Getting Data Right the First Time
When I think about marketing data it can be overwhelming at times. I mean – what and how do you tackle such a beast to ensure that you have the right database the first time round when engaging with a marketing strategy? My experience traditionally lies within the B2B realm of marketing, so being hyper-focused with messaging, relevancy of contacts, and journey mapping are always on my mind. When setting my sites on key marketing objectives, I always consider the following questions as part of the journey mapping process:
- “Should I gate this content?”
- “Should I send 1 or 2 or 3 emails to get someone engaged?”
- “Should I call these contacts and, if so, when?”
I once ready a statistic from Eloqua (now Oracle Eloqua) that stated, “A high-quality B2B prospect database can dramatically improve lead conversion by up to 260%.”
That stat says it all. There is no point in laying a process out and going to the trouble of building a content and engagement strategy unless you are confident the contacts within your focused persona group are accurate. Identifying key persona groups and the contacts within are paramount to a successful marketing campaign. It’s a costly process when you are faced to build out these contacts, and typically, you need to outsource this to a specialized agency who can work through a company’s organizational structure to identify those relevant contacts for you. The costs can typically range anywhere from $5 per contact (social look-ups) to $60 per contact for account profiling and phone verification. If budget allows, account profiling and phone verification is always the best approach because it guarantees accuracy of valid contacts that you are able to engage with.
Let’s take a look at the steps you need to build the right list for your campaign strategy. If I were to plan and execute a marketing strategy that put data first it would look something like this:
You are now probably wondering about the estimated cost and timeline to complete an exercise like the above. Well, considering there are many variables, the cost is likely to vary based on target audience, existing gaps within your database and how extensive you want the account profiling to be. But for arguments sake, let’s look at a reasonable example to help you visualize the costs and process. Examining my marketing KPI’s, I calculate that I will need approximately 1,800 contacts within my persona group to generate a target of 12 opportunities. *The ratio calculation is based on a general conversion of 10 contacts creates 1 engaged, 5 engaged contacts create 1 lead, 3 leads create 1 opportunity (10:1; 5:1; 3:1). This is a very rough estimation to understand how many valid contacts in your target persona you will need in order to meet your opportunity KPI. It is important to know that this may vary from market to market).
If I know this through my planning stages, I can budget accordingly and time my campaign to when my data is ready. This is a win-win, in my opinion. Not only are you going through the exercise of looking at the relevant data you have today, but you are taking the time to garner the right audience for your messaging that can sustain you into future campaigns (as long as the contacts are still valid).
You can expand your brand reach and pipeline without having the right data to work with. It’s that simple. If this is not an exercise you consider at the start of EVERY campaign you do then your campaign is at risk for failure and your KPI’s with be very difficult to meet.
Put your audience first and invest your budget to get the right data the first time.
If you’d like to discuss this approach, don’t hesitate to contact the experts at Data Reef or fill out the form on the right to book an appointment!