The Power of Data
At many B2B companies, the marketing and sales teams may as well live on separate planets.
For manufacturers with massive ARRs, dozens of geos, and thousands of employees worldwide, this disconnect seems intimidating to tackle, even as its effects trickle down to prospects. And while more and more innovative manufacturers have started bridging these gaps via Account-Based Marketing (ABM), there’s often still a missing piece in their value-messaging methodology: data.
Implementing an ABM strategy requires a ligament of sales and marketing, but companies using ABM to its fullest operative potential don’t stop there. Marketers must reach anonymous buyers in the right places with their brand’s content. Operating on hunches and intuition significantly decreases the effectiveness of the hard-bought value-based messaging strategy and highly-personalized ads designed to grab target accounts’ attention.
Of course, operating on unreliable or outdated prospect data can lead marketers and salespeople down the wrong path, resulting in wasted time and resources. From phone calls to email to targeted ads, accurate data applied cleverly with ABM can take prospect engagement to the next level.
That’s why high-performing sales organizations formulate, prioritize, and align their data-analytics strategies with their sales and marketing approaches. Global research firm McKinsey has outlined 5 steps to implementing effective data analytics methods:
- Gathering data via both internal and external sources. Every source has its own limitations, so collecting data from a variety of pools is a no brainer.
- Hiring and retaining competent analytics talent. Forming an analytics team with diverse backgrounds in statistics and sales ensures not only effective research, but effective application.
- Deploying low-cost, cloud-based analytics solutions to start. Lay the groundwork before investing in high-tech, expensive analytics solutions. Although attractive, companies new to data analytics won’t have use for an overwhelming array of functionalities until later.
- Embedding generated insights into pre-existing sales workflows. Transform insights into action in real time! Incorporating new insights into day-to-day operations will add to the sales and marketing teams’ understandings of their target accounts.
- Change management. Customer-facing employees will use these findings to increase pipeline velocity and win rates—if properly trained (and incentivized).
Companies looking to get the most out of their sales and marketing teams—whether via ABM users or not—will miss out on impactful optimization possibilities without a clear, unifying data-analytics strategy.
For more information on how to power a successful ABM, check out our white paper, “ABM in a Nutshell.”