A Comprehensive Guide To Database Marketing: All You Need To Know

As a business person, how do you approach your prospective clients? Do you follow a customer-centric approach or not? Do you try to understand what your customers need, and respond with engagements that meet these needs? If your answer is “Yes,” you are probably familiar with database marketing.

database and software written on a tablet
Image from Freepik by rawpixel.com

Real-time data. Actionable insights. 360 customer views. Personalized engagement strategies. Omnichannel campaigns. These may be buzzwords, but they’re also critical to effective marketing and business growth, and database marketing is the key to all of them.

Table Of Contents

TL;DR

What Is Database Marketing?

Database marketing, aka customer relationship management, is a process where you collect, organize, and analyze consumer data in such a way that you can use it to better communicate with existing or potential customers.

It frowns upon the “one size fits all” standard marketing approach, adhering instead to the axiom that people respond better to more tailored, more personalized marketing. Simply put, database marketing involves understanding and managing your customer database.

Database marketing is an extension to direct marketing.

It allows the increase of customer engagement and loyalty programs for businesses. One of the main reasons marketers use database marketing is due to its power to create a personal shopping experience for customers. Not only that, but it also improves the efficiency of your marketing.

Types Of Database Marketing

There are two types of database marketing: Consumer Database Marketing and Business Database Marketing.

Consumer Database Marketing

This type of marketing is used by B2C or D2C marketers who sell their products direct to the customer.

Generally, B2C companies apply some basic strategies like free giveaways, free shipping, discount offers, contests, and account registration during checkout to collect the consumer database.

These usually help them collect the first and last name, email address, phone number, gender, location data, transaction history, postal address. Through third-party data sources, other attributes like household size and income can be appended to the customer file.

Once they built the consumer data they can send personalized advertisements, offers, or promotions through various sources of marketing like Social media (Facebook, Instagram, Email, postcards, and more)

Business Database Marketing

This type of marketing is mainly done for B2B companies that sell directly to businesses.

In the Business database, the information is more advance compare to the consumer database focused on high-value targets. That’s why this database is smaller than the consumer database, also subject to lower restrictions and privacy limitations.

The Information gathered in this database is a company Email address, company profile, job titles, annual turnover, company/employee size, estimated annual revenue, SIC and NAICS codes, technology stack, and LinkedIn profiles. This information can be easily acquired through a data provider.

The primary goal of B2B database marketers is to reach key decision-makers in organizations at scale through benefit-driven emails, industry-focused social media ads, and targeted direct mail pieces.

Importance Of Database Marketing

Database marketing enables marketers and advertisers to create relevant messages to their current and potential customers. When done right, there are many benefits of database marketing.

Here are a few:

How Database Marketing Works

To keep database marketing work smoothly, marketers need to follow some basic steps:

Data collection

If marketers want to sell their products in the market it is necessary to find out the targeted audience which is possible through data collection. It includes name, address, or other demographic information about the customer. This data will be collected from third-party bodies or directly through the customer.

Gather Knowledge from the data

After data collection, the next step would be analyzing the data and gather the information that can be used for marketing.

Hands using tablet screen showing statistics business data
Image from Freepik by rawpixel.com

For making a model of customer behavior marketers can use a Database management System or Statistical Techniques through which they can make a decision on which type of customer will be targeted.

Communicate with the customer

Once you’ve collected the data, you need to communicate with the identified customer by sending the promotions and keep them updated by using digital media like email.

It is important to keep the frequency of these emails in check to avoid flooding the customer’s inbox with too many updates. This can also easily end up in the spam or junk folders.

Making Business strategies

Database marketing is not just about sending promotional emails or creating a list of the targeted audience but it is more than that. By deep analysis of this information, marketers can make future business strategies.

Effective Database Marketing Strategies

How should you get started creating your own database marketing strategy? Here are a few things to consider.

Identify your target audience

How old are they? What income level? What job title? Where do they live? What are they interested in? What else do they buy? Build a detailed ideal customer profile for your product, and then use this profile to decide what kind of information you need to include in your database.

Collaborate with other teams

Marketing, sales, and support all have direct contact with customers and prospects. What information does each team need to be effective?

Find the right software

Customer data doesn’t do anyone on your team any good if they can’t access it. Choose a tool that makes it easy to see different kinds of information, customer types, and even organize customer information to match your different product or service categories.

Gather customer data

Look to both internal and external data sources, including, acquisition data, demographic data, technographic data, activity data, psychographic data, transaction data, and correspondence data.

onemorelead database
Source: OneMoreLead

Keep data up-to-date and backed up

Building a customer database takes a lot of time and effort. Protect your investment by safeguarding against power outages and technical glitches.

CRM software can automatically update profiles when customers enter new information, and online tools can protect against data decay by integrating with your software and updating each contact as they browse your website with activity data.

Respect customer privacy

Social media makes it easier than ever to get detailed insights into your customers’ interests, perspectives, and life updates. Effective personalization is about providing a relevant message to an interested audience, not proving how much personal data you have.

Benefits And Challenges Of Database Marketing

Though effective Database Marketing is essential for overall success, it comes with both benefits and challenges. Here are the benefits and challenges of database marketing:

Benefits Of Database Marketing

Today’s consumers expect a personalized experience with your brand. To deliver one, marketers need a unified view of each customer across every touchpoint. Only then can they understand the customer’s journey and engage them in a meaningful way. Database marketing strategies make that easier.

Customer databases can help you:

Challenges Of Database Marketing

Database marketing offers some compelling benefits. But to do it successfully, marketers need to understand the challenges as well.

Watch out for these database marketing challenges:

Data decay

Anytime a customer or prospect changes jobs or earns a promotion, moves to a new address, changes their name, gets a new email address, or makes any other life change, their profile becomes out of date.

A well-managed database decays at an average of 2-3% each month, which means in just a year, a third of your data could be invalid. To limit data decay, focus on information that is less likely to change: name and phone number, for example, rather than business email.

You can also use an email and phone verification service to make sure you have the latest information in your database.

We recommend VerifyBee - an intuitive, feature-rich, and affordable customer verification software. It is built for businesses looking to streamline their sales, intake, outreach, and customer relation efforts.

Data accuracy

Customers don’t always provide accurate information. Typos, handwriting legibility, or incomplete info can have a big impact on the quality of your database. You can limit inaccuracies by replacing input fields with standardized drop-down menus or checkboxes.

Acting on customer data in a timely manner

Collecting and analyzing customer data is just the first step. You have to act quickly enough to capitalize on a customer’s interest in and interactions with your brand.

This is where marketing automation tools or B2B Database Software become so important.

By unifying rich user profiles with a powerful segmentation and omnichannel marketing campaigns, you can deliver timely, personalized experiences for each user.

Difference Between Database Marketing And Direct Marketing

Database Marketing is a form of direct marketing. While the terms are used interchangeably at times, these are two distinct concepts. Here are the key differences between database marketing and direct marketing.

Try Database Marketing If

Try Direct Marketing Methods If

Conclusion

With thousands of advertisers fighting for customers’ attention every day, the need for a database marketing strategy is critical. The businesses that place their customer’s needs, experiences, and preferences will always come out on top!

If you’re looking for a B2B Database providing tool to help you in this process, you can give OneMoreLead a shot. With a database of over 40 Million verified B2B prospects to search from, OneMoreLead allows you to easily find the perfect prospect for your product or service.

So what are you waiting for? Book a OneMoreLead demo today!

Everything You Need to Know About the Use of Data to Personalize Marketing Campaigns

In today’s world marketing has become more personalized and targeted. Brands that are using data to personalize marketing campaigns are seeing the results. The more saturated data you have, the more relevant your marketing becomes to the audience.

finger pointing to charts on paper placed on a wooden surface

According to Salesforce statistics, high-performing companies utilize data for targeting and segmentation 51% more than underperforming companies.

With 7 in 10 online adults purchasing products online each month, customers don’t just like personalized marketing, they value it.

In this article, we’ll guide you through the benefits of using data in personalized marketing campaigns, the ways to implement it, and many more interesting FAQs. Keep reading!

Table Of Contents

TL; DR

What Is Personalization In Marketing?

One can say personalized marketing is one-to-one marketing. Personalized marketing is the implementation of a strategy in which businesses utilize the database to analyze, and automate the marketing campaign for offering individualized content to recipients.

The goal of personalized marketing is to really engage customers or prospects on a one-to-one basis by providing them the solution to the problems they are facing.

Sounds impossible, right?

Imagine reaching out to every individual out there in the market and providing each of them with a unique solution … how strenuous that would be!

two women near a table
Image from Unsplash by Blake Wisz

To help break down personalized marketing and shed more light on the concept, we’ll start with the benefits of a personalized marketing campaign.

Why waste time reading the whole article if you are not well aware of the benefits of personalized marketing?

Benefits of Personalized Marketing Campaigns

Supports all the way from conversation to conversion

Imagine you are on a first date and the person next to you starts talking about topics you can’t relate to at all.

If you really want to make it work, how many more chances are you willing to give? Maybe, two to three dates at best?

For marketers, the brand’s very first encounter with an individual is similar to a first date. If you manage to spark up a lively conversation with them, chances are you’ll be allowed for more and have a good chance of forming a connection.

Once the connection is formed and you manage to reach that prospective customer with the right message at the right time, the likelihood of conversion increases and they eventually make a purchase.

Helps in reaching more people

A personalized experience has the ability to make someone feel valued. And when someone feels valued, they share it with others. A trending example of such a marketing campaign is an individual coupon code. Brands reach out to influencers with unique coupon codes resembling their names, for example ‘nititaylor06’. Just not the influencers themselves, the followers also start feeling connected with the campaign instantly.

Boosts customer retention

Customers want marketing messages and advertising that is suited to their specific interests and requirements. An Adobe research says that 42% of consumers get annoyed when the content is not personalized.

The same report revealed that 67% of consumers prefer brands to automatically adjust content based on current context. Customer retention refers to how loyal a customer is and whether or not they will continue to purchase from a company.

If a company's marketing content and quality make a consumer pleased, that individual is more likely to buy from them again.

Helps you optimize an omnichannel presence

Consumers connect with companies across a variety of channels, such as email, social media, mobile, and so on, sometimes all in the same day. Personalized marketing is all about finding out where your customers are and talking to them on those channels.

Thus, you are always on their mind keeping your presence consistent across various channels.

Challenges Of Personalized Marketing

By now you’ve already known about the benefits of personalized marketing. Some of you may think why your personalized marketing campaign is not yielding as many benefits as mentioned above.

As Ardath Albee, the CEO of Marketing Interactions says, “Personalization is like seasoning. A little makes a big difference. In cooking, a pinch of the right spice can make the meal, while a pinch of the wrong spice can spell disaster.”

The main challenge in the personalized marketing campaign is the proper way of collecting data and using them.

Would you like the feeling of being stalked 24/7? That’s creepy, right?

Consumers said in an Accenture survey, that, the creepiest form of personalized marketing is texting or sending a notification when someone walked past a brand’s store and displaying social media ads for products they have browsed on a particular brand’s website.

Here are the major challenges of personalizing marketing campaigns.

Challenge #1: The Paucity Of Data

Integration of all the wings of your business and being able to export data from every source is the main challenge marketers face while implementing a personalized marketing campaign.

Your company’s database is your biggest asset. Hence, the marketing team single-handedly can’t empower it. For example, sending the same advertisement twice to a customer from both sales and marketing teams leaves a negative impression about your team alignments.

In an Experian Study, 78% of brands said they struggle with “data debt” or not having enough quick data about their customers to launch relevant personalization tactics.

Challenge #2: Consumer Data Privacy

The General Data Protection Regulation in the EU, as well as other regulations in various countries, regulate the data privacy of their consumers. These regulations make it challenging for companies to collect data and target their marketing campaigns.

When customers do not share information with a company, finding other means to personalize content for them gets difficult.

Challenge #3: Data Collected In Absence Of Informed Consent

Companies often use anonymous data, such as the location attached to a viewer’s IP address, to target viewers by location. eConsultancy report suggests that 42% of surveyed marketers admitted using anonymous data for a personalized marketing campaign.

This type of personalization unnerves the consumers. Thus, not informing customers about what data you will use and how you are planning to use is going to backfire your personalized marketing campaign.

All these challenges we mentioned above revolves around a common keyword, and that is data. If personalization is seasoning then data is the pinch of the right spice which can make your food delish.

How To Collect Data For A Personalized Marketing Campaign

Data can be a game-changer when it comes to reaching the right prospects from the defined target group. The days of random blasting and generalization are long gone. With today's marketing efforts, you must be precise, relevant, and strategic.

Before we start with the use of data to personalize the marketing campaigns, let us get across the ways to collect data.

1. Know your target audience

With so many people floating in the cloud, you need to talk to many people. Each with unique problems looking for a unique solution. Know your target audience to figure out in which period of customer lifecycle they are in.

To collect data from your audience you have to know their preferences first. Thus, it is essential to shape ways of collecting data around your audience's needs and preferences.

2. Segment the data

Segmentation is basic but you need to reevaluate the way you are currently segmenting your database. For a more robust database, experiment with granular points such as:

3. Collect data through self-personalization

Allowing customers and prospects to express their own experiences can make the data collection process smooth.

There are hundreds of ways to get creative about this. You can take a quick survey and ask a segment of users certain questions relevant to their phase in the customer cycle.

A customer service chatbot also comes in handy to collect customer feedback data without expending too much time or manpower.

4. Optimize the website

Data acquired for marketing purposes today extends much beyond the usual name, organization, and title.

Website activity is the most significant form of marketing data used for personalization campaigns, according to more than half (55%) of marketing experts. For 47 percent of the marketers surveyed, transaction activity is at the top of their list of critical forms of data.

5. Use database software to empower the team

Data collection, segmentation, integration with other teams, and data storage everything seem massive work altogether. Fortunately, developments in the SaaS industry have brought to you some tools to do the heavy lifting.

You can choose from a wide range of database providers and use the curated prospect database to streamline and scale your personalized marketing campaigns.

How To Use Data For A Personalized Marketing Campaign

To use the obtained data for the personalized marketing campaign, you may consider the following pattern.

1. Create content based on the data

Use the data to map out the specific interests and needs of each persona. Create content that can cater to their interests.

Identify at what stage of buyers’ life cycle your recipients are. Think about how you can trigger their interest and provide the most useful content for nurturing them down the conversion funnel.

Email is an obvious example of a personalized marketing campaign using data. In an Evergage report, 78% of marketers say Email is the most personalized channel use for marketing.

2. Improve customer experience

Use data to improve your customer’s experience with your company. For example, if your website’s loading speed is disrupting the customer’s experience, you can immediately work on it.

If a customer had a poor shopping experience, reach out to them personally and apologize for that. 45% of consumers find it the coolest personalized tactic.

3. Encourage the consumers to complete an action

When you meet with your consumers at certain touchpoints, you're more likely to lose the interaction, such as signup drop-off and cart abandonment.

Does this mean you’ve lost the relationship? Not necessarily.

You can identify these users, determine the cause of the connection failure, and provide appropriate solutions to them using data.

4. Build your brand’s reputation

Personalization can build brand loyalty and drive revenue over time. If you communicate in a way your audience understands better, you will have people who genuinely know your brand. You can use this to leverage the copy, images, videos, and offers.

You can also use your customer’s loyalty and their experience for social proof. What better way than spreading your brand’s name with words of mouth?

5. Compare the marketing campaigns

Use the obtained data to compare the results of your marketing campaign. If you are not using any kind of content personalization engine, we recommend you to use one.

finger pointing at a 5 star rating graphic
Image from Pixabay

If you're already using a customization platform, make sure to compare it to any competing solution that claims to provide additional value.

6. Analyze and run test

Data collection, analytical skills, and the development of customizable websites are all useful to a business, but they are most effective when they are completely integrated.

Customers should be able to receive appropriate content recommendations from your customization system at the right time. You should run an A/B test to validate the performance of your system vs. control.

Use Of Data In B2B Marketing Campaigns

When we talk about the topic of personalized marketing campaigns, without a second thought Amazon and Netflix cross our minds. No doubt, their successes statistics of personalized marketing campaign is exemplary.

But, here is the big difference between a B2B and B2C marketing campaign. B2C marketers have a big advantage of customer data.

The brighter side is that in B2B marketing, a small amount of data combined with relevant insights can go a long way.

For B2B marketers the following infographic explains the type of data they’ll need to excel at personalized marketing campaigns.

marketing funnel explained using an ice cream graphic
Source: Wordstream

Start with sales prospecting to get the best result out of any personalized marketing campaign.

Final Word

Get rid of all-size-fits-all personalized marketing campaigns. Create successful and meaningful marketing personalization based on a thorough understanding of your targeted audience and the capacity to reach and persuade the most important ones.

Want to get qualified leads in no time? Get a OneMoreLead demo today!

Revenue Marketing: What To Measure and Why?

Revenue marketing is one of the trends that have gained a lot of traction in recent years. But what does it really mean?

The road to real accomplishments typically starts with the right definitions. How do you define what you are doing in the best possible way when you are responsible for customer acquisition? You can say generating demand. But that completely cuts user needs from the equation.

dices over newspaper spelling profit loss and risk
Image from Pixabay by AbsolutVision

Growth marketing is a fairly popular notion, and although it does not involve the sales function, it is obviously the right pick for B2C organizations. Moreover, growth marketing might lead you on the route of one method without a consistent strategy if performed superficially.

This article will show you what revenue marketing is and why it’s the proper approach for any B2B company. We will also show you how this notion helps you align sales and marketing.

Table of Content

TL;DR

What Is Revenue Marketing?

Revenue marketing is a holistic marketing and sales strategy, which businesses use to drive revenue growth predictably.

When done successfully, revenue marketing aligns marketing and sales with this same goal by developing a continuing feedback loop involving sales and marketing.

Why Is Revenue Marketing Important In 2021?

In the days of the most conventional sales and marketing books, the sales and marketing in silos performed well enough. Marketing generated leads and converted them to sales for closing in the old paradigm.

revenue rising illustration drawn by marker

B2B purchases are more and more self-directed. Thus, marketing and sales must support clients throughout their whole lifecycle in a holistic, relevant, and useful approach.

The funnel is now changed!

Just to be clear—this is not to say that sales representatives should start to cold-call the leads atop the funnel. It means, instead, that you know what is going on in the whole funnel and can use it to your advantage.

Marketers can no longer regard it as "job done" when they have progressed to the stage of consideration or intent. Rather, they develop certainties that boost the full lifecycle and understand the best way to increase revenues by marketing channels, emails, and collaterals.

Key Advantages of Revenue Marketing

These are the three key ways in which revenue marketing appeals to all:

  1. Sales understand which prospects are ready for sale and have the essential context for closing deals.
  2. Marketing will find out, in addition to clicks or leads, which promotions, channels, and messages generate revenue to improve ROI.
  3. The most appropriate communication is always sent to the consumer. They can progress through the funnel more quickly or speed up their decision to give up.

We trust that it's worth fighting for these advantages. However, according to B2B Marketing Trends, only around half of the marketers feel empowered to work on sales or to disclose their objectives.

When 100% of business buyers have migrated from conventional B2B buying cycles and only 50% of sales and marketing of the businesses are working together to serve the buyers of today, who do you think will win?

Four Steps to Create A Revenue Marketing Strategy

If in today's B2b market you're prepared to be one of the winning teams, then continue reading. It's time to look at how you can execute revenue marketing in your business.

Wanting to execute or implement a revenue marketing strategy doesn't necessarily mean that you will have to start from square one. It gives you the chance to assess your marketing and sales operations and ensure that they drive revenue growth effectively.

The revenue marketing approach has been broken down into a four-step process.

1. Understand Your Prospect

A deeper understanding of your buyer is the first aspect of any revenue marketing plan. This means objective evaluation of your demands and the buying cycle is mapped out.

You have to lift heavily to comprehend the customer's wants. You can set up extensive buyer personas or any kind of marketing research to map the demands and needs of the buyers. The "Job to Do" (JTBD) framework could be one you would like to consider lately.

The JTBD framework is fantastic since it encourages you to think of the most important thing that your customer needs to know: what they want to achieve. "What is the job to be done" in the JTBD jargon.

This signifies that the product or service helps the client achieve the job. That is, the buyer might "rent" your product or service to accomplish the task.

jtbd illustration showing customer needs
Source: Intercom

You need to analyze your buying cycle once you know your customer's needs or jobs.

The buying cycle represents the number of steps via which the customer purchases a product or service. To align your marketing and sales activities to assist their buying process, you must understand the cycle.

While the actual buying cycle for each organization seems distinct, the marketing and sales funnel can generally be seen as the framework for mapping the buying cycle. In the end, the details of the method your customer passes through the major buying stages are very significant to you. These are:

You may move forward with the following stage, armed with a comprehensive grasp of your buyer.

2. Marketing and Sales Alignment

Almost half of the professional sales and marketers say they are still not well aligned. Yes, even in 2021.

So, how can you align yourself?

Think about where you are and where you want to go today. Answering these questions below can help you understand what you need to work on to align marketing and sales:

Indeed, research discovers that management buy-in, collaborative meetings, and shared KPIs connect with revenue growth.

3. Implement Collateral and Campaigns

This is the component with which your marketing staff should be comfortable.

The vital part here is that this step needs to be informed by steps; 1 and 2. Generally, you may make full use of insights you got from the sales and customers to construct successful marketing campaigns for your buyers.

Create and distribute your collateral and campaigns using the knowledge of sales and customers you got previously. For any and all stages of a buyer's journey, this means developing content and SEO, implementing automated e-mail marketing, PPC, and any other B2B marketing strategy that is appropriate for you.

4. Analyze and Enhance

Finally, examine your marketing efforts and measure the results. The results show what works and what needs to be improved.

You can follow two sorts of marketing metrics:

Some Final Revenue Marketing Tips

You may achieve consistently reliable revenue growth through revenue marketing. To start off, find out where your firm is now and ponder what you need to implement a revenue marketing strategy.

Here are some final recommendations to make your business' revenue marketing work.

1. Create a playbook for sales marketing involving both strategy and techniques

The playbook should direct the answers to the following questions:

You must be adaptable and constantly developing your revenue marketing strategy. It is great if you experiment and document what works constantly. Continue trying new channels, fresh content, lead readiness indications, and reverse-engineering already closed leads sources and signals.

2. Choose the appropriate DNA tools to support the revenue marketing

Do not ignore the impact your technology stack will have on how you act. If your sales and marketing tools clash with each other and separate the two more than they unite, then there is a problem. There will be more friction.

Consider the following in order to find the correct tools:

3. All about people

None of the plans or techniques will work unless you have a team in line with your marketing objectives and equipped with the knowledge and expertise to push them forward.

For example, with organized communication and explicit objectives, Userlike has done this. Weekly calls are held between marketing leads and sales, two-week synergy meetings, attended by marketing, sales, and support professionals, and a quarterly business evening for the whole company.

Help Scout maintains its sales, marketing, and support in line with common KPIs and a unique North Star: customer experience. They have established a culture of collaborative learning, in which the groups focus on how numbers increase or fall in relation to any alterations.

The KPIs of Livestorm are connected to their funnel and each has an "owner." They also emphasize the significance of data exchange, (over)communications, and a shared goals culture to keep sales and marketing synchronous.

Wrapping It Up

In conclusion, you can keep your people in tune in a number of ways. The important thing is to identify what works for you and establish a revenue marketing-driven workforce.

Want to find the right B2B prospects to drive your revenue marketing efforts? Book a demo with OneMoreLead today!