Why settle for mediocrity? Implement data analytics for impactful demand gen strategies and harness business success.
Table of contents
- Why Should Marketers Use a Data-Driven Demand Generation Strategy?
- How Do You Create a Data-driven Demand Generation Strategy?
In the current scenario of the marketplace, trusting your intuition isn’t enough to stay ahead. Marketing professionals need to rely on data to make smart decisions.
This article will explain why it’s important for marketers to use data-driven strategies and show how to do it effectively.
1. Why Should Marketers Use a Data-Driven Demand Generation Strategy?
Utilizing data-oriented demand generation tactics offers many advantages to marketers, as it ensures that marketing and sales operations are coordinated and helps them identify qualified leads based on the correlation of customer behavior, preferences, and interactions.
Such alignment of sales and marketing ensures that both teams are targeting their actions at those individuals who can potentially become customers, which in turn leads to a high efficiency level.
Data-driven strategies not only enable marketers to get a better sense of their audience but also help them develop a precise picture for buying personas using the information generated around collecting and analyzing data. These personas help marketers customize their marketing initiatives to appeal to target customers, which leads to enhanced consumer value.
By using these data-driven strategies, marketing professionals can bridge the gap between sales and marketing as their efforts will be aligned to achieve the same goal, ultimately helping them to generate qualified leads while powering sales. This partnership enables easier transitions of the marketing-induced leads into sales conversations, thereby boosting chances of conversion.
2. How Do You Create a Data-driven Demand Generation Strategy?
To create a data-driven demand generation strategy:
2.1 Team Collaboration
Coordinating sales and marketing efforts has always been important. However, with the increasing importance of demand generation, it’s now more crucial than ever for them to work together. This means using specific data metrics to determine what a qualified lead really means, which goes beyond just creating an Ideal Customer Profile (ICP) together.
Different organizations may define a qualified lead differently based on their accounts or campaigns. To ensure that sales and marketing are focused on the same goals, it’s important to ensure everyone understands the metrics being used. Joint success measures may include demographic data, on-site activities, budget considerations, or usage of specific business systems, depending on the situation.
Marketing automation tools can help sales and marketing executives perform some of their tasks easier, such as emailing clients or carrying out lead nurturing, and find social media management less cumbersome. Automation helps to save time and effort, and most importantly, it guarantees that the marketing campaign is consistent and has no mistakes. By automating this, marketers can concentrate on more valuable matters and provide a greater experience for their audience.
2.3 Nail Your Buyer Persona
Marketers can do research to learn more about their demographics and target audience’s age, interests, problems, and how they buy things. They can create detailed profiles for the ideal customers from the data collected, as these profiles will help them plan marketing and messages better. It is said, “When you make campaigns that speak to your ideal customers, more people will get involved and buy from you.”
2.4 Set your KPIs
Marketing success needs KPIs. They enable marketers to link their strategies with the desired marketing outcomes, hence providing a better possibility of determining the success levels of campaigning.
By following KPIs, you can measure the success of your marketing activities according to planned targets. While there are numerous ways to track marketing data, certain KPIs are crucial for all digital businesses:
Visitors: Tracking the number of visitors to your website over a set period provides valuable insights. This data helps identify which pages or pieces of content are attracting more traffic, allowing you to tailor your content marketing strategies to drive demand effectively.
Qualified leads: It is not enough merely to count leads over time. Not all leads are created equally; in fact, some may not be the right fit for your business. A lead qualification system also eases out the filtering of qualified leads and categorization according to their conversion readiness. For example, your lead on the pricing page is likely to convert better than one that you have placed on your homepage.
Opportunities: Opportunities are people who care about your business, and that translates to future customers. These prospects can be targeted with personalized marketing strategies, which could convert them into customers.
2.5 Work on Building Trust
Trust in demand generation is crucial for any business because it provides quality content, assists the company with social media engagement efforts, and enables customer testimonials as well as reviews to be published, which helps in building credibility. Marketers can enhance brand loyalty and accumulate long-term success through the formation of this respective relationship.
2.6 Track the Right Metrics at the Right Time
Sales and marketing functionalities concentrate on analytics, either at the beginning or in the final stages of the funnel, to a great extent. Nevertheless, to implement demand marketing with a data-driven approach, it is important to review every funnel stage and analyze analytics in detail.
While tracking data throughout the funnel provides a wider view of demand generation performance and metrics that are related to the top of the funnel (TOFU), conversions remain significant.
What metrics should you monitor to assess the success of your demand generation activity? The answer, however, isn’t that simple, like most marketing and sales strategies. All in all, it comes down to choosing the right metrics and applying them at the appropriate moments. Here are some examples of metrics and when to track them:
At the start of attracting customers (TOFU): Look at how many people engage with your campaigns. For example, see how many people read or share a new blog post you’ve made. This helps you understand what content interests your audience and gets them interested in your products.
TOFU: Keep an eye on metrics like page views and unique page views to find out how many users are looking at your content. This helps you track how well your early marketing efforts are working.
When you’re getting closer to converting customers (MOFU): Measure how many people sign up for demos or free trials. This shows if your marketing is reaching the right people and convincing them to try out your product.
Near the end of the process (BOFU): The number of leads gathered are the actual ones who end up making a purchase. This helps you see how effective your marketing is at turning interested people into paying customers.
BOFU: Also, check which channels are bringing in the most sales. This helps you focus your efforts on the channels that work best for your business.
2.7 Using Intent Data to Engage and Get Qualified Leads
Intent data reveals to marketers when people are truly interested in acquiring products and services that they offer. Using this data, one can identify their target consumers and contact them. If someone is searching for a service or product related to a business offer, it provides SDRs with an opportunity to talk to the potential customer about how their product or service can help them, making it more likely for them to make a purchase.
2.8 B2B Revenue Marketing and Closing the Credibility Gap
In B2B marketing, it’s crucial to build trust with buyers to make sales. To do this, one needs to show them that they are reliable and trustworthy. Professionals can do this by sharing valuable content, like industry insights and success stories, and by talking to them directly in a way that feels personal.
2.9 Attracting High-value Leads to a Higher ROI
Instead of simply trying to accumulate bulk leads, sales development reps (SDRs) and business development reps (BDRs) should aim to get leads that are more likely to become paying customers, whereas marketers should focus on turning these leads into customers. They can do this by making sure they’re reaching the right audience and explaining why their product or service is worth buying. Implementation of this can lead to a good ROI.
Today, businesses are competitive and marketing requires data to strategize the demand generated so that both marketers as well as customers can enjoy such relationships. When sales and marketing teams collaborate well, identify who they are targeting with their campaigns and base decision-making on data, they can possibly execute better campaigns, prosper, and resonate well with their intended audience.
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