BMA – Data Insights for Marketers

bookYes, it was a very insightful event, and Theresa Kushner is an incredibly engaging presenter.  Who said that “data” was a “dry” field?  🙂   We even discussed “data lake” – what was a new concept (for me).

I already bought the book B2B Data-Driven Marketing and looking forward to read it when it arrives.

Though I came to the event with the hope to learn how to find a way to the “data nirvana” every marketer craves, the main “aha” moment was the definition of the “data nirvana.”  Theresa emphasized several times during her presentation the need to understand what data company needs before trying to obtain and evaluate the data.  And the most important data will depends on the company and its unique objectives.

Interesting points:

  • Sisco discovered that many people were coming to the web site after they made a decision…  trying to verify that the decision was the right one
  • babyMarketing databases are similar to children…  do not create one unless you are willing to feed, buy clothes, and send to college 😉
  • Transaction data and decision data are very different…
  • Some of the data we can get is not what we need
  • “Job function” data needs to be relevant to your company
  • Before you go to data vendors, or invest into any data-related efforts, know what you want

Fundamental approach:

  • What data do you need?
  • Evaluate what is the most important
  • What environment do you need (databases)
  • How do you extract insights?

Strategic data acquisition:

  • What data do you need?
  • Append elements available from third-party suppliers
  • Fill in gaps with “data discovery”
  • Focus on 20% of accounts that provide 80% of revenue

Data Warehouse vs. Data Lake

lake

Theresa also mentioned Forbs article You’re Doing It Wrong: Demand Generation, which she considered important for marketers to understand.  The article is worth reading  (maybe even a couple of times… I did 🙂 ).

As we, marketers, concentrate on conversion of the individual leads, customers of b-to-b products usually do not act alone.  As the number of people in the “buying center” increases, the probability of a speedy sales “falls off two cliffs…”

groups

Groups get involved into the purchase on a relatively early stage, before the potential buyer speaks with the sales person.

conflict.png

This should have your attention. The punchline is, if your commercial approach isn’t tuned to group buying dynamics, you’re in trouble.

The suggested solution is “Consensus Marketing.”

consensus

About half of your purchase stakeholders fear losing respect and credibility by speaking up and advocating a point-of-view in front of a buying group.

risk

Interesting…  This approach is probably beneficial for ABM (Account Based Marketing), and it gives specific examples to consider to encourage “consensus” among all participants of the buying center.

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