Do More with Data in Building Product Marketing

Close-up of business documentsBuilding product marketers who are not focused on lead generation metrics and don’t have an actionable data plan in place are potentially losing sales opportunities.  

In a report from Monetate via an infographic, 87% of CMOs report that capturing and sharing the right data is critical for effectively measuring ROI. If you are like many building product marketers, you struggle to do this well. The report reveals, though, that you aren’t alone.

  • 45% of companies don’t use data to personalize their communications
  • 42% aren’t able to link data to an individual customer
  • 39% say their company’s data is collected too infrequently
  • 36% have “lots of consumer data” but “don’t know what to do with it”
  • 33% are confident in their ability to make decisions based on new data

Demographics, transactional history and customer survey results top the list of the types of data marketers are collecting. And just over half are collecting customer opinions and attitudes.

Be sure to not go overboard when you are collecting the right information on your building products prospects. Don’t rely so heavily on the discovery phase that you bombard your leads with extensive forms and qualifying questions. If you do this, you will end up losing your prospects before they get past discovery.

Four steps you can take to revamp your strategy for collection and use of data:

  1. Compile metrics from all of the sources: social networks, website analytics, blogs, display ads, email promotions, etc. Gathering from all of these places will ensure you are capturing the most accurate portrait of your customers.
  2. Assign the role of data management to one person. This will help streamline the collection, storage and retrieval processes. To get more from your data, you should create a point person who can help your company undertand and act on the information.
  3. To use data successfully, you must share and analyze it. Whatever you have to do to breakdown the barrier of sharing data, do it. Work across different departments with key players to understand and generate insights from your data.
  4. Connect the dots. You may need to dig deep into certain aspects of your metrics in order to understand the big picture of your customer trends and behaviors. Know what your data goals are from the start so you can keep this in mind when reviewing your metrics.

The Monetate report, The Marketer’s Guide to Actionable Data, was featured in a recent MarketingProfs article.

Photo Credit:  Minerva Studio via istock

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