Why B-to-B Data Is So Important
Money makes the world go ‘round and business makes money. Data is the driving force in the B-to-B arena. It feeds all of the channels; mail, phone, digital, bill board, TV, radio, etc., Marketing feeds sales and sales puts the money in the coffers. Marketing and Sales must work hand-in-hand – and that’s why accurate and up-to-date data is the most important element in the marketing / sales continuum. Just think:
D&B says that business data is said to degrade at the rate of 3% to 6% per month. This means a third of your information on business buyers and prospects may be useless by the end of every year!
They say that:
- A new business opens every minute.
- A new business files for bankruptcy every 8 minutes.
- A business closes every 3 minutes.
- A CEO changes every minute.
- A company name change occurs every 2 minutes.
The annual rates of change for a variety of data elements, (also from D&B) show:
- In a year, 20.7% of the business postal addresses on your file will have changed. So, if you are not keeping on top of it, nearly 21% of your business mail may be undeliverable. And it can get worse: If your customer is a new business, the rate of change is higher, at 27.3%.
- Phone numbers change at the rate of 18% overall, and 22.7 % among new businesses. No wonder the sales force is always complaining that the data is no good. And then there were cell phones.
- Even the company name is unstable, changing at the rate of 12.4% among all companies and a 36.4% among new businesses. How are you going to sustain a business relationship when you don’t have the current company name?
So what’s a BTB marketer to do? Start to learn the NEW TRICKS that consumer marketers are already using. Here are my top 4:
- integrating sophisticated data cleansing/hygiene and de-duplication software with marketing automation systems
- using social media to upgrade existing information about a company / contact and adding behavioral info
- using new methods for BTB linking software to help connect contacts
- finding the new sources for connecting the BTB contacts as they continue to move inside their own companies and across other companies
Don’t get caught up in the vocabulary – delve into these new processes – they will all have very positive impacts on your BTB data.
BTB Data Management – that’s just one reason why I will be at DMA 2011 – see you there!
Bernice Grossman, President, DMRS Group, Inc.
Bernice Grossman will be leading a panel on Event-Triggered Marketing Solutions on Monday, October 3, at 11:15 at DMA2011! And if you’re a fan of B-to-B and feel inspired to learn more about it, this year we have launched the B-to-B Symposium – a two-day event full of the latest and greatest in B-to-B marketing!