Do you know what percent of your addressable market is captured within your database?
Most marketers are unable to answer this question. From what we see, it ranges between 30-45%. So, what if you could increase this number to 70-80% and widen the top of your funnel? You would expose your content and nurture strategies to a greenfield, while very likely increasing MQLs and marketing-attributed revenue.
Success starts with a better data process. Better data greatly increases an organization’s capability to reach its target market.
Here’s how you can build a better data process.
The Data Gap
So, with data availability greater today than ever before, why are marketers still struggling to reach their audience?
In some cases, organizations rely on internal data processes or information provided by the leads themselves. This process usually leads to incomplete and incorrect information. Just think about the last time you filled out a form. Did you fill out everything accurately?
For more advanced companies that augment their data with third parties, most pin their contact acquisition on a few well-known providers. This is understandable since they provide access to millions of contact records, and the logistics of managing more vendors taxes your internal resources.
Find the Competitive Advantage – The Portfolio Approach
If you are using third party data providers, you are on the right path.
However, our analysis reveals that their combined reach is typically half of a client’s addressable market. In addition, these contacts likely reside in both yours and your competitor’s database. As a result, it’s clear that the marketer that most effectively identifies and nurtures the other 50% will achieve a competitive advantage.
Given this landscape, we see the best success with companies who adopt a contact management strategy that includes a network of data providers along with web and social media discovery. This portfolio approach not only increases the likelihood of finding the ideal contacts, but also cross validates data points to increase accuracy.
Four Steps to Develop a Data Process
Below are a few steps we recommend based on success we have seen with some of our clients.
Step 1. Define the audience
The process starts with a clear audience definition that not only includes the standards-like job title and firmographics, but also persona information.
Step 2. Inventory your data
With the audience definition established, the next step is to take inventory by running a contact gap analysis. This goal is to gain insight into the contacts you have and the ones missing within your database.
Step 3. Determine top targets
With this insight, architect a contact acquisition strategy to find the most important contacts first.
Step 4. Analyze, rinse and repeat
With your database in constant flux based on inbound activities and aging data, the gap analysis is re-run frequently. The updated reporting drives continual contact discovery and also supports decision making related to content development and pipeline projections.
In summary, best practice organizations rely on multiple data sets to fuel its marketing. The process is essential to attaining success.
Interested in running a gap analysis on your database and increase your target audience reach? Drop me a note at email@example.com and we’ll figure it out together.
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This article was originally posted on RevEngine Insider.