s UCC filing data represents big ugly data sets that are actually quite useful because they consist of collateral filing information everyone submits with the state. This type of loan filing information is massive, extensive, and hard to structure and organize. Commercial banking institutions are seeing big success using UCC filing data within their go-to-market strategy, investing in continued data refinement work together.

Effectiveness is of the utmost importance. The big success factor for us was partnering with EverString who provided high-quality data we cared about the most. Marketing Manager, Analytics for a Fortune 500 Banking Institution

Key Takeaways:

  • Relying on calls and surveys to gather data is outdated. Automation is needed to uncover the data to help identify ideal targets for your product or service.
  • Getting more precise in your targeting means that you must leverage every bit of data that you can get your hands on. That involves filling any gaps in your internal data with fresh and accurate info from a variety of sources.
  • To build revenue, organizations need a centralized data management process that will ensure everyone — sales, marketing, operations, customer support, and more — is working from the same playbook.
  • A solid data foundation will improve modeling accuracy and help uncover the sometimes-elusive ideal customer.
  • UCC data and modeling are essential when evaluating liability
    for lease or other lending functions.
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About Demand Gen Report

Demand Gen Report is a targeted online publication that uncovers the strategies and solutions that help companies better align their sales and marketing organizations, and ultimately, drive growth. A key component of the publication’s editorial coverage focuses on the sales and marketing automation tools that enable companies to better measure and manage their multi-channel demand generation efforts.

Sources & References

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