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Account and contact details may be more important than you think : MARKETING

All revenue organizations buy third-party data that is critical to strategy, planning, and daily execution. The importance of data for everyday operations continues to grow, especially its role in creating marketing campaigns and searching for outgoing data. Artificial intelligence (AI) and machine learning are also driving data demand, but the data landscape is changing.

The accumulation of incorrect, incomplete and outdated data has reached astonishing proportions in mature software tools such as CRM and marketing automation. Accurate, up-to-date data is becoming increasingly important when companies want to make more informed decisions. develop more scalable, repeatable processes; and apply predictive machine learning and AI approaches to determine the next best actions or account fit scores.

Businesses need more consistent quality
Data – as well as adequate market coverage – to get the maximum benefit
of these launch activities. The third-party data providers no longer just
Sell ​​data to add, attach, or enrich a company’s master database.
Many offer platforms that make this data actionable. That is what drives it
Decision functions and execution are controlled by data across technology
Stack.

MARKET DEFINITION

Third-party data categories and the tech stack

Data
is used by every launch team to provide target account information
from demographic details to segmenting accounts to titles and contacts
Information to reach certain interested parties at the right time. Data solutions
Providers provide contact records to visit; Append and enrich existing data records
with information about company details, installed technology and
organizational structure; and prefix signals about account interest and
Activities. Revenue organizations are moving from an ad hoc path of
Integration of external data sources in your workflow to a more structured,
extensible approach.

Effectively
By implementing data in the tech stack, it is possible to achieve the right goal
Contacts and accounts with the most relevant information at the right time.
However, data providers mainly support marketing, sales, and sales development
Further advantages result from customer success and account management.

The figure
The most important third-party data categories are presented below – intent dates, accounts
Data and contact information – and how they interact with the rest of the tech stack.
Data flows directly into CRM and other applications to update records.
There are several ways to make recommendations based on the data-enriched recommendations
Records; This includes artificial intelligence, automated rules and even
manual review. These decisions ultimately determine what others can do
Technology solutions (e.g. email, advertising, direct mail).

There is a
Feedback loop that reports the execution results of the programs and campaigns
back to the records in CRM or another initiating application. Because that
Contact or account records are available in multiple applications – often with their own
Proprietary record – The effect of isolated information is increased as a record
are updated with different activities in different applications.

A screenshot of a cell phone

Description generated automatically
Source: Marketing Technology Stack with focus on data categories, data market guide, TOPO

Impact on
the data

The most successful use of third-party data is prioritizing contacts and accounts, as shown by 56% of our high-growth data set (see figure below). This supports all functions in the market launch organization, as marketers, SDRs and sales staff have the opportunity to get in touch with leads and potential customers who are more likely to respond to reach at all stages of the funnel. Running data-driven programs contributes to the success of almost half of the respondents. And 39% of marketers and sales professionals said the largest contribution of third-party data was to provide contact and business information for sales and sales development. All three factors improve results by focusing on the right perspectives with the right programs and providing the right insights to have relevant and resonant conversations with them.

Source: Top success factors with data, data market guide, TOPO

The biggest challenge with data is cleaning up and appending existing data, as selected by 60% of respondents (see figure below). A significant portion of contacts are regularly out of date as people change roles and companies, and it is difficult for companies to keep up with the changes. As mentioned above, this is the data that makes teams successful. However, inaccurate data cannot be processed. The severity of this issue affects marketing, sales, and sales development, as everyone relies on accurate and up-to-date campaign contact information and direct contact. Getting contacts on a large scale is a similar problem because it is also about looking for an expanded destination list. 37 percent of respondents have problems adding contacts to their system efficiently. Both are problems without scaling, as 32% described manual data acquisition or cleanup as one of their biggest challenges. Launch teams need to communicate with leads and prospects to start the sales process. It is important to have the correct contact information, otherwise the process will stop before it even starts.

Source: Top challenges with data, data market guide, TOPO

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