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For every business that comes into existence creating and sustaining interest in its products or services is the topmost priority.
Demand generation is a comprehensive process that involves the identification of potential prospects and nurturing of these prospects to supply the sales team with genuinely qualified leads. This, in turn, helps in building better relationships between the sales team and prospects thus achieving guaranteed conversion and sales.
Demand generation is often confused with lead generation but the basic difference lies in the fact that demand generation is a more extensive process that requires close collaboration between the sales and marketing department and brings together various elements of inbound marketing that help not only in nurturing of leads but also provide prospects with information on how to deal with their pain points.
A Demand Metric study highlights that only 30% of B2B organizations report their data completeness is high. This further points out that the rest 70% either do not realize the importance of maintaining complete and clean data or ignore their data issues in fear of the cost that data management may incur which, in turn, slows down their lead acquisition and nurturing process. Hence it is critical to acquire & maintain high-quality data for demand generation success. Now let’s look into the various factors that link data quality with demand generation.
Obtaining high data quality requires not only achieving completeness of data sets but also requires proficient data cleansing, verification, and validation. Effective data management essentially provides accurate insights of past interactions of prospects with a brand thus it not only helps in choosing the right channel of communication to reach your prospects but also aids in lead nurturing through personalized engagement. In short setting up an effective data management strategy can help provide a better brand experience to the customer.
Maintaining data quality by continuous and timely full contact appending, data verification, data validation, and cleansing is crucial to marketers in order to achieve in-depth insights for better targeting of prospects. With the boom in the Account-Based form of marketing, targeting prospect accounts and designing personalized campaigns that resonate with each account is the ultimate goal that marketers aim to achieve. The act of targeting basically requires data to be accurate and spot-on in order to send prospect accounts a value message that will surely lead to conversion and sales.
Data enrichment can help in optimal segmentation and thus aid targeted marketing. It is becoming increasingly essential to develop a single view of your customer and build reliable segments so as to enable personalized content creation and provide a profound brand experience to the customer. Most marketers realize the faults in their database only once they start interacting with the target prospects. This can sometimes risk the brand reputation as well as prove to be a fairly cumbersome task to troubleshoot. Thus the impact of data quality on lead nurturing is fairly large and to achieve sales qualified leads cleansing data, verification and validation are of great significance.
Setting up a data governance plan is one of the basic requirements to achieve successful demand generation. For better enrichment and management of data, its governance is primary. In most B2B organizations, lack of ownership causes problems in lead nurturing and conversion. It is necessary to have a well-placed data governance strategy with the assigning of specific ownership for different classes of data such as contacts, accounts, and transactions. To achieve the effectiveness of marketing campaigns it is important for marketers to understand the need of investing in ongoing data management practices.
Attaining success in demand generation thus requires a well-strategized data management plan that includes efficient data appending, data verification, data validation, and cleansing. It’s important to avail these services from trusted organizations that will provide only relevant and reliable data. To develop data management strategies and power up your demand generation to achieve sales that exceed your expectations.
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