B2B technology marketing is data-driven marketing, the reliance for running ABM campaigns at scale is a close-knit relationship with customer data platform. Data is the fuel for the ABM engine, but according to Forrester, only 12% of B2B marketers have the assurance that their data is accurate and further 84% state that data management is one of their top five weaknesses. We have witnessed this in scores in our consulting engagements, while the senior leadership in organizations agree on data-first marketing, the practice is far from belief. New Customer Data Platform Institute report shows 14 new vendors entering the market in the last six months and millions of dollars going into this growing martech category
According to a fresh report from the CDP Institute, 12-month growth rates across the CDP technology space included a 48 percent increase across vendors, a 64 percent increase for employment and a 32 percent rise in funding. The Institute has estimated total 2019 revenue for CDPs at US$1 billion and projects industry revenue will exceed $1.3 billion this year
B2B CDPs usually comprises of a database that works as an organized data lake, advanced data integration and decision capabilities to build integrated customer profiles, and intense analytics for segmentation and reporting. Our internal study infers that B2B marketers are using these capabilities to overcome their data challenges and deliver better results by:
Fusing data silos:
B2B CDPs compile data from the diverse landscape of martech and salestech ecosystem to create clear customer profiles, helping organizations have a 360 panoramic view of the customers. It can also help in the process of sales prospecting
Delivering behavior prediction capability:
Most B2B CDPs can collect, collate and analyze behavioral data on an anonymous prospect and consolidate it into one known profile when a customer finally reveals their identity.
Gathering qualitative data:
Having a robust CDP simply translates into quality data, that further translates building trust and relationship by being at the right moment with the right insight for the right profile.
Increasing Marketing Velocity:
Data can show interactions, actions, events and consequential reactions of how your customers’ journey to the point of sale. Gaining a holistic view can truly help in generating high impact conversations. Often the billion-dollar question remains is “who is the decision-maker among the profiles?”
These real-time benefits can drive better ABM orchestration and plays, but what does CDP do?
The B2B Customer Data Platform in action:
The B2B CDP helps you derive a single source of account-based marketing truth, the assurance is colossal but its data end of the day. This helps in identifying buyers, segmenting profiles, creating content, delivering successful 1:1 omnichannel campaigns at scale.
Here are three steps to how a CDP empowers you to do this:
- Compile data from all your marketing and sales stack (email campaigns, social, marketing automation, CRM, web analytics), enterprise stack (ERP, transaction, product activation, retention ect.), third party sources (e.g. Hoovers, Leandata, etc.)
- Integrate the data, make sense and create campaign segments using this data
- Analyze the engagement of those customer segments in 1:1 omnichannel campaigns.
This enablement is promising as it helps B2B technology companies engage smarter and better especially in winning enterprise accounts. Companies like Dropbox, PayPal, Adobe, DELL, Citrix, and the likes have used a Customer Data Platform to achieve 68% higher engagement, 4x greater pipeline and 5%-8% greater sales quota attainment.
Growthfluence’s six attributes of the ideal B2B CDP:
The ecosystem of B2B CDPs is a fast-growing market, Adobe, Salesforce, and Oracle have made good investments in this direction with a spectrum of capabilities that scale in time. According to our research, here are six attributes that make a CDP robust and ideal:
1. Offers Big Data and Rich Data:
Data amplification, augmentation, and enrichment are crucial for B2B Account-Based Marketing. B2B CDPs that offer a wide variety of familiar third-party data types (e.g., firmographic, demographic, behavioral/intent, and technographic) help you gain the much-needed edge in the crowded competitive landscape
2. Is Adaptive to the tech stack and channels:
A robust B2B CDP provides B2B marketers is adaptive with the present technology stack and also delivers across a wide spectrum of channels with numerous choices for each channel.
3. Is User Adoptive:
Most marketers are not data science enthusiasts, however, the platform should be easy to use, effective and take very little time for adoption. A robust B2B CDP should provide a great user experience for marketers and yet scale with advance features and insights for data marketers
4. It generates intuitive reports and recommendations:
Robust B2B CDPs provide a comprehensive reporting and analytics features, the in-depth and deep data generates recommendations and suggests trigger moments to help B2B marketers leverage ‘in the moment’ marketing based on scoring that’s unique to segments and campaigns
5. Reveals one source of truth:
Data is worth only if it is integrated, aggregated and orchestrated. This involves first to third party data, tracking behavior, and generating across the spectrum that has historical trends and accounts for future predictive capabilities. This should provide one source of truth while making decisions for account-based marketing to target the best-fit accounts.
6. Deep embedding and integration with the Sales channel:
In B2B, the sales channel is critical. For marketing to be successful, sales need to adopt the leads and recommendations sent over from marketing. As such, the integration with sales tools must-have capabilities designed to drive sales adoption [e.g. rather than just “sharing data”]
In conclusion, the CDP market is gaining momentum and it’s going to grow fast. The benefits for B2B marketers are great and I think in the next three to four years many organizations will adopt a robust CDP.