Invariably, your database is more than just purchasing/decision maker contacts. All departments have gathered people’s information depending on the purpose. It offers a window into your business dealings. It also offers a window on your ability to market and sell. Just as you consider vehicles, content, and message to deliver to your database, you also think about who you are reaching and who can be converted.
SOA and MDM initiatives are great because they bring together a full picture of interactions with the customer as well as who is part of those interactions. But, not all contacts are created equal. Just as not all customers or companies are created equal. It is the first thing that is considered when determining targeting strategies. The size of a database is typically determined based on the silo it is intended to help. Marketing wants decision makers, finance wants accounts payable, customer support wants end users, investor relations wants analysts and medi…
Invariably, your database is more than just purchasing/decision maker contacts. All departments have gathered people’s information depending on the purpose. It offers a window into your business dealings. It also offers a window on your ability to market and sell. Just as you consider vehicles, content, and message to deliver to your database, you also think about who you are reaching and who can be converted.
SOA and MDM initiatives are great because they bring together a full picture of interactions with the customer as well as who is part of those interactions. But, not all contacts are created equal. Just as not all customers or companies are created equal. It is the first thing that is considered when determining targeting strategies. The size of a database is typically determined based on the silo it is intended to help. Marketing wants decision makers, finance wants accounts payable, customer support wants end users, investor relations wants analysts and media. By themselves, these data silos serve a purpose. Together, they can show a picture of where your awareness, message and brand really are.
A good test once consolidation of data bases is done, or even within your CRM system alone if it receives lists and feeds from other internal sources, is to classify contacts based on their primary interaction with your company. Everyone in your database has had a reason to connect. Bringing these reasons into a standardized category will help determine the value they bring to a marketing program, customer relationship, or evangelist role. Monitoring the ratios of these groups within a customer relationship and firmographic data can give insight into the ability to grow a relationship, if it is at risk, or there is no relationship and the company serves another purpose.
While as marketers we typically look at the entire size of our database to determine if we have enough contacts to convert to leads, if those leads are weighted towards a low number of companies, or they are not the right contacts, then our efforts can be wasted. With the cost to acquire customers and contacts expensive, having a mechanism to determine when to purchase lists and how much to purchase will refine the amount of resources and budget needed. In addition, messaging and engagement strategies can be modified to align to the type of relationship outcome you intend.
So, rather than thinking about personas when you need to target, think about them strategically and as an indicator of the strength of relationship with your customer.
