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More and more B2B brands are betting big on database marketing. Why?
In this post, we discuss the basics of what is database marketing and why you should focus on it.
Database marketing is a subset of direct marketing. The only difference is that it’s much more strategic in nature with a focus on personalization.
For example, when you have customer data, you can send the same email to everyone on the list, hoping it sticks for some people and leads to good results. However, with database marketing, you analyze and segment customer data. Based on that analysis and segmentation, you create personalized emails for different sets of customers. In a way, you create a personalized experience for the target prospect.
This layer of personalization can be as basic as sending emails based on people’s demography or as complex as tailoring messages based on people’s purchase history and influencers they follow. In any case, personalizing your communication with the target audience unlocks plenty of benefits in comparison to blasting the same email to everyone on your list.
There are many benefits of database marketing that traditional marketing options fail at.
When your message is personalized and relevant to the needs, requirements, and preferences of the target audience, the chances of conversion increase as well. You eventually end up making more sales.
When your conversion is high, so will be your ROI. So, even with the initial expense (to collect and analyze data or to hire a data enrichment services provider), database marketing ends up saving you a lot of money in the long run.
Thanks to higher relevance, the message connects with the recipients better. This opens the opportunity to build lasting relationships with customers; to build customer loyalty.
Personalized emails that specifically address the needs and pain points of the target audience also help elevate your brand positioning. It adds to your brand value and credibility.
When customers like your brand and become more loyal to you, of course, this is going to increase your retention rate. So, database marketing also has a long-term impact on your sales.
Planning and executing database marketing isn’t as easy as it may sound. For instance, it has some challenges as well, like how to collect customer data, how to ensure data accuracy, and how to act on the data in a timely manner.
These are the challenges B2B brands will have to weather. That said, the first step to database marketing is to identify your target audience and gather data. The type of data you collect will depend on the type of business you run and the industry you’re in. You can even hire data enrichment companies who can help you create highly accurate customer databases and also effective marketing campaigns.
Once you have the data, it’s your responsibility to keep the database updated and safe against leaks or cyber-attacks. Ensure complete privacy to customers. Data management can be a big task in itself. In all, however, maintain its integrity and reliability.
Now the key step in the process is to leverage the collected data and integrate it into your execution. Based on different data points, keep on testing your marketing campaigns and keep on personalizing your communication in different ways. For instance, if the data suggest your customers can’t purchase the solution due to financial reasons, you may want to introduce discounts in your campaigns. Adopt a dynamic approach in understanding the data and executing per what the data says.
For more information, connect with DAT-A-CCURATE®, a leading lead generation company and data enrichment services provider. Talk to our experts today.
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