As marketers continue to navigate an uncertain economic landscape, one thing is clear: successful data strategies to build and convert B2B audiences are more important than ever. In our new study with Ascend2, The 2023 Marketing Data Impact Report: B2B Marketers Under Pressure to Prove It or Pull Their Hair Out, we found that 21% of B2B marketers saw impressive growth and reported a significant increase in revenue.
So, how did these successful marketers drive revenue? In this blog, we'll take a closer look at the strategies and tactics used by these Growth Mode marketers. From intent data to buying groups, we'll explore the key factors that contributed to their success and offer insights into how you can follow in their footsteps.
Here are some takeaways to help set you up for high growth:
Successful marketers were far more likely to use intent data to target their audiences. Half of our Growth Mode reported they currently use this information compared to just over a third of the rest of the respondents.
Intent data is the information generated by a user online and gives you an inside look into who is potentially in-market for a solution like yours. By analyzing online behaviors and interests, intent data enables you to better understand who to target and then to deliver more personalized messages that resonate with this audience.
These high-growth marketers were also more likely to use managed services to access and manage intent data. With a managed service, you get full-service support from an intent data provider. This extra support and expertise from a partner allow them to focus on using the data to drive results rather than the in-the-weeds management of the data itself.
Not only are they using intent data more than their peers, but the Growth Mode also say their use of intent data is expected to increase even further this year. As they’re seeing positive results, more of these marketers are recognizing its value in driving revenue growth.
The takeaway here is not to simply start using intent data (though if you’re not using it yet, you should start) — it’s to use intent data with the right support. Whether you are just starting with intent data or reevaluating your intent strategy for results, we learned getting results with intent data hinges heavily on your data provider. A data provider that offers robust managed services can ensure you’re getting the most out of your intent data use and can help you effectively scale up your usage to drive better results
Successful marketers were also substantially more likely to use buying group scoring. This approach involves tracking a group of individuals who are involved in the purchase decision at a company instead of only one contact. This allows you to get a better understanding of who your key decision-makers are and the factors that influence purchasing decisions.
More than half of the members of Growth Mode are scoring for buying groups. They’re looking at the buyer’s journey more holistically and are able to use this scoring data to better track current prospects and inform future audiences to target.
The takeaway? Add buying group scoring to your scoring process. One important thing to keep in mind — you should be using more than one type of scoring for best results. Between engagement scoring, account scoring, lead scoring and buying group scoring, there’s a lot of useful data that you can track to better target and convert customers.
One factor that contributed to the success of these marketers was an overall increased marketing budget. However, this increased marketing budget is a chicken or the egg situation. Did they receive a budget increase because they drove results or were they able to drive results because they had more resources? It's hard to say whether the increased budget was a result of better outcomes or vice versa.
Regardless, having more resources allowed successful marketers to invest in new strategies and tactics, such as intent data and buying group scoring, that drove revenue growth.
The takeaway: Invest in impactful tactics. Increased budgets are always helpful, but you don’t need an ever-growing budget to make an impact. Evaluate where you’re allocating your current budget and determine where you can shift funds around to support strategies successful marketers are already using. You might not have room in the budget for a managed service this year, but if you can invest in a self-service intent data solution you could start driving bigger results. Then that success will help you make the case for a bigger marketing budget next year.
Growth Mode marketers were significantly more likely to report they felt extremely confident in their ability to target audiences effectively using all of the data types we asked them about. This is especially notable because when using intent data, psychographic data, content and campaign data, and behavioral data, less than half of their peers are extremely confident.
Since more of the Growth Mode uses managed services, they could be more confident they’re using data effectively because they can rely on a data partner for advice on best practices. They could also be more confident simply because they’re seeing results. They know what’s working so they’re able to adjust their strategy to focus their efforts where they count.
Not only are they confident across types of data, but they’re also confident they have the right data. In fact, they’re nearly 3x as confident they’re using the right data to build and convert audiences. This right data isn’t as simple as the type of data but also encompasses the full picture of how data is used and the results it delivers. They’re so sure they’re using the right data because they can prove it with the number and quality of leads generated in their pipeline.
It’s no surprise the Growth Mode feels more confident in hitting their goals. These marketers reported it was very likely they would meet next quarter’s marketing goals at a rate almost 3x higher than their peers. Building on what has made them successful in the past year, they underscore the value of using data-driven strategies to achieve revenue growth.
Our takeaway is that you need to build your data confidence. To make the most of pipeline opportunities, it's important to have confidence in using data. Working with an experienced data provider and testing campaigns with different audience segments can help you gain confidence and improve your strategy.
There are many factors that set the Growth Mode apart from their peers. They used data-driven strategies such as intent data and buying group scoring to target and understand their audiences effectively. They invested their budget in strategies and tactics that drove results and built up their confidence in their ability to prove the value of their efforts.
By following these takeaways, you can set yourself up for success and drive results. For more insights from your peers, read our full report.