While marketers agree that data-driven sales and marketing provide a significant competitive edge, a recent AdWeek Branded survey, Mind The Data Gap, concludes that “… data’s power is still largely untapped by B2B marketers.”
Why is this? It's certainly not for lack of data. Customer data exists, and abundantly so. Our clients have it, and their sales teams have it. But there are two key challenges that prevent B2B marketers from realizing the potential of these data: 1) it’s stored in organizational silos with limited accessibility to the people and systems that need it most, and 2) it’s typically not well organized and structured to provide a unified customer view.
The same survey tells us that a third of B2B marketers say their customer data isn’t accessible. A third feel held back by another familiar story: failure to integrate marketing and sales platforms. CRM doesn’t talk to marketing automation, and ERP talks to neither. The agency has its own data, and no one has a consolidated and accurate view of customers.
According to the survey, the woes continue. Nearly a third of respondents said incomplete customer data is an obstacle. And perhaps not surprisingly, nearly a third felt lack of data expertise is a contributing factor.
Finally, after this disheartening list of obstacles, fully half of survey respondents agree that siloed data hampers their data-driven marketing efforts.
Contrast this with the fact that 90% of respondents are using or intend to use data for actionable insights in the coming year, and it’s easy to see issues bubbling up on the horizon.
Our own experience at TKXS confirms the study’s findings, spanning virtually every B2B segment we touch. We see the issues firsthand, even as we begin aggregating the data of new clients, who often don’t even have an idea of how many customers they have.
Enter PowerSuite® Data Management: a unified view of your customer.
The right tool – a tool like TKXS’ PowerSuite Data Management-- can drive your data strategy – one manageable step at a time. Step one is releasing and retrieving data from silos and multiple platforms. Then comes the crunching, cleansing, de-duping, linking, integrating and consolidating across multiple platforms. But again, the tool does the work, pain-free. In step three, a unified and actionable view of each of your customers comes into focus. But that’s not nearly the end of it, because the process is ongoing. Going forward, when even the tiniest bit of information is updated on a customer record, it is available instantly. No walls between systems. No lag of communication. No waiting for nightly batches.
Consider this TKXS case study.
A few years back, despite considerable investments in technology and vast amounts of data, a Fortune 100 company was losing significant sales and market share. They recognized the potential of using data to drive sales; but they also recognized that their customer data was not actionable. It suffered from the exact challenges expressed by respondents in the study.
Together, we developed a data strategy and tackled the issue. We configured our PowerSuite Data Management platform to connect nearly 40 unique sources of client customer data. TKXS used the data to implement what we call a Customer Data Platform (CDP). A persistent and unified customer database positioned us to group data to accommodate organization needs. And we integrated the client’s marketing and operational systems with the CDP via our PowerSuite Data Management API, providing real-time access to the most up to date customer information across the client’s organization.
The result? With actionable, accessible data, the client was able to advantage of clean, consistent and reliable customer information. Plummeting sales turned around in the first year – and more than doubled in the first two years.
Tap into the power of data.
TKXS is in the business of connecting data, yielding results, and creating demand. Our PowerSuite Data Management platform is designed to help B2B marketers tap into the power of data. If you'd like to learn more, I'd be happy to speak with you.
Watch more: TKXS Data Science: Put Your Data To Work
Read more: The Seven Essential Steps of Data Science