With the end of the first quarter, B2B marketing leaders are more optimistic about the business growth and revenue driven by powerful data analytics
The global vision for 2021 is growth. At the moment, several positive elements are nurturing the US economy, including projected GDP growth, reopening of the economy, and captivating interest rates. With hope and optimism, B2B marketers are also charged to drive new levels of revenue growth. According to industry experts, the key driver for business growth is the strategic use of data.
According to a Gartner survey of over 450 Chief Data Officers (CDO), digital initiatives taken by the Data and Analytics (D&A) officers are either leading the marketplace or playing a crucial role in a company’s digital transformation strategies. Moreover, CDOs with business-focused KPIs are 1.7 times more capable to bring value to the business. Experts conclude that global brands are beginning to understand the harmony between a holistic data-driven business and digital transformation.
Industry leaders claim that global marketers have also displayed a collective ability to adapt to the changing marketplace. They have aligned their interests with the new customer behavior and created new business goals.
B2B marketers can build massive possibilities for themselves by focussing on data-driven marketing as their core tool. While data strategies usually involved the analysis of historical data, experts recommend marketers develop a new perspective. Data used as an advanced predictive tool can drive desired business outcomes and determine the possible opportunities of the future.
While data analytics allows marketers to understand customer interests and demands, it is imperative to leverage data for bridging silos and using it to create a 360 –degree view of the customers. Every marketer follows the “knowing your customer” approach, but experts ask them to use data to identify and act on several buyer groups and organizational hierarchies to accelerate effective marketing campaigns.
The challenge of eliminating the bad data from the good data has never been more crucial. They need to unify and normalize all data and data insights that are analyzed in different departments of any company. B2B marketers need to utilize only the most holistic and insightful data in their analytics engines. Every misinterpreted data asset can cost marketers a great degree of customer retention and acquisition. Experts strongly recommend CMOs always verify and align consistency, timeliness, relevance, accuracy, and representativeness of data attributes.
There are other B2B data challenges that marketers could encounter during their data-driven marketing transformation. Companies that prioritize testing with efficient tools and resources are the differentiators for success. A complicated task that the marketing team face is to create, improve, and maintain data models that promise the most impact across channels and target audiences. Experts also recommend that the marketing team validate the data resources immediately available for attribution feedback and accurate measurements.
At the end of the first quarter (Q1), the business industry is highly optimistic and looks forward to a bullish marketing landscape with new and improved data-driven tools and resources. Experts believe that this is the best time for marketing communities to be innovative, optimistic, and highly data-focused.