Marketers love data.
These days the 'data' topic is a hot favourite for everyone. Be it a webinar or events or a zoom meeting - there always would be a significant number of brains who won't stop talking about data. Marketers love data because they know data is something that helps them to achieve their dearest goal - ROI. So how exactly data helps marketers to achieve maximum ROI?
Please note that we have used 'a prospect' and 'an account' term concerning the tactic of lead generation.
Every business has a unique sales lifecycle. For some B2B companies, the sales lifecycle is long and for some it is short. The lifecycle also changes with the company goal.
For a marketer, lifecycle management is crucial work. Let's take a quick ride of standard lifecycle stages. (Note- It is different for different Demand Tactics.)
When a prospect enters a top of the funnel, let's say the awareness stage where he becomes aware of the solution, he often leaves its initial data footmark such as email id and name.
This is the initial data we get from a prospect. This data is important to reach the prospect but not enough to get it converted into an opportunity. Over time, as marketers pull the leads in the sales pipeline, and those leads start their journey into the funnel - marketers get to know more about prospects.
Being more specific about the bottom of the funnel, it is the most important to fill with the content that converts.
A prospect in the bottom of the funnel is overloaded with the information about the product. At the same time, the prospects also get engaged with similar products from another brand. In this stage, content personalization plays an important role to push the 'ready to buy' prospects to the sales team - but not as a whole.
Making conversion smooth with data:
Lead management is the secret sauce. Before a marketer sends leads to the sales - the leads must be well scored and managed within the database.
The bottom of the funnel lead management should be also done on the behaviour data and the intent of the prospect towards the product. The effective integration and scoring make the process of conversion smooth for salespeople.
To build a list according to the intensity of readiness all incoming data, from CRM to MA, need to be organised and analysis right. Marketers need to integrate with some integration and analytics tool to effective organisation of data and get the most out of it.
Content conquers growth. The intention behind lead management and lead insights is to power the content. The right content helps the sales team close the deal.
It is a proven fact that the highly personalised content helps to close account faster than the less personalised content.
The number one challenge in content personalization is having the right insights. Without the insights, it is not possible to create content for specific accounts.
The personalization for a specific prospect and account might be warry from factor to factor, such as:
Prospects behave differently in different stage. It is important to know in which stage a prospect is in a buyer journey. It is also important to know the path they follow in the journey. Some prospects in the same account behave differently than their fellow decision-makers. Marketers need to learn the user journey well to craft the right content according to it.
In the awareness stage, the scale-up of content is possible with limited information about prospects and account but as we move down to the funnel, we started to seek more data and signals from prospects to engage and nurture them effectively.
The lead scoring model might be different for different marketers but It is required that every lead must be scored based on the intent signals and behaviour data.
Lead scoring helps to build a list of prospects for their readiness to purchase a product. Prioritising prospects by their readiness to buy significantly help the sales team to personalised the content and communication.
Why lead scoring is important?
"Lead scoring is a well-known concept and it is being used to determine prospect's current level of interest in the product and services. Lead scoring, when done right, has been proven a critical step to accelerate the conversion rate.
When you rank leads according to their interest shown in the content or your brand, you can confidently tell the sales team that which leads are highly interested and could turn as a customer. While the leads that rank below the threshold must be sent back to the nurturing team."
How does the lead score?
"Ideally, marketers score leads based on two factors -
Explicit data the data either given by contact itself or information which is directly identified - such as contact information, demographics, budget, job level, and needs.
The information you gather by observing online of a lead.
Such as - clicks, download, and shares.
You can score lead in segments like hot, warm and cold or on a scale of numbers or name it as alphabets."
Lead scoring is vast and requires dedicated efforts. Let's read expert here, who tells the best practices to score a lead. In the definitive guide of lead scoring, Marketo has explained the lead scoring in detail.
The sales team also need to be aligned with the lead scoring model to learn the prioritisation.
A multi-channel approach is not new for marketers. Marketers need to understand the tone of every channel a prospect engaged actively.
Some channels type are - Email, voice call, video conference, events, in-person, social media etc.
In B2B scenario social media is not effective to close the account, whereas trustworthy channel as persona meeting, emails, calls and events help in the BoFu.
Nevertheless, social media channels help to build required engagement for ToFu and MofU that build the required backdrop for sales.
How does channel change from stage to stage?
Let's consider the inbound demand generation tactic. Where we initially use content marketing to drive demand to the website, using a blog or podcast or video content we collect their basic information such as email id. Here we start to deliver useful content time to time via email - and here we use email as a channel of communication. At the same time, marketers keep them engaged with a brand on social media using creative content.
With the stage, we also level up the content such as research paper or case studies - nurturing right enables the marketer to access the prospects in person, presenting them a product demo, here we switch to the in-person channel with highly personalized content.
This is just a basic journey of a prospect - and how channel plays an important role in setting up the content personalization.
Data and content are the most important way to drive conversion. Data directly influence the content creation and well-personalised content helps to decrease the acquisition period and cost. The effective integration between data analytics and content creation could maximize the ROI and helping the brand to grow well.