Where efforts were once focused on producing mass amounts of leads, the aim has shifted towards fostering the right connections with the right people. ABM (account based marketing) is one real life example of this movement. It’s important to recognize that, with this change, certain things become more critical. Customer data management, for example, is of paramount importance. And, according to Gartner research, marketing within your current accounts is actually more cost effective than acquiring a new customer.
B2B marketer’s, specifically, face a variety of challenges. Data quality issues within target accounts, difficulty discovering target personas due to changing titles across jobs and industries, lack of data or incomplete contact information, lack of continuous data enrichment, and lack of integration into CRM are only a few of the problems marketers face. In addition to this, B2B marketers are less likely to readily adopt new technologies, a statistic which may be holding them back from evolving their customer marketing.
Let’s talk about data
A popular way characterize data usage is the three D’s paradigm: Data, Decision, and Delivery. When collecting data, quality and completeness is paramount in order to give effective and reliable reports & predictions. Once a reliable metric has been established, analysis and decision making needs to take place. Past trends, for example, can be used to suggest relevant interactions for specific accounts that can be used to create deeper engagement.
The final D is delivery to the identified targets through outreach. This stage requires a genuine approach, which is why human to human marketing outreach is still the most effective strategy. Companies need to move through this cycle of data collection, decision making, and delivery quickly and accurately in order to resonate with their ever-changing customers.
What’s the B2B fix?
In order to facilitate successful marketing, marketers need to identify their target accounts across all geographics, and find the relevant people to engage with, within each product category. Ideally, they would have a dedicated system for this, syncing their CRM and Marketing Automation information, and automatically and continuously unifying all the data from their target accounts. With AI, this is possible, and it’s coming sooner than you think. According to a Gartner study, “by 2022, 50% of all legacy spend analysis software will be retired; replaced by artificial intelligence (AI)-powered, cloud - based solutions.”
Implementing Artificial Intelligence/Machine Learning enables the creation of systems that are both smart and adaptive enough to solve problems faster and better than a human ever could. This requires a Dynamic Data Engine (DDE) and an Embedded Analytics Engine (EAE).
A DDE can identify, cleanse, unify, and enrich your data in real time, and for each individual account. It can update target accounts with base information, technographics, or firmographics easily with third party sources. It knows, for example, that W Fargo = Wells Fargo or Matt Hurley & Matthew Hurley is the same, despite the different spelling. It can also capture ongoing web signals to power business triggers within TAM accounts. The predictive analytics of an EAE can prioritize calls to action within all of your TAM accounts on a recurring basis. It can suggest relevant calls to action and curate relevant content across personas, even triggering individualized 1:1 promotions for continuous lead nurturing.
AI has the power and the speed to take care of the first two D’s (Data and Decisioning) quickly and well, with little human oversight after the initial training. The power of these systems lies in their flexibility. With the data you already possess, they can find signals, and suggest the right time and way to create meaningful engagement. This frees up your time and energy to focus on “Delivery”.
ZyloTech for B2B Marketers
ZyloTech has been helping some of the world’s biggest B2B marketing operations teams by making their customer and target account data updated and consumable, and by helping them monetize their customer data, without the frustration and challenges of maintaining data quality and running ad hoc reports.
AI powered Account Intelligence integrated with your CRM and Marketing Automation systems ensures continuous data quality, and deep account insights/predictive analytics metrics to facilitate effective marketing and sales operations.
Using the ZyloTech platform, companies have leveraged years of data on millions of customers to drive revenue and increase retention. Among other things, our users have seen 200% overachievement in retention, 4x increase in overall lift/LTV, and 35% reduction in customer churn.
Where Do I Go From Here?
If you’d like to learn more, or talk about a possible use case at your company, please get in touch with us so we can explore this together and see where you goals may align with an AI solution.