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4 ways data analytics can kick your annual B2B marketing planning into shape

Do you need to make a case for more marketing budget? Expand your target market? Grow revenues from existing customers? Data analytics can help you achieve all these things and more as part of your annual planning process.

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4 ways data analytics can kick your annual B2B marketing planning into shape

  1. 1. Steps for 2021 success 4 ways data analytics can kick your annual planning into shape
  2. 2. With 2021 planning already underway for many B2B sales and marketing teams, here are four ways that analytics can help you target the right accounts, set the right targets, and build the right plan for next year.
  3. 3. © The Marketing Practice 2020 1 3 Get your house in order Existing clients don’t always get the attention given to prospects when it comes to segmentation and targeting. But putting resources behind this activity can really pay off. The probability of selling to an existing customer is 60to whereas new prospects are only around 5to 70% 20%* *Marketing Metrics by Paul Farris, Neil Bendle, Phillip Pfeifer, David Reibstein
  4. 4. © The Marketing Practice 2020 1 4 Get your house in order Start by building a single view of the customer using a combination of 1st and 3rd party data sources, including firmographics, billing data, intent data, and incident data. Here’s an example of one we pulled together for a financial software company.
  5. 5. © The Marketing Practice 2020 Set realistic migration and retention targets, aligned to the accounts showing high propensity/intent 1 5 Get your house in order By analyzing the trends highlighted in the data, we were able to:
  6. 6. © The Marketing Practice 2020 Segment each product line to show: • Accounts at risk of leaving • Accounts with a high propensity/intent to migrate to a bigger product 1 6 Get your house in order By analyzing the trends highlighted in the data, we were able to:
  7. 7. © The Marketing Practice 2020 Calculate the potential lifetime value of customers 1 7 Get your house in order By analyzing the trends highlighted in the data, we were able to:
  8. 8. © The Marketing Practice 2020 Break down opportunities per sector to investigate if there was a compelling reason to target specific verticals differently 1 8 Get your house in order By analyzing the trends highlighted in the data, we were able to:
  9. 9. © The Marketing Practice 2020 1 9 Get your house in order Using this information, customer marketing plans were then built out for the year. Value Prospect Signup New customer Loyal customer Red alert Former customer Re-prospect Campaign aims Attract Convert Growth Maintain Defend Re-activate Re-prospect Net-new acquisitions Cross-sell/upsell Retention
  10. 10. © The Marketing Practice 2020 2 10 Show your segmentation model who’s boss Many B2B firms will automatically segment their market by industry sector. Why? Companies within those sector groupings will vary wildly in their attributes, behavior, and challenges, so it doesn’t necessarily make sense to treat them all the same. We worked with a cloud services provider to help them segment and target more intelligently.
  11. 11. © The Marketing Practice 2020 2 11 Show your segmentation model who’s boss First, we built a propensity model to help them prioritize market sectors and adapt their plans based on where they could see the most opportunity. ITspend Overall propensity score 6.75 7.25 7.75 8.25 8.75 £30m £25m £20m £15m £10m £5m average average
  12. 12. © The Marketing Practice 2020 2 12 Show your segmentation model who’s boss We then segmented the account universe into seven clusters, based on the technologies they consumed and their propensity to acquire certain solutions. Cloud Computing Network Services Network Infrastructure Security Server Computing Storage Software Infrastructure App Development and Deployment Cloud Services Enterprise Applications Infrastructure-led Outsourcing Other
  13. 13. © The Marketing Practice 2020 2 13 Show your segmentation model who’s boss This provided better targeting across our client’s campaigns. They could sub-segment verticals, allowing them to target accounts based on both their industry’s business challenges and the way they consumed technology. +
  14. 14. © The Marketing Practice 2020 3 14 Make a case for more budget The most compelling way to argue for more marketing budget is to prove the value of previous years’ spend. But often, the way leads and opportunities are recorded in CRMs doesn’t give credit where credit’s due.
  15. 15. © The Marketing Practice 2020 3 15 Make a case for more budget One of our clients had noticed that while their sales colleagues were using marketing as a route into accounts, they weren’t acknowledging that input when it came to reporting.
  16. 16. © The Marketing Practice 2020 3 16 Make a case for more budget We interrogated the data in the CRM to understand the true value of marketing’s contribution. Leading Healthcare Provider Marketing opportunity added 20 days later and closed-won on 11/01/2018 for $468k opportunity generated on 07/26/2016 and closed as ‘no opportunity’ Sales
  17. 17. © The Marketing Practice 2020 3 17 Make a case for more budget We interrogated the data in the CRM to understand the true value of marketing’s contribution. International Retail Group Marketing opportunities added over the next 458 days, of which two have closed won for $607k generated opportunity on 05/05/2017 and won for $528k Four further
  18. 18. © The Marketing Practice 2020 3 18 Make a case for more budget Based on the findings of our analysis, the marketing team put a more robust methodology in place in order to ensure recognition of their input, and better qualify their pipeline contribution so as to ensure healthy budget renewal for the upcoming financial year.
  19. 19. © The Marketing Practice 2020 3 19 Make a case for more budget Direct Lifetime Subsequent Often, a certain percentage of marketing opportunities will be closed and reopened, meaning that Marketing does not achieve proper attribution. In this instance, we’ve seen this account for 25% of the total Direct volume. Additional pipeline which is attributable to Marketing, but often goes overlooked. Opportunityvalue ? 2016 2017 2018
  20. 20. © The Marketing Practice 2020 4 20 Build yourself a bigger pond to fish in You know the feeling. You’ve got a great proposition, your messaging kicks ass, your demand generation team are fired up and ready to go… but you’re running out of prospects.
  21. 21. © The Marketing Practice 2020 4 21 Build yourself a bigger pond to fish in Traditionally, they selected their target account universe from the FTSE350, but this group wasn’t generating enough pipeline. What’s more, there was no account-level insight available to inform marketing decisions. A client of ours found themselves in exactly that situation and wanted to check that they really had exhausted all avenues.
  22. 22. © The Marketing Practice 2020 4 22 Build yourself a bigger pond to fish in We built a bespoke data universe, selecting accounts that fell into the client’s targeting criteria and removing non-operational and duplicate accounts. Analytics Total universe – 41,000
  23. 23. © The Marketing Practice 2020 4 23 Build yourself a bigger pond to fish in The refined data was then enriched with additional account-level firmographics and scored against an ‘ideal customer profile’. Analytics Total universe – 41,000 Refined universe – 4,500 Defining a predictive profile Profiling • Current customer profile • Triblio profile Firmographics • Industry • Revenue • YoY growth • Profit • Company age
  24. 24. © The Marketing Practice 2020 4 24 Build yourself a bigger pond to fish in Combined with the use of an intent data platform, the right accounts at the right time were selected to support demand generation efforts. Analytics Total universe – 41,000 Refined universe – 4,500 Defining a predictive profile Enriched universe Firmographic intent Intent Profile Profiling • Current customer profile • Triblio profile Firmographics • Industry • Revenue • YoY growth • Profit • Company age 176 52 31 1,360 282 123 2,079 315 100 1 2 3 ⍺βγ
  25. 25. © The Marketing Practice 2020 4 25 Build yourself a bigger pond to fish in The result? in YoY Sales Accepted Lead rate active pipeline 3x uplift $2.5m total
  26. 26. Get started So there you have it, four data-based ideas to make your 2021 planning more focused and cost- effective – as well as make your marketing peers green with envy. For help getting started, get in touch. Oxford Units 1-2, Old Estate Yard, East Hendred, Oxfordshire OX12 8JY +44 (0) 1235 833 233 info@themarketingpractice.com Munich Liebherrstraße 18, 80538 München +49 (89) 26209832 munich@themarketingpractice.com Seattle 2231 1st Avenue, Seattle, 98121 +1 (206) 792 5544 infoUS@themarketingpractice.com themarketingpractice.com

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