“Make new friends but keep the old.” In today’s business-to-business marketing landscape, one’s first reaction to increasing the bottom line is to “make new friends” or acquire new customers. But, it’s been widely discussed that acquiring a new customer costs more than retaining existing ones. With that in mind, how can you ensure that you “keep the old,” and give reactivating and retaining existing customers as much of your focus?
The answer lies in a four-letter word: data. Your data assets coupled with cooperative data assets afford you the opportunity to better understand the businesses you are targeting. The truth is you have very little information on file if a customer hasn’t bought from you recently. Cooperative data assets can help you create models to determine if your lapsed customers are actively purchasing in category or if there is another contact within the site that is purchasing. Ultimately, you need to understand who the buyer is—and a comprehensive data set can help you understand that.
By taking a deep dive into data, you can identify businesses that would be appropriate for a reactivation campaign. For example, you can target those who have lapsed for more than 12 months, review where they’ve been purchasing and identify items that are of interest to them. Have there been changes in their business that you’re not aware of?
This information is all incredibly important to tailoring your B2B marketing message to their current needs. You can’t assume a campaign you sent them more than year ago is still relevant. As B2B marketers, sometimes we assume we know what the needs of our customers are. Assumption marketing is a trap that you should avoid. Instead, fuel your reactivation marketing programs with whole-picture view of your targets using insights gleaned from cooperative data.
Consider these five benefits:
Holistic data can offer you the intelligence you need to make wiser decisions. For example, you may be targeting a person that is no longer with the business you are trying to attract. Or you may be targeting someone who is not in charge of the buying decision. Using your house-files coupled with a cooperative data set you are more likely to know who the buyer is and you can target this person in your reactivation campaign.
Data and intelligence offer you the ability to deliver relevant, one-to-one communications. The power of relevance is its ability to drive engagement by targeting the correct contact with the right message, at the right time.
Data doesn’t just tell you what has happened in the past, it affords you the opportunity to predict what is going to happen in the future. Through predictive modeling, you may be able to identify propensity for next purchase.
- Cost savings
Effectively using data will help you realize marketing program cost savings. Through data intelligence you are able to make better decisions and more wisely spend your marketing dollars. It could be as simple as limiting promotions to a record that is actually a consumer household, instead of a multi-employee business.
- Increased ROI
Overall, you’ll benefit from increased ROI as you use data to be more relevant, improve predictability, and drive down overall costs of your B2B marketing tactics.
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