With Big Data and industry 4.0, it has become essential for enterprises to make strategic data-driven decisions to leverage all possible business opportunities and avoid potential pitfalls.
Enterprises that ingrain data-driven approaches in their workflows and work culture can exponentially scale their business. Traditional intuition-based marketing approaches are losing out on their capabilities because of the competitive digital market.
A recent report by Gartner forecasts that nearly 65% of the B2B sales enterprise will shift from intuition-based to data-driven decision-making by 2026. Intuitions are vague and subjective; business decisions banked on them might not have a 100% success guarantee.
CMOs should consider developing or upgrading their marketing technology stack with advanced data and analytics tools to ensure business growth.
Here are a few ways to ingrain data-driven marketing approaches:
Mine structured and unstructured data
It’s high time now for B2B enterprises need to get rid of all the traditional marketing processes to gain a competitive edge. Marketing teams cannot build sustainable client relationships based on intuition. CMOs should consider mining all the presales, sales, and aftersales data to gather valuable insights into the total addressable market. Enterprises need to mine relevant data from reliable sources to ensure accurate data analytics. It is a perfect way to provide all the essential data points to the sales team to personalize the sales approach.
Also Read: Three Crucial Ways How Content Can Undermine Account-Based Marketing
With the surge in the number of digital channels, businesses are generating a huge volume of data. Many organizations globally already have embraced robust data tools to reap the benefits of the information generated. However, a few enterprises still find it difficult to generate the expected ROI from the marketing tech stack upgrade. CMOs should consider designing and implementing data-driven marketing approaches to ensure sustainable business growth.
Spot all the scaling opportunities from data-driven presales
Enterprises need to collate the entire internal and external data and analyze it to spot all the growth opportunities. Developing algorithms to detect and prioritize all the growth opportunities is essential for businesses to flourish in such a competitive environment. CMOs can evaluate the entire customer journey to spot the scaling opportunities from client acquisition to retention.
Develop a strategic data-driven marketing campaign
Industry 4.0 has forced businesses across all sectors to be very competitive and agile. Once the marketing teams spot all the opportunities to improve the business and customer experience, they can design an impactful marketing campaign. CMOs today have various digital channels to leverage from and increase touch points. B2B marketing teams need to precisely align client experience and opportunities across all channels and touchpoints to increase conversion rate and ROI. Data-driven marketing approaches will enable enterprises to get valuable insights and constantly monitor the customer journey to seize all opportunities.
Also Read: Managing Marketing Channels and Campaigns Amid Commerce Anarchy
Integrate a robust data analytics tool in the marketing tech stack
Businesses need to design and implement robust data analytics strategies and tools to enhance decision-making capabilities. Lack of talent or funds is one of the most significant hindering factors in the adoption of data analytics into the marketing tech stack. Enterprises can choose selective use cases instead of implementing broad-based analytics. CMOs should consider exploring, analyzing, and implementing advanced data analytics that helps businesses to make accurate decisions. Marketing teams even need to analyze unstructured data to gain actionable insights to understand the unstated needs of the customer. Integrating Data analytics tools with artificial intelligence and machine learning into the marketing tech stack will help businesses to spot the B2B purchase patterns.