Today's enterprises face a new challenge when looking to maximize customer lifetime values, one where extrapolating, managing and interpreting marketing data is becoming more difficult, more time-consuming and far more problematic. It's the reason why marketing database software has increased in popularity and why so many enterprises need to improve how they manage and use their marketing data.
Using marketing data strategically, and understanding which data is relevant, has become an art form. It's a science within a science. Trying to stay ahead of competitors requires a database marketing strategy that keeps up with an ever-changing market. So, what are some of the ways to improve your database marketing strategies next year? More importantly, what strategies can you adopt now that will help you capitalize on new opportunities and keep those all-important customers coming back for more?
1. Define Your End Goals
It's easy to get lost in all that data. After all, what does it all mean? How can your team use it? Which data is most important? Unfortunately, not identifying your end goals often becomes the root cause of being stuck in neutral. You end up remunerating about unanswered questions and revisiting data with little understanding of its relevance.
Long before you start delving into your marketing data, start by defining what your end goals are. It could be improving lead routing. It might involve improving how your score leads. It might involve how you nurture leads, convert them and target new and existing customers in the future. Or, it could be multiple end goals, all geared towards increasing customer retention. Ultimately, understand where your end-of-funnel issues are and work backwards.
2. Embracing Segmentation
Understand where your customers are in their journey, what portion of the market they come from, what their specific interests are and what motivates them to act. Far too often companies stop from taking their segmentation efforts to the end. They generalize their target audience.
There's always an audience within the audience and your team needs to understand who they are. Whether you're using A/B split testing to better identify which landing pages elicit the best responses, or looking to better understand why some customer groups respond better to certain product promotions, segmentation offers insight into what motivates different customer segments to act and what gives them reason to return. Understanding your customer segments will help you make sense of your data while also helping you fill out any gaps in the type of data you gather.
3. Simplify Your Lead Capture Form
Sometimes getting the data is the biggest hurdle and that's often because your website's lead capture forms are viewed by your customers as far too labor-intensive. Make it easy for your customers to provide you with the data most important to your business. Don't inundate them with endless questionnaires and repetitive surveys.
Keep your lead capture forms simple and welcoming. Those forms should be short, easy-to-read and just as easy to fill out. More importantly, they should be linked to your landing pages so that you're provided with all the relevant customer-centric data your marketing and sales needs to increase conversion rates.
Generating, nurturing and closing leads has become a more scientific process in today's digital age. However, that doesn't always guarantee a smooth ride. Your marketing and sales team need a marketing database software that simplifies how you gather, retain and leverage the data that helps your win business and keep customers.