In an age of ultimate connectedness and transparency, we’ve seen an unprecedented ripple effect from a novel infectious virus on not only public health, but many other aspects of life. And even if you were one of the few to stock up on bulks packs of toilet paper and hand sanitizer before your local big box store ran out, you’re probably still among the many who are in a tenuous business position. Coronavirus has impacted the corporate world with falling stock values erasing billions of dollars in value, cancelled events that were meant to be big pipeline generators, and general budget-tightening associated with an unsure short-term future.
As a go-to-market team, you’re likely not going to be able to call in sick on your goals, though. There is still a need for B2B pipeline: leads, opportunities, and revenue. So without big events, with cost-cutting across the board, and with the likelihood of a crowded market for digital attention, what can you do?
Here are a few recommendations that are especially relevant in this high-pressure environment, but can be solid practices to develop for long after as well:
1. Clean Up Your House
Similar to how the CDC recommends deep cleaning for preventing COVID-19, a good place to start addressing a pipeline gap is by doing a good scrubbing of your most used data. No doubt your data could use some cleaning, with Forrester reporting that only 12% of marketers have high confidence in the accuracy of their data. Just like cleaning your house, you might be surprised by the treasures you find.
In B2B this starts with account data, but extends to contacts/leads too. Do you know how many of your accounts are missing key information for targeting and personalization like industry, location, size (employees, revenue, etc.), or other key fields? Do you know which accounts are related to each other in accurate hierarchies? Do you know how many of your contacts are still at the account they were originally linked to? How many duplicate leads are clogging up your systems?
This data spans across multiple systems like CRM, Marketing Automation, Sales Enablement, and other systems. So, ideally you can unify it in one platform, match and organize it into unique profiles, and do the cleansing and enriching in one sweep. This clean, unified data then puts you in the best position to power more targeted, efficient, and effective efforts across the board.
2. Identify — and Care for — the Segments that are Most Susceptible
As we know, there are certain segments of the population that we need to give special care and attention to with COVID-19. In a similar way, in this economic environment, we need to identify segments of our addressable market that we can give special care to; that will help carry our business through the turmoil.
If you’ve done the work of cleaning described above, you’re in a much better position to move to the next level of injecting additional data and signals and using intelligence and technology to uncover patterns and predictors. Specifically, it’s important that you’re able to look across profile information (firmographics, technographics, personas…who they are), intent signals (topics and products being researched on the wider Internet), and engagement data (the interactions they’ve had with your brand).
You can use historical data across these three vectors, along with conversion or opportunity data, to predict which segments are likely to close. Maybe you see accounts with a specific profile convert better… for example, supply chain directors who use Oracle software at manufacturing companies with 1,000+ employees. Or maybe you want to target companies researching cloud storage solutions with a specific message. And you’ll most definitely want to quickly reach out to leads at companies that have been unusually active on your website in the last week. The holy grail would be using all three of these profile, intent, and engagement factors (the whole P.I.E.) to create an uber action score that flags those accounts and/or leads as white hot for your specific solution.
3. Take Targeted Action for Quick, Effective Outcomes
As mentioned, this is not a time for broad-blasting and adding to the noise. Now is the time for hyper-targeting, and betting on the best opportunities to provide a quick, high return. Digital marketing will likely be one of the few methods you have to continue to stay top-of-mind with buyers. But you won’t have the budgets or runway for normal “awareness” methods to eventually reach and stimulate interest with your target audience.
Since you’ve cleaned your data and identified key segments, it’s now time to reach those exact segments with the right message and entice them with your personalized offers. While account-based marketing has been around for a bit now, and there are solutions for targeting at the account-level, this kind of environment requires going a step further and reaching the precise personas within your target accounts. Whether that be across the web via advertising platforms, on social media, or with personalized content on your website or in email, you’ll see a much bigger bang for your limited dollars by getting to the buyer level post-haste.
How Leadspace Helps
While a B2B Customer Data Platform is an ideal solution for any season, it’s especially powerful in a time where you need to make your budget stretch and get bigger returns to fill the gaps.
The Leadspace B2B CDP offers unrivaled data management capabilities for cleaning your house, unifying and enriching data in a single source of truth to better see the opportunities within your own database and beyond. With a data-agnostic platform, Leadspace brings the best data from many sources, matched and blended, and ready for specific B2B marketing and sales use cases. And with your data needs being addressed all in one platform you can see significant cost savings when budgets tighten.
Leadspace also provides sophisticated AI and analytics for helping you identify and segment the accounts and leads that are likely to buy. With predictive modeling capabilities and proprietary persona mapping you get a view of the P.I.E. (profile, intent, engagement) unique to your business that will make your marketing efforts more productive, convert better, and give sales the best opportunity to close.
With that unified, clean, and segmented data, Leadspace helps you take action and target not only the right accounts, but the right personas and buyers within those accounts. You get the ability to onboard all the multiple facets of your unified data or ready-made segments from the Leadspace CDP right to ad platforms for use on Google, LinkedIn, Facebook, or elsewhere across the web. Hitting the right targets will significantly increase your ROI on advertising dollars. Instead of throwing money into the bottomless pit of awareness, you can clearly measure the impact of marketing to, converting, and then winning specific target accounts and buyers.
We’ll show you how you can double and triple conversions, source net-new pipeline, and increase win rates just like RingCentral, Extreme, SAP…even in the face of a potential downturn. Contact us today!