How you can improve marketing returns through better-managed data
What is Data Management?
B2B marketing data management involves the collection, organization, and analysis of data specifically related to business-to-business (B2B) outreach efforts, often to grow revenue. In the context of a legal firm, B2B could manifest itself in attendees of networking events, or subscribers to content such as white papers. Effective data management is critical for B2B legal marketers to understand their target audience, tailor marketing strategies, and drive successful business relationships.
Why is Data Management important?
Effective B2B data management allows firms to better understand their target customer base and reach a maximum number of new and existing contacts. It further allows for tailor-made outreach campaigns and correspondence to be delivered to the ideal recipients. Finally, it can secure existing client relations by targeted outreach to reduce churn and improve the client lifecycle. In short, well-managed data is the foundation of effective and efficient marketing campaigns and client outreach.
Our Step-by-Step guide for B2B data management:
Step 1: Define Data Management Goals
Identify Objectives: Determine what you want to achieve with your B2B data. It could be improving marketing engagement, converting sales, or enhancing existing customer experience through a highly accurate CRM.
Set Key Performance Indicators (KPIs): Establish measurable goals such as the ideal field heading population, or the size of the target universe represented by your data. This can also extend to how you use your data, such as email engagement rates.
Step 2: Data Collection
Identify Sources: Determine where your B2B data is coming from—CRM systems, researched data lists, client interactions, etc.
Implement Data Collection Methods: Use tools like web forms, surveys, APIs, or automated data extraction to gather information. You should also consider building a large, bespoke marketing data list of high-quality, accurate contacts to secure new business growth.
Ensure Data Accuracy: Regularly validate and clean incoming data to minimize errors and duplicates. A typical B2B dataset depreciates by 36% a year as contacts leave organisations or retire.
Step 3: Data Storage and Organization
Choose a Centralized System: Opt for a database or data warehouse to store information securely. Cloud-based solutions like AWS, Google Cloud, or Azure are common choices. You should also consider a centralised data repository or a CRM which can be designed to your precise needs.
Data Segmentation: Organize data into categories or segments based on attributes like industry, company size, location, job functions and contact seniority, for easier retrieval and personalised marketing campaigns.
Step 4: Data Security and Compliance
Implement Security Measures: Use encryption, access controls, and regular audits to protect sensitive information. Robust security measures are crucial for legal firms which hold large volumes of sensitive, personal information.
Compliance with Regulations: Ensure adherence to data privacy laws (like GDPR and CCPA) by obtaining necessary permissions and handling data according to regulations. If you are purchasing or having lists built, ensure the provider also guarantees the same compliance. Firms can face fines and legal action if they fail to comply with regulations.
Step 5: Data Maintenance and Quality Assurance
Regular Data Cleansing: Schedule routine checks to remove outdated, duplicate, or irrelevant information. This should be at least once a year, but 6 months is ideal to guarantee the highest deliverability rates.
Quality Checks: Establish protocols to verify the accuracy and completeness of data periodically. This is crucial when multiple users are importing and exporting data. It can quickly become riddled with gaps or corrupted without a strong data governance plan.
Step 6: Data Analysis and Usage
Data Analysis Tools: Utilize analytics platforms or software to derive insights, trends, and patterns from your B2B data. Well-categorised and accurate data is the secret weapon to running more efficient and rewarding campaigns.
Utilize Data for Decision-making: Use the insights gained to make informed business decisions, personalize marketing strategies, and improve services.
Step 7: Monitor and Update
Continuous Monitoring: Regularly assess data quality, security measures, and compliance to adapt to evolving needs. As data depreciates, you’ll need to top-up and build fresh contacts to sustain market reach. “Gone away” contacts can be traced to continue your relationship.
Update Processes: Modify data management strategies as needed based on feedback, technological advancements, or changes in business objectives. As your firm’s outreach grows, so will your need for more advanced data and email marketing infrastructure.
Step 8: Documentation and Training
Document Procedures: Create comprehensive documentation for data handling processes, security measures, and compliance guidelines. A robust data governance plan with a minimum number of gatekeepers is crucial.
Training and Education: Ensure employees are trained on data handling protocols, security measures, and compliance standards. Legal firms disproportionately suffer from a lack of trained data experts to properly manage and enhance their B2B data systems.
Step 9: Feedback and Improvement
Seek Feedback: Collect input from users, stakeholders, and customers to improve data management processes. Utilising consultations with data experts is a worthwhile alternative.
Iterate and Improve: Use feedback to refine strategies, systems, and processes for better data management.
Step 10: Disaster Recovery and Contingency Planning
Backup and Recovery Plans: Establish protocols for data backup, recovery, and disaster response to prevent data loss or breaches.
