Building Strong Customer Relationships with Quality Data
Regardless of your company’s size or popularity in the media, engaging your key targets and maintaining long-lasting relationships with them can be a difficult marketing task. Even multimillion-dollar organizations struggle to successfully create a secret sauce that makes their brands irresistible to the public.
Take Sophos, for instance, a leading IT security firm relied on by such brands as Pixar, Xerox, and Ford to secure their networks. When you’ve got big accounts like those on the line, retention and reputation are everything. Think about it – Sophos must effectively engage its clients to ensure that they will continue to do business with the firm for the long haul. In addition, it must cultivate strong business relationships with its buyers to produce positive feedback that will gain the company the interest of prospects.
Like many organizations that are hitting a wall with retention and acquisition, Sophos realized that perhaps the challenge goes deeper than designing marketing campaigns, right down to the quality and use of the data on which the campaigns are based. The firm turned to Dun & Bradstreet to help its marketing team more effectively identify and target prospects. Dun & Bradstreet was able to improve the accuracy of Sophos’ business contacts database, as well as the quality of information, by completing missing information such as industry, company size and hierarchy.
By implementing Dun & Bradstreet's data-enhancing services, such as Hoover’s to complete business contacts information, and Market Insight's marketing analytics and targeting solution, Sophos was able to improve the size of its lead funnel by 10%, campaign response rate by 39%, and sales close rate by 39%.
In other words, Sophos grew its customer engagement and its bottom line by implementing a data-driven marketing strategy. That is, the company spent more time improving and validating its business contact information and garnering more actionable insights from marketing industry analysis.
Sound like something your company needs to get on board with? Then let’s talk about the particulars. Below are in-depth advantages of taking on a data-driven marketing strategy to drive customer engagement and retention:
More Quantifiable Leads
When your marketing database is comprised of complete and accurate business contacts information, your marketing and sales teams can more effectively gauge which entries are aptly suited to be ideal customers. In other words, by knowing a prospect’s industry, job title, and place in the company’s hierarchy (i.e., are they a decision maker or an assistant?), you can better rate their propensity to buy. By filtering through your business contacts so that you only send marketing messages to the most quantifiable leads, you can experience results like Sophos did. As a result, you’ll be able to more consistently and effectively fill up the pipeline with sales-ready leads.
Improved Targeting and Personalization
When it comes to conquering targeted and personalized marketing campaigns, you need a combination of industry insights and accurate business contacts to win big. In fact, a recent survey by LiveHive revealed that 42% of corporate executives said that outreach (sales or marketing emails, for instance) personalized to their company’s industry is “absolutely essential” while 47% said it was “very important.” Clearly, personalization is the crux of the matter for improving lead generation and conversion rates. As such, companies ought to turn to available high-quality industry insights to learn more about their existing and prospective clients’ industry challenges, trends, and advancements. You can then provide content in alignment with these findings. What’s more, you’ll be able address the content best-suited to particular leads and get it to them when your business contacts information is accurate, thereby increasing the effectiveness of your targeting and personalization efforts.
Stronger, Long-Lasting Relationships
When you have access to in-depth insights about your clients’ respective industries, you can more aptly address and solve their pain points on a regular basis. As well, when you can start off the relationship on the right foot by providing personalized and targeted content that resonates with your audience, they are more likely to trust your brand in the long run.
For instance, when Sophos improved its use of industry analysis and the quality of its business contacts database, it was better able to engage and communicate with its audience. As a result, it could cultivate relationships based on mutual trust and understanding because the firm was able to prove its status as a “trusted advisor” by providing the content, services, and advice most relevant to its client base.