Connect with us

MARKETING

How B2B marketers can activate first-party data in their CDP

Published

on

How B2B marketers can activate first-party data in their CDP

Customer data platforms (CDPs) centralize data from customer touchpoints. In B2B buying decision-making is often spread out over many individuals within an organization, marketers can use CDPs used to guide purchasers through the sales funnel.

“A CDP joins disparate systems and improves operational efficiency, providing a centralized location to collect, clean and control customer data,” said Cecilie Burleson, manager at consultancy EY, at The MarTech Conference.

Valuable first-party data in the CDP

First-party data comes to marketers by way of the information customers share and the behaviors they engage in through an organization’s digital touchpoints. All the data gets centralized in the CDP. This includes customer attributes and preferences, their behaviors, as well as other digital activities and events.

Without a CDP, the data is split across various data warehouses, data lakes, a CRM, or in separate departments like sales, marketing or legal.

“While first-party data is more limited in volume, it’s going to be of increasing value over time as regulations continue to get more strict and third-party cookies go away,” said Joel Wright, EY’s senior manager, technology consulting – digital, analytics and marketing technology.

Read next: What is a customer data platform?

Zeroing in on customer preferences from unified first-party data

When the data is unified in customer profiles, a better picture emerges. Marketers can act on this data by making engagement more personalized and efficient. It also provides a better alternative to the costly and tedious process of stitching together data from outside third-party sources.

Advertisement

“Knowing explicitly what a customer wants to see based on their preferences and interests really leaves the guessing or reliance on inefficient third-party stitching behind,” said Burleson.

Consolidating sales data into the unified CDP helps marketing teams see what actions drive those sales.

“This will help you to optimize to see what drives more leads and then also how leads really can contribute. Having that seamless cross-channel activation and optimization truly [helps marketing teams understand] how you can orchestrate the customer journey,” Burleson said.

“Having more confidence in what campaigns are working, and more visibility into that data, can build more efficiency in marketing budgeting and minimizing waste,” said Wright.

Connecting B2B buying teams in the CDP

The centralizing muscle power of CDPs also brings order to complicated B2B buying.

“From a B2B standpoint, how do the individuals in an organization play a unique role?” asked Burleson. “Not just one person is likely going to be key to the interactions within an organization. It’s often a collection of different team members and each team member from that organization that you’re targeting.”

“Different team members in different parts of the organization will be going to your website to research very specific offerings that matter most to them individually,” said Wright. “One person could be researching the benefits of an offering. Another might be doing a price comparison. And another person might be looking into integrations and features.”

Looking at each of these interactions in isolation only gives the marketer a partial look at a larger picture.

Advertisement

“When you place all the profiles together at an account level, you start to get a clearer view of the various individuals, but also how the company itself is engaging,” Wright explained.

Knowing how individuals fit within the organization at the account level helps marketers choose the most efficient way to move customers through the funnel.

Gathering more first-party data through B2B engagement

Further engagement creates more data and intelligence to help move B2B prospects through your funnel. That data can also be analyzed for insights on the next best action to take. It can also help segment customers to make marketing campaigns more efficient.

But why would customers hand over that information? There has to be a value exchange.

“Think about what would entice you to provide your contact information to a company,” said Wright.

A cash giveaway or contest might seem too gimmicky in a B2B context, he suggested. Instead, the foundation of a long term business relationship is built with relevant, helpful communication. A prospect might sign up for tips about their industry, for instance.

Relevance establishes trust with the customer because it shows that you, as the marketer, are aware of business challenges that they face.

Read next: 3 challenges to building customer trust

Advertisement

Often when customers encounter forms to fill out, they will abandon the exercise if they’re giving out too much info. Therefore, it’s best to establish the minimum amount of data your organization needs in order to act intelligently on the data you gather.

“Considering that you likely won’t need much else to continue the dialogue, maybe you only need the name and the email address,” said Wright. “And you should still limit the number of data fields to get the essentials and increase conversion on the form completion.”

Building more first-party data through testing

There’s often a risk in alienating customers by asking for more first-party data. In addition to keeping the ask to a minimum, marketers should also test and optimize their collecting practices.

“It shouldn’t just be throwing something up there and leaving it,” said Burleson. “You want to have a framework in place to collect data and continuously improve.”

First, assess the data that you have available already. Then, brainstorm more ideas about what new methods could be tested.

Instead of filling out forms, maybe there are business-specific offers that could entice customers to share more data.

“As you’re testing, what are the success criteria that you’re testing against?” Burleson asked.

Also make sure to leave time to evaluate the test, and then keep testing to further improve your process of engaging customers and becoming more intelligent in your messages to them.

Advertisement

“You’re always refining, and things are always going to change along the way,” said Burleson.


Get the daily newsletter digital marketers rely on.



About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

Source link

MARKETING

8 Effective Ways to Ensure Ecommerce Business Success

Published

on

8 Effective Ways to Ensure Ecommerce Business Success

It is a known fact that the global consumers are favoring ecommerce, and the reasons for ecommerce business success are many. 

According to a Statista forecast, the retail ecommerce revenue in the US is expected to cross 1.3 trillion dollars by the end of 2025.

Image via Statista

While brick-and-mortar stores are gradually losing their dominance, the digital marketplace is blazing. More and more ecommerce brands, big and small, are coming up and gaining a foothold in this ever-expanding landscape.

If you are one such ecommerce business striving to taste success, you know how demanding and competitive things can be. And you only beat the fierce competition with aggressive ecommerce marketing strategies like digital advertising, content marketing, social media marketing, etc.

In this post, I will be sharing 8 key factors you need to focus on to ensure your ecommerce business success and sustainable business growth. 

Let’s get started.

8 Key Factors for Ecommerce Business Success in 2022

The future of ecommerce is bright and the small businesses that jump on the bandwagon early will reap great benefits. But what does it take to taste this success? 

Advertisement

Here are the 8 key success factors for ecommerce businesses.

1. Target a Niche Audience 

The secret to ecommerce business success lies in understanding your target audience and focusing all your efforts on engaging them. Instead of trying to attract a broad audience on the search engines, select a niche audience specific to your small business, understand their pain points and interests, and position your brand to meet their needs. An SEO tool like Semrush or Ahrefs can help you with your research to build a strong marketing strategy based on real insights.

The goal is to make your product unique and market it to a relevant audience that is more likely to make a purchase. This strategy can increase customer loyalty and win repeat customers for your small business. Therein lies the secret to your ecommerce business success. 

2. Go Mobile-First 

The pandemic has accelerated our shift to ecommerce and given rise to m-commerce. Insider Intelligence estimates that by 2025, m-commerce sales will account for 44.2% of total ecommerce sales in the US.

So it’s clear that the success of your ecommerce business relies on the mobile-friendliness of your site. Having a mobile-friendly online store can help you deliver a seamless online shopping experience to customers on the go.

You can begin by running Google’s Mobile-Friendly Test and building a progressive web application (PWA) for your online store. A responsive design for your website will help boost sales and pave the way for your ecommerce business success.

3. Choose the Right Distribution Channels 

Your audiences are active on different channels and if want your products to be visible to them, you need to choose the right distribution channels. 

If your business model focuses solely on your ecommerce website, you should broaden your perspective and consider other sales channels. There are several other options to sell your products like Amazon, eBay, social media, affiliate marketing, and so on. You can manage your sales process effectively with the help of sales CRM tools. These tools integrate your different sales channels and makes your sales process more efficient.

Conduct extensive research to figure out which of these channels are preferred by your target customers. Showcase your products in an attractive way to boost your ecommerce sales. This digital marketing strategy can contribute to your ecommerce business success.

Advertisement

4. Create Unique Content

You heard that right. To ensure that your ecommerce brand stands out in the crowd, you should invest in high-quality and diverse content. 

Today internet users are flooded with content and to grab their attention you need to think out of the box and create content marketing strategies that truly grab their attention. Remember, video content is ruling the landscape delivering great results. You can use Premiere Pro Presets to create unique and impressive videos and stay ahead of the competition.

Gather insights from customer data analysis, see what your competitors are doing, and learn from your previous digital marketing campaigns to create a more targeted content marketing strategy for your small business. 

5. Continually Update Your Email Marketing List 

Marketers rely on email marketing to achieve diverse marketing goals. Emails can be used to generate leads, nurture them, build relationships with customers, ensure customer satisfaction and boost ecommerce sales.

But to leverage the power of email marketing, you need to be smart about your email lists and use the right email tools to manage them. There’s no point in sending a thousand emails when only a couple of hundreds of recipients are your target audience. 

That’s why segmenting your email lists and keeping them updated is crucial to your ecommerce business success. An effective way to manage your email lists is to ask for the recipients’ feedback on your emails and the information they prefer to receive.

By analyzing the responses, you can make more strategic decisions and ensure the success of your ecommerce business.

6. Deliver a Great Shopping Experience 

The expectation of customers in terms of customer experience has skyrocketed and that’s why you need to work towards improving customer satisfaction.

Advertisement

Personalized communication could be one of the biggest game-changers, be it in recommending products, reminding them of abandoned carts, or introducing them to your latest offerings. Creating user story maps can go a long way in making your personalization efforts more effective.

Right from the moment customers land on your page to when they make a purchase, you should strive to create a smooth customer experience. You can also consider incorporating an AI-powered chatbot into your website to take your customer service to the next level.

To make your customers happy, offer them special deals and discounts. Such moves will surely boost your ecommerce business success.

7. Invest in Social Media Marketing

Social media, can be immensely effective in creating brand awareness, extending customer service, and generating leads for your ecommerce business. Facebook, Instagram, Pinterest, and YouTube are all marketers’ favorites to reach out to niche audiences and drive traffic for their sites.

Having said that, it is a crowded market, and winning big on social media isn’t easy. As an ecommerce brand, you need to use social media analytics to create digital marketing campaigns that not only generate engagement but also fill your sales funnel with quality leads.

Ecommerce brands should also leverage social selling as it is growing into a prominent trend. This shoppable post by Macy’s allows its Facebook followers to buy what they like instantly. 

Image via Facebook

If invested strategically, selling on social media can act as a profitable sales channel for your business. 

8. Leverage Ecommerce Tools

Your team need not struggle to ensure the success of your ecommerce business. A variety of advanced ecommerce tools are at your disposal to optimize your efforts. 

Advertisement

Some of the must-use tools for you are: 

  • Website tools – to design, set up, and manage your ecommerce site
  • Ecommerce marketing tools – to help strategize and execute your campaigns with ease 
  • Competitor analysis tools – to understand the gaps in your planning and improve it
  • Analytics tools – to help you gauge the performance of your digital marketing campaigns
  • Business tools – to help you manage daily operations, finances, logistics, inventory, and customer service 

Choose the ones that can boost the success of your ecommerce business. 

Final Thoughts

There you have it, a list of 8 key factors you need to work on to ensure the success of your ecommerce business. Gaining this success is hard work but it is worth it. 

If you want to fuel your business growth, I strongly recommend building your ecommerce marketing strategy to enhance customer experience and build your brand identity. Go ahead and give them a try to beat the competition and establish a successful ecommerce business.


Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish