Have you ever watched squirrels this time of year? They gather nuts, frantically running around trying to find places to bury them, then start over. I can relate. As B2B marketers we constantly gather data, then spend our time trying to find the important pieces, and search for the meaning to help us. Have you found what you’re looking for? Give this a listen as you read on.
Here is what the experts are saying, and some takeaways from the past week:
2020 State of Database Quality & Accuracy
Many of our clients have focused more of their budgets on data over the past six months. DemandGen Report’s study shows that as most B2B brands in 2020 have been forced to concentrate on digital marketing and sales initiatives, having an accurate and actionable database is an even bigger priority! According to the report, the top challenges marketers face when maintaining data quality in their contact database include:
- 78% say their data is old/outdated
- 61% do not have enough time/resources to implement an effective process
- 49% lack standard procedures to keep data up-to-date
It’s no surprise we can’t find what we’re looking for. I recall a Forrester statistic that marketers waste 21% of their marketing budgets due to bad data. I get that Q4 burning desire to just do something! But I urge you to make sure the foundations of your decisions are solid before you execute.
B2B Marketplace Hub
I was interested to read that Shell and IBM rolled out a B2B marketplace called Oren, a global mining services platform. What is interesting is that each of these companies is large enough and experienced enough to go it alone. But through creative collaborations and partnerships, they are creating a hub to support customers in making a challenging transition. Rather than focus solely on their piece of the puzzle, they understand the related challenges and are working to anticipate customer pain points through partnership offerings.
Could your customers benefit from a similar approach? I know as a salesperson you want your customer only to be with you! But you may have an opportunity to attract more attention and build stronger relationships with customers with a content-rich marketplace hub.
Brown M&Ms Anyone? Marketing Lessons from Van Halen
I felt like I had climbed the highest mountain when I could finally play an Eddie Van Halen guitar solo. And as a fan, I knew that the band contractually stipulated that a bowl of M&Ms was required backstage at every concert with the brown ones removed. Failure meant the band had the right to cancel the show and receive full compensation. Were they just divas? Was this rock and roll excess?
No, this little test was a cue. If the band arrived at a venue and David Lee Roth saw a brown M&M in the bowl he would demand a full check of the entire production. If they weren’t accurate on this M&M detail, then how many other things might have been missed?
In fact, as customers, we all use cues to determine whether something is high quality or low quality and what we might expect in terms of service. In the airline business, for example, the airlines know that if there are stains on the trays people feel nervous about the quality and safety of the aircraft. What cues are your customers using to assess your business?
I know Q4 sometimes feels like you’re scaling a city wall, but keep running – you’ll find what you’re looking for!
As always, don’t hesitate to call me to brainstorm or ask how I can help.
Rick Endrulat | President | Virtual Causeway | 519.866.1600 x622
P.S. “What Do B2B Marketers Do Now?” is an ongoing weekly email. Want to be the first to receive these weekly insights? Sign up now to join the mailing list!