B2B Marketers Embrace Technology, But Neglect Data Quality
Today, companies cannot grow without technologies that streamline, automate and quantify marketing efforts. The B2B Marketing Technology Strategy Survey, conducted by Informatica in partnership with Dun & Bradstreet and Ascend2, slooked at the top tools, objectives and challenges of today’s B2B marketing technology landscape. What caught our attention is that although B2B marketers see martech as an indispensable resource for driving marketing-influenced revenues, a gap still exists in many organizations’ understanding of the role data plays in capitalizing on these new technologies.
Marketing Technology on the Rise
When it comes to marketing technology, both budgets and performance ratings are rising. According to the survey, 86% of B2B companies reported that technology is improving marketing performance. Similarly, 65% reported that marketing technology budgets are growing within their organizations.
With nearly every form of marketing becoming informed by technology, B2B marketers have solidified their key strategic objectives as follows: increasing leads generated (56%), increasing sales revenue (53%) and increasing conversion rates (46%).
Missing the Data Train
Even with these well-defined goals, many organizations overlook a vital aid to maximizing the effectiveness of a top-tier marketing stack: data quality and accuracy.
“The ability to improve data quality is an objective that is essential to drive the three most important objectives of an effective marketing technology strategy.”
However, the report notes that only 37% of B2B marketers use data management tools, and little indicates that this will drastically change: just 19% ranked improving data quality/accuracy as a priority, making it the second lowest on the list (see graphic). Improving behavioral predictability (a tactic that hinges on accessibility to high-quality 3rd party intent-data) ranked last on the goal list at 14%.
Nonetheless, today’s most potent marketing technologies run on data. By de-prioritizing data-related objectives, marketers make it harder on themselves to capitalize on the growing technology options that, in the long run, will significantly increase their top-line metrics.
The Data Fuel
Data should fuel all your marketing efforts. Data-related improvements, such as boosting data quality/accuracy, can make a huge difference in your ROI. External data sources, such as third-party intent data from a variety of sources, give marketers greater visibility into what their customers are doing and their immediate needs. In order for marketers to deliver highly-targeted and precise marketing campaigns, they require time-sensitive activity data to inform their efforts.
Many marketers are undervaluing the extent to which a concerted effort to improve data quality and quantity can quickly enhance the performance of their marketing. Those modern marketers who include data optimization and quality in their marketing technology strategy will be the ones who lead their peers first in marketing-generated revenue and improved conversion rates.