B2B Trends marketers Data is used to increase sales. Approximately 68% of respondents claim that using their data to some extent effectively drives sales.
According to Kate Athmer of Bombora, there are still chances for data-driven growth, particularly with first-party data. Only 7% of marketers describe their use of data as “extremely effective” in generating money, which reflects the audience’s sentiment.
More opportunities result from less reliance on third parties data :
According to ON24’s survey, new first- and third-party sources are effective for 33 percent and 24% of firms, respectively. Given the decreasing usage of third-party data, this is a significant trend. In actuality, Google will prohibit cookie gathering by the end of 2023.
Bryan Brown of Termini argues that even while some of the “easy buttons” provided by third-party data may disappear, this drop need not result in a net loss for marketers.
1. How the Right Data Drives Revenue :
We need to know how B2B marketers are doing with their present data strategy before we can discuss how they might use first- and third-party data to produce business outcomes.
The majority of respondents (68 %) in an ON24 survey claim that their business uses data to at least some extent to boost income. Furthermore, a respectable 7% of respondents believe they use data in a “very effective” manner. No respondents to the survey mentioned using data in a wholly useless way to increase sales.
Act balancing first- and third-parties:
There is a role for third-party data in the marketing mix. Marketers should use the data that makes the most sense for their company, as Kate explains. This frequently combines first- and third-party data.
2. Overcoming Data Challenges
It might take time to transform data into profitable, quantifiable results for a firm. Integration of tools and tech stacks is necessary, as is the disclosure of insights and regular optimization.
When it comes to locating and converting contacts and accounts that are ready to make a sale, these obstacles are particularly formidable.
Only 6% of poll respondents said that managing consent and compliance is difficult, despite evolving data requirements. Instead, our respondents said that data management issues are the biggest problems that marketers now face. The main problem, according to more than half (56%) of respondents, is integrating data across various systems. This is followed by action data and processing/standardizing data (44%) on both counts.
And last, according to 39% of study respondents, selecting the appropriate users is also challenging. The experts’ debate made it obvious that B2B marketers want additional insights as well as data.
3. Practical Steps to Improve Data Use
What steps should B2B companies start doing today to maximize the value of their data? Can they guarantee that their attention is on the data that produces results? Here are the opinions of other marketers from an ON24 survey.
When it comes to lead scoring or determining buyer intent, more than half of respondents (57%) say they were able to use data more effectively. For acquisition and growth, an additional 57% agreed. B2B marketers may benefit from data processing activities as well; according to 29% of survey participants, concentrating on data cleansing and data enrichment has been successful for their firms.
Notably, a somewhat higher percentage of marketers benefit from adding first-party sources (33%) than from adding third-party sources (24 %).