9 DATA-DRIVEN MARKETING

TRENDS YOU CAN’T IGNORE

by CJ Haughey | Apr 8, 2019 | CRM, Marketing, Marketing

7/4/2019 9 Ways to Embrace Data-Driven Marketing for Small Businesses

Over the past decade, there has been a massive disruption to the way we do

business. Some of these changes have rendered many traditional practices inferior,

or dare we say it, extinct. However, one enduring aspect has grown steadily in the

background, to the point, it is now a critical aspect of business all over the globe, in

virtually every industry. We’re talking about data-driven marketing.

‘Big Data’ was the buzzword several years ago, but unlike many other phrases, data

didn’t simply fade away again. It has become an unstoppable, undeniable force that

wields phenomenal power in the hands of astute, innovative marketers. Indeed,

data has transformed the role of marketers.

Data is the new oil, and it’s going nowhere. In this article, we’ll explore important

data analytics trends no company should ignore. It’s time you got involved with datadriven

marketing before your business gets left in the stone age.

WHY DATA-DRIVEN MARKETING IS SO

IMPORTANT IN THE DIGITAL AGE

Data-driven marketing is all about collecting information on your customers, then

using that information to guide your marketing e􀃠orts. Sounds easy, doesn’t it?

In theory, it is. However, the practical element involves some sophisticated software

and savvy people to maximize the real potential of the data analysis.

So, why should you bother?

Here are a few reasons to use data-driven marketing:

DATA-DRIVEN MARKETING HELPS YOUR BRAND

REACH THE RIGHT PEOPLE

Not everyone who receives your message will jump at the chance to buy your

product. Unless you’re selling the Elixir of Life or a time machine, you should lower

your expectations. Studies show the average conversion rate for a sales landing

page is around 2%.

Data helps you tailor your brand messaging so it is more relevant for the audience

who see it. That way, you can hope to convert more people.

IT’S EASIER TO MONITOR PERFORMANCE WITH

DATA

By using consumer data, you can deduce insights on a range of behaviors and

interests. Then, you can make measured adjustments to your strategy and gauge

the impact.

One potential caveat here is that you need to be sure you are working with high quality

data. More than 50% of companies fear poor-quality data is hindering their

efforts in data-driven marketing.

CONNECT WITH CUSTOMERS ON THE CHANNELS

THEY USE

Reaching the right people is a good start, but it is quite another thing to connect with

people on the right channel. Today, people use multiple mediums to go online, with

the average shopper using six channels during the customer journey.

Data-driven marketing enables companies to present a uni􀃕ed brand message that

engages prospects on multiple digital touchpoints. Therefore, you will be ready to

respond and serve customers when they’re ready, on the channel they prefer.

9 DATA ANALYTICS TRENDS MARKETERS SHOULD EMBRACE

An extensive study by Invespcro reflects the stunning growth of data, and its

importance in modern marketing:

64% of executives agree data-driven marketing is vital in the current economy.

 9 Ways to Embrace Data-Driven Marketing for Small Businesses

88% of marketers use data from third-parties to learn more about their

customers.

It’s clear that data-driven marketing is here to stay. The challenge that many small

businesses face is getting started. You can’t stick your head in the sand and hope for

it to go away – it’s time to get on board.

Let’s take a look at the most recent data analytics trends, and consider how you can

leverage them to take your business to the next level.

1. DATA PAVES THE WAY FOR A PERSONALIZED

USER EXPERIENCE

If you’ve ever used Amazon (who hasn’t?) then you’ll be familiar with personalized

product recommendations. They just pop up when you log-in, and before you know

it, you’re tumbling down the rabbit hole of the world’s greatest online retail

experience.

Amazon claim as much as 35% of its revenue comes from this type of

personalization, and it’s easy to see why it works. People want brands to care about

them, and the evidence suggests personalized marketing gets people to spend

more.

9 Ways to Embrace Data-Driven Marketing for Small Businesses

It’s all possible because of data. When people accept cookies on a site like Amazon,

they permit the company to track their behavior, which allows them to gather

information on site visitors. For example, you can discover the following about your

site visitors:

Age, gender, location

Pages viewed

Categories viewed

Time spent looking at specifc product pages

Once enough data has been gathered, your company can serve up the shocking pink

unicorn clothes that a certain 17-year-old American woman has displayed interest

in.

Whomever your target demographic is, it’s possible to use data-driven marketing to

create a personalized user experience that caters to the very specifc needs and

interests of each user. The more data you collect, the deeper you can go,

segmenting your audience into niche groups.

The deeper and more personalized a “rabbit hole” you create, the more attractive

your brand will become to people who land on your website.

7/4/2019 9 Ways to Embrace Data-Driven Marketing for Small Businesses

2. ARTIFICIAL INTELLIGENCE AND MACHINE

LEARNING ARE EVER-EVOLVING

By now, you’ve surely heard that the robots are coming. Actually, scratch that –

they’re already here. Arti􀃕cial Intelligence (AI) and Machine Learning are no longer

fantasy elements of a geeky kid’s pipedream.

Digital giants like Amazon, Google and Facebook have been harnessing data insights

for years. Through the use of AI and machine learning, they are able to enhance

their products and services.

However, the real power of AI has become apparent since digital disruptors like

Net􀃖ix and Uber have taken over their industries.

Net􀃖ix uses machine learning to improve their service. This has helped them save

over $1 billion.

Uber use AI to inquire out if people are traveling for work or pleasure. This could

help people save money for work travel.

As these technologies advance, marketers can leverage data to continually improve

their products and services, ultimately o􀃠ering a customer experience that keeps

getting better.

3. THE GROWTH OF DATA ONBOARDING FOR

TARGETED AD CAMPAIGNS

One of the most under-the-radar data analytics trends is data onboarding. This is

when you take onine data about your customers and transfer it to an online

environment. Once you do that, you can analyze it and put it to good use for your

marketing needs.

You can use data onboarding to connect onine records with online users, effectively

snding people online and leveraging the onine data you have gathered to hone

your marketing. This enables you to create very targeted ads, facilitating a

memorable 1:1 experience for people.

This strategy goes hand-in-hand with omnichannel marketing, helping companies

personalize their marketing to connect with people on multiple different devices.

4. OMNICHANNEL MARKETING IS OMNIPRESENT

Speaking of omnichannel marketing, it’s everywhere now.

Gone are the days when marketers focus solely on one channel. Now, you must

recognize that people use multiple devices, websites, mediums and methods for

searching and shopping.

Omnichannel marketing is all about creating a seamless experience that unites all

these channels. That way, your brand will establish a strong presence everywhere

your audience is, both online and onine.

All-in-one Marketing, Sales and Service Platform

UK fashion retailer Oasis have successfully merged their online and onine channels

to simplify the shopping experience. People can come into the shop and talk to sales

9 Ways to Embrace Data-Driven Marketing for Small Businesses

associates who have iPads, which are shopping portals and mobile point-of-sale

systems.

This enables:

Up-to-date product information and quick answers.

Instant online orders for home delivery when an item is out-of-stock.

The ability to checkout from anywhere in the store!

You can use data-driven marketing for an omnichannel approach by tapping into the

customer data on a Customer Relationship Management (CRM) platform like

EngageBay. This method allows you to bring all data together from different

channels, so you know how everything correlates and works in tandem.

Image Credit: FICO

5. IDENTITY RESOLUTION ON DATA GIVES YOU

THE BIG PICTURE

If omnichannel marketing is going to be successful, you must be able to recognize

the identities on each channel. You can do that by using Identity Resolution, which

helps you look at each channel and attain a clear perspective on the people, their

interests, the apps they use, and their engagement levels.

9 Ways to Embrace Data-Driven Marketing for Small Businesses

This involves data, of course. You must collate a lot of data points, and then analyze

everything in respect to its specifc channel, and also in relation to the other

channels.

Put simply:

Identity resolution gives you a holistic, 360-degree look at all of your customers.

When you have that, you can increase the accuracy of your targeting, improve your

marketing analysis, and order personalized marketing at scale.

6. DATA WRANGLING IMPROVES TO BREAK

DOWN SILOS

There is a strong case to suggest alignment between sales and marketing

departments can lead to higher sales and better customer retention rates.

In order to use data analytics properly, your organization must be prepared to share

information across all touchpoints. The customer journey isn’t all about the

marketers.

Your sales, marketing, and customer service teams should work in unison, helping

each other connect the dots to a more cohesive, free-throwing customer

journey. The rise of data-driven marketing is a catalyst for this unified approach…for

the companies who are forward-thinking enough to do it!

 9 Ways to Embrace Data-Driven Marketing for Small Businesses

7. ACCOUNT-BASED MARKETING WILL CHANGE

WITH PREDICTIVE ANALYTICS

Account-based Marketing (ABM) embraces the idea of breaking down silos,

encouraging the two key departments to come together and narrow their focus to

the accounts that best match your company’s vision of an ideal customer.

So, how can data help?

Among the many data trends is something called predictive analytics. This is when

marketers bring machine learning techniques together with statistical algorithms to

make predictions based on past data.

When you do this right, you can discover prospects that fit your ideal customer

profile. B2B companies can use predictive analytics to identify companies they

should target, learning about their revenue, funding, employees, and purchasing

habits to see if they fit the buyer persona they want.

Better yet, you can use predictive analysis to determine which companies and

customers are most likely to purchase your products and services. Ultimately, this

allows you to switch focus to accounts that show the greatest potential for a solid

return on investment (ROI).

 9 Ways to Embrace Data-Driven Marketing for Small Businesses

8. DATA INTEGRITY IS ON THE RISE

Remember how we mentioned data quality before?

This is more than an afterthought now. As data-driven marketing has soared in

popularity, the need for accurate, clean data has also surged.

Poor-quality data can skew your data analysis, misled your team, and cause some

pretty disastrous decisions. Ardem reports that the problem of poor data quality

costs businesses almost $10 million per year.

On the one hand, data gives companies the chance to forge stronger relationships

with people, spreading brand awareness and improving your reputation. But if the

data isn’t high-quality, it may do more harm than good.

You should ensure you use reputable sources to mine your data and perform

regular analysis and cleaning to keep everything current and accurate.

 9 Ways to Embrace Data-Driven Marketing for Small Businesses

9. DIGITAL MARKETING IS ALL ABOUT APPS

In 2019, a typical marketing campaign entails a company reaching out to people in a

variety of ways, including:

Social media posts

Television commercials

Google Ads

Billboards

Magazines/Newspapers

We’ve already touched on how this fragmented media landscape can be pulled

together through omnichannel marketing. One of the most effective ways to reach

your audience through all the noise is by using apps.

 9 Ways to Embrace Data-Driven Marketing for Small Businesses

All-in-one Marketing, Sales and Service Platform

A study by Lvivity found that the average smartphone user spends around three

hours daily interacting with mobile apps, and there are over 1.2 billion people with

smartphones…

It seems fairly logical then to invest your efforts in trying to engage this incredibly

vast market of mobile users. The data you can collect from app users offers you a

great opportunity in terms of marketing and advertising.

DATA-DRIVEN MARKETING IS FOR EVERYONE

Smartphones and apps, personalization and automation, AI and machine learning…

9 Ways to Embrace Data-Driven Marketing for Small Businesses

Between buzzwords and technology trends, the digital landscape doesn’t sit still for

long. You can be sure that it will continue to shift at a breakneck speed in the years

ahead. That means companies must remain agile and open to strategies like

omnichannel marketing and segmentation if they are to stay a􀃖oat. All of these

aspects come back to data. It is the key to getting the most out of modern

marketing.

We live in a customer-centric age. The better you know your customers, the more

chance you stand of delivering on their needs. Data gives marketers the valuable

insights they need to understand consumer behavior.

When you use data-driven marketing, you can maximize the potential of these

innovative practices and processes like AI, automation, personalization, and

omnichannel marketing. Then you can reach users on their phones, through their

apps, wherever they are.

It’s what every company needs. More importantly, it’s what every customer wants.

Trucon Website:  www.truconbd.com

3 Keys to Winning Over a Business to Business Buyer

Shama Hyder is CEO of Zen Media, a leading marketing and digital PR firm, a best-selling author, and an internationally renowned keynote speaker.

The B2B buying space is currently undergoing some dramatic changes. I

should know, we work with many B2B companies at Zen Media, and they all

report that their selling process has changed considerably in the last decade

alone.

B2B companies must reevaluate their sales and marketing processes to ensure they’re meeting the needs of today’s buyers.

Shorter sales cycles. Fewer contacts with sales reps. Stronger gatekeepers.

Greater demand for data and evidence, with lower importance placed solely on

singular relationships.

And these are just a few of the more significant transformations that are

occurring. What this means is that B2B companies must reevaluate their sales

and marketing processes to ensure they’re meeting the needs of today’s buyers,

which are starkly different than yesterday’s.

Here are just a few ways B2B companies can win over today’s challenging,

exacting B2B buyer.

1. Be ready to work with a more diverse buying group.

Whereas B2B buying has almost always involved a group of people, the size

and diversity of that group has been increasing—according to the Harvard

Business Journal, the average number of people involved in a B2B purchase

decision has gone up from 5.4 two years ago to 6.8 today. In addition, those

involved are coming from a broadening group of backgrounds, job functions

and roles.

This means that while you may be very well-equipped to engage with a CTO,

you may find yourself working with more people from the marketing

department or people who work in less-senior positions. These members of the

buying group will have different questions and different priorities—and those

priorities will carry just as much weight as the CTO’s.

To prepare, it’s a good idea to do as much homework on each member of the

buying group as possible.

In addition to names and job titles, use social media and Google searches to

learn what you can about each person’s place in the organization and their

professional interests. That way, you can be more prepared to address

everyone’s concerns, rather than only those of the leader or most senior

person.

2.Selectively curate the information you offer to buyers at different

points, to avoid overwhelming them.

Every B2B sales and marketing team knows that today’s buyers have access to

an unprecedented amount of information. With a little research, a buyer can

find reviews of your product or service, social media posts from your company

that stretch years back, social media mentions of you from other agencies...and

that’s just the start.

But while you’d think that this much information would be empowering to the

buyer, it’s actually quite overwhelming, according to the research we

conducted on the modern, connected consumer.

Having so much knowledge literally at a buyer’s fingertips can induce second guessing,

indecisiveness, and even guilt, as they wonder whether they’re

making not just the right choice, but the best possible choice. Research cited in

the Harvard Business Journal backs this up, as researchers found that second guessing

occurred in 40 percent of completed B2B purchases.

The solution, then, is to carefully and selectively curate the information you

bring to the buyer. This way, even if they’re daunted by the sheer volume of

information gleaned from their initial research—which is overwhelmingly

conducted online, starting with a generic search query, according to Google—

you as their sales sherpa will be able to cut through the noise and provide them

with information that will help them move forward along their purchase

journey.

Examples of the kind of information you could offer, in addition to basic things

like product or service descriptions and pricing, include video assets, one or

two reports specific to your client’s needs or industry, and testimonials from

other clients in the industry.

Remember that your client’s information needs will change based on where

they are in the sales cycle, and they’ll also likely revisit various points in that

3.Personalize your approach to the individual buyer and members

of the buying group as much as possible.

If you consider the level of personalization that you expect nowadays when

you’re making an online purchase, engaging with a social media platform, or

browsing Netflix, you can see why receiving generic emails and information

would annoy your average B2B buyer.

After all, B2B buyers are also spending their off-work hours watching Netflix,

shopping online, and scrolling through Facebook. And while offering this kind

of granular, intensely detailed customization may be beyond your company’s

abilities, it’s always possible to improve the way you tailor information to your

particular client—and to each member of the purchasing group.

If you’ve done your homework as mentioned earlier, you’ll have a head start on

this process. The important thing is to ensure that the purchase group is

receiving content that will actually help them make the decision. Is your

content merely prompting more questions, or effectively answering them? Is it

providing value, or is it simply restating the same information they already

have in a new way?

The B2B buying process is undergoing huge changes, but they can be

understood in relation to the larger changes occurring across the B2C space.

Agencies that are able to adapt their sales process to these changes, appealing

to a more diverse buying group with a greater demand for customization, are

the ones that will rise to the top.

 

Strike While the Metal is Hot

 

  

In the world of business opportunities, there is typically a window of opportunity from a timing perspective.  Make a proposal before all the facts are available and risk making a poorly matched offer.  Wait until your competitors have fully explored the opportunity and put forth their best proposal and risk a missed opportunity, or at best play a hurried catch-up game.

 

Of course, due diligence is a vital part of wisdom.  And due diligence must be practiced before making a costly offer.  In contrast, it is important to not practice procrastination and laziness in pursuing viable opportunities.

 

As owners or business managers, we must exercise wise judgment when attempting to buy or sell products and services in the marketplace.  Divorcing oneself from emotional bias is an important first step in practicing wise judgment. We must look at the long-term consequences as well as the short term benefits.  

 

The sequence of presentation to the customer is normally inconsequential.  The quality of the presentation and ongoing communications are the most important aspects for both parties.

 

As a seller, one must be fully aware of all responsibilities and risks associated with providing a product.  The following list may be of some assistance:

 

•        Is the customer financially solvent?

•        Is the customer willing to meet your payables terms?

•        How much post sale service will the customer demand?

•        Is the customer prone to make unreasonable demands?

•        Will the customer share the information necessary to assist with the proper use of your product?

•        Will the customer provide a viable contact to communicate with regarding post sale service?

 

The buyer should also have a systematic approach to selecting a supplier.  Some of the qualifications and questions necessary in the selection process might be as follows:

 

•        Is the supplier financially solvent?

•        Is the supplier technically competent?

•        How long has the product been in production?

•        Availability of back up inventory or parts

•        Fair pricing – Valid for what period?

•        Suitability of product for buyer’s application?

•        Geographic locations

•        Commitment to product support?

•        Quality of tech support available?

•        Response time for product support?

 

During the late 1990’s, I was a first-hand observer in which procrastination cost a company an entire sub-market for its products.  The supplier had a majority share of this multi-million-dollar sub-market. The client company was instituting new engineering standards that required a lower tolerance performance for the primary product that the supplier manufactured.  The new criteria were clearly communicated back to the supplier from their distribution network and sales force.  While the supplier delayed making a move to a new technology, their competitor stepped in and literally ran the table on them.  Seven years later, the old supplier was slowly making inroads on the more assertive competitor.  But then it was the competitor who was the incumbent.  

 

The point remains, active pursuit of viable business opportunities must be untaken while that opportunity exists.  This is especially true for the seller.  Don’t procrastinate past the point where your offering is not given full consideration

 

GDS – Trucon Consulting Group

Emotional Intelligence

 

First of all, know yourself. Know what makes you angry or happy. Perhaps set up a scale for yourself. Explain how difficult it is to be objective about yourself.

Take the Strengths Finder 2.0 test – Followed by a DISC, Meyers Briggs and Sally Hogshead Fascinate

Think about how your demeanor impacts you, your associates, your prospects and customers. How you react emotionally and physically. That’s individual emotional intelligence.

Social EQ is how well you know and recognize emotions in others to help you understand and coach them to work in their area of strengths.

It’s the tangible intangible that helps you demonstrate self-control, navigate social complexities, and make personal decisions that product positive results.

It’s an important concept to understand because our brains are designed to feel an emotion first before we logically process it. Hence, the old sales adage, sales is about a combination of emotional and logical persuasion.

Psychologists tell us that every event or thought has an emotion attached to it. Obviously, some emotions are much stronger than other emotions and have different levels of behavioral impact.

The impact in productivity is significant. People want to know you care and have their best interest in mind. However, do not allow every whim that crosses an associates’ mind to direct company policy.

Bradberry and Greaves wrote in Leadership 2.0 that 90% of the most successful leaders are high in Emotional Leadership. And the good news is that you can learn emotional leadership. (Remind listeners about their DISC scores. For some the learning curve may be steeper.)

Leaders high is social awareness are remarkably clear of what they do well that motivates and satisfies them, and which people and situations push their buttons. (Remember H.A.L.T. acronym)

As self-awareness increases, people’s satisfaction with life, (as defined by achieving their goals at work and home-skyrockets)  

When you are self-aware, you are far more likely to pursue the right opportunities, put your strengths to work, and keep your emotions from holding you back.

How many times have you been told that management has an important communication for you, and it simply turns out to be another directive from “on-high.” It’s not for you at all unless you take a long-term perspective that what’s good for the company is ultimately good for you. That becomes an element of trust.

As a sales manager, you are tasked with productivity. That involves knowing the products, your industry, selling skills and company policy. However, for you as a manager, it should involve far more that these basic fundamentals. You will be wise to start purposefully developing and engaging your emotional intelligence.

I remember a story from my very first sales job with 3M. We had two sales teams in the regional office. Both had capable managers, productive salespeople and the DFW area was growing. The future looked bright for everyone involved.

However, on of the best producers, Chris, a high energy, happy go lucky young man had just gotten the shock of his life. His wife, who was a stunningly good-looking woman, had just informed him she wanted a divorce.

Now Chris had become a bitter, lonely, low energy, non-producing member of the team. This is a clear example of a non-job life situation that was having a huge impact on Chris’s lively hood and the company income. The emotional impact on him was self-evident, but in other cases it may not be so clear.

Be sure to be aware of the macro and micro events in your workplace. Practice purposeful visits and inspections to monitor morale factors. Learn more about people reading skills. Energy, voice and tone inflections, body language, a drop off in quality.

Have an involvement process that says we care about you and your mental health.

In Chris’s case what would you do?

Ø  Ignore it, it’s none of your business

Ø  Refer him to the company insurance paid counseling program

Ø  Step in as a concerned team member to listen and encourage him

Ø  Chew him out because he’s not producing – Tell him to be a man and suck it up

Attitude - Importance