If you are planning any marketing database strategy, the most essential question is “What info is out in the open that I can get to?” The second would be “How much will it cost me?”
The initiative behind numerous demand generation marketing campaigns is to gather valued information on prospects, information like full name, email address, direct telephone number, company name and perhaps job title.
Updated third-party data can give profound knowledge into the organization with relevant info such as company revenue, industry type, number of employees, etc. Once you get this information on-board, you can accomplish personalization and simple breakdown. But wait – is this of any value to your business?
Utilizing expense of marketing campaigns or projects, you can derive cost of every lead and scale how one campaign stacks up against another campaign in terms of your set goals. Also, you can even observe the number of deal closures that happened due to this campaign. But that is the place where it stops.
So how would you rationalize your marketing data in a manner that will enhance prospective campaigns?
As a result of driving campaigns with specific segmentation, you can reveal small sections that are best fit for your organizations products and/or services.
Let’s take an example here; suppose Campaign X results in a response rate of around 5%, and Campaign Y yielded a response rate of around 3%. Thus Campaign X easily beats Campaign Y due to a better response rate. But when you break the campaign by job title, you come to know that Campaign X had a response rate of around 15% for C-Level Titles whereas Campaign Y had a response rate of around 20% to the Manager Level titles. This data comes in very handy in saving your time and money by having to target and email the Campaign X to only C-Level titles and Campaign Y to only Manager Level titles.
Once you are ready with your segmentation, content and communication plan, the next step is to understand the missing information from your recovered data. This is exactly the information you are not gathering at present that could have a bearing on your business.
One of the best ways to recognize any gaps or incorrect data in your marketing database is to do a straightforward ‘A/B testing’. In the event that the inclusion of another new field gives a measurable lift in results, then you may like to gather such informative data. Then again if the information has next to no effect on results, you would strongly think to stop requesting for it.
Many a times, you purchase data from a 3rd party vendor with the acceptance that more equals to better results. You need to ask, How much does this fetched data cost and does it deliver my set goals? Discovering the ideal number of fields for your marketing database requires manual testing and afterwards the subtle act of adjusting.
The bottom line to this case is: Do not spend for irrelevant data which does not fit your requirement, try to segment your campaign results to achieve your marketing objectives!
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