Data is changing the world.
And inbound marketing is benefiting from it.
Lead generation is dominated by the use and management of data. Companies can now target the right prospect at the right time with the right offer.
However, CSO Insights found that “68% of companies report struggling with lead generation.”
It’s time for SaaS businesses to dump their flawed techniques. No more winging it.
To achieve growth, adopt a data-driven lead generation approach.
The Strategy
Some SaaS executives push their marketing and sales teams to acquire as many leads as possible. Without thinking about quality, these businesses convert only a few leads and then experience high churn rates.
The key is to favor quality over quantity. Take note from
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However, most are not focusing on lead data management and analysis, which may hinder them from earning the right leads.
Let’s explore how SaaS can use data to generate more targeted leads for revenue growth.
Take Action
Based on the 2015 State Of Data-Driven Marketing Survey Report, “64% of marketers indicated that their data-driven marketing budgets will increase over the coming 12 months, with 34% expecting a rise in spending of more than 10%.”
To improve targeted lead generation, SaaS managers must pivot their teams and budgets toward data-driven initiatives. Follow this three-step approach:
1. Find The Right Leads
Start by creating buyer personas that will help your team generate more qualified leads. The best buyer personas are tailored. Just saying you will market to small businesses isn 't enough.
For example, every small businesses has different needs. A solopreneur earning less than $50,000 a year may not need your accounting software that’s designed for enterprises grossing $350,000 annually.
If you try to market to both, your message will fall on deaf
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How are you different than competitors? What solutions are you really offering?
These are all reasonable questions from a potential buyer, and they should be strategically answered.
Create specific tracks based on your buyer persona. Data can assist you with the segmentation process. Below is a few ways to divide up your prospects.
Source
The purpose of segmentation is to deliver the right message to certain groups. You don’t want customers in California receiving messages about special deals in Florida.
And you don’t want an existing customer getting first-time user promotions.
Engagement comes in many different shapes and forms. It ranges from remarkable content to attentive customer service.
When developing content, think outside the box. Just publishing a 2,000-word blog post won’t work.
Mix up how you present your content. Consider creating slideshare presentations, hosting a webinar, or producing a short ebook on a particular subject.
Sales intelligence platform Datanyze engages its audience with webinars. The topics offer strategies to help their clients increase sales. Once the webinar is complete, other visitors can access the video by filling out a simple lead generation
As discussed in Chapter 3, there are several bases for market segmentation. Because the needs and wants of consumers in various markets differ, there are general indicators that are used to segment markets—geographic demographic, and arguably most importantly, psychographic segmentation. From this, variables like lifestyle, family size and region are used to identify key segments for Virginia Beach. (Spiller, 2012, 88)
Also we need to consider what kind of business will be effective in a particular location and
Most businesses do not recognize their own potential and in their own data. Tableau wants to help extract the value add. In order to do this, we nee...
Offering consumers access to an extensive inventory online along with warranties, service, financing, appraisals, and add the consumer’s ability to sell the car to the dealership is CarMax’s brand. CarMax needs to continue to leverage their competitive strengths while making sure they offer the best-priced cars to the very competitive used car buying consumer. While it may be attractive to CarMax to enter new car market, they risk losing the ability to conduct their business model as manufacturers have various rules and contract requirements to carry the Chevrolet, Buick, Cadillac, Honda, or Toyota product lines. With this, they risk losing their brand recognition and identity with their consumers. Additionally, costs associated with buying an existing dealership with inventory and various licensing and franchising fees have the potential to drive up costs and therefore threaten their ability to price
This is how Netflix is effectively using its competitors to leverage lead generation to the next level.
Segmentation variables can be classified into four major classes; geographic, demographic, psychographic and behavioural. The use of these categories either individually or in combination assists companies to identify and establish market segments which is relevant to the product or service they are offering. This in turn helps these organisations to evaluate the relevant segments to choose the pertinent target market.
One of the proudest accomplishments of my professional career was developing an underpenetrated territory for ABC within the New York and New Jersey (NY/NJ) market. I started my career at ABC as a Sales Associate (SA) in January 2010. My primary role was to leverage multiple lead-generation tools (Salesforce.com) to create demand and qualify opportunities for the NY/NJ enterprise sales team. The company’s expectation was for each SA to make 75 calls per day and generate one million dollars of pipeline revenue for the field. With hard work, diligence, and a strong grasp of ABC’s solutions and go-to-market strategies, we were able to over achieve the pipeline revenue target number by 560% therefore creating 5.6 million dollars in pipeline which lead to 1.4 million in booked revenue.
Terrell, E. (n.d.). Market Segmentation. (Business Reference Services, Library of Congress). Retrieved April 6, 2014, from http://www.loc.gov/rr/business/marketing/
This method is something that many organizations are relying upon today. In fact, well over 30% of organizations state that they rely on data analysis for the majority of their marketing
The author of the textbook affirms, “In the marketplace, customers seek solutions, not technologies or products.” (Vitale 174). So how do we determine what the customers consider valuable or in this case, a solution? This is where the strategic market segmentation and targeting come into place. Since not every customer has the same perception of value, business marketers must determine, first, who are those potential customers and break them
Employees are not the only people whose information interest companies. To a far greater extent, businesses are looking to gather data on their users and the market in general. User data collection has become one of the most important components of market research. For example, online retailers can use data collected from a consumer’s purchase to target advertising on products that the consumer is most likely to buy....
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
According to Kotler et al 2013 market segmentation is defined as dividing a market into smaller segments of buyers with distinct needs, characteristics or behaviours that might require separate marketing strategies or mixes. As per the industry data which we were operating we used different theories to segment the market one of them is STP process. In this method whole market is sub divided into different segments based on three activities these are segmentation, targeting and positioning. From the market information in case study we identified similar groups of consumer under market segmentation activity. For example market E had consumers travelling between mini hub to medium city that had a new and growing market. While targeting the market we identified which group of consumers to aim for instance market D had major university and service sectors. Lastly in the product and brand positioning we created a concept so as to appeal the target market by running as discount airline. One of the approaches for market segmentation according to Kotler et...
Prior to the start of the Information Age in the late 20th century, businesses had to collect data from non-automated sources. Businesses then lacked the computing resources necessary to properly analyze the data, and as a result, companies often made business d...