Mass Marketing Out, Customization In

Image Credit angeljasica, Flickr

We live in a world of customization. From clothing to gadgets to automobiles, you name it and chances are you can customize it. It’s a simple fact; buyers just don’t want to be mass marketed to and they no longer want to be bombarded with in-your-face-advertisements that are likely irrelevant. In fact, according to a recent survey from Janrain, 74 percent of respondents claim to get frustrated with websites when content, offers, ads, and promotions have nothing to do with their interests.

While customization for the B2C consumer is much simpler, personalizing engagement with the B2B buyer requires a much deeper understanding of the buyer’s behavior and demographic characteristics. In B2B marketing, customization extends further than just welcoming back a returning customer by name or displaying recommendations based on past purchases. It’s about using the data within your marketing database to deliver more relevant, targeted messages and content.

However, this is made exceedingly difficult when the business contact records in your database are incomplete or inaccurate, presenting challenges at all stages of the marketing and sales funnel. According to our 2013 Marketing Data Benchmark Report, more than half of U.S companies work with unreliable contact data in their marketing programs.  What’s more, bad data can create friction in your demand engine.

This is where marketing data management comes into play. Marketing data management normalizes, cleanses and improves the hygiene of your database to drive better results. With more complete business records you have greater options for segmenting and delivering more targeted messages, both of which increase your chances for strong conversions. So if your records lack context for targeted messaging and lead nurturing, then it may be time to give your database a good health check.

2014 NetProspex Annual Marketing Data Benchmark Report found that 84% of marketing databases are barely functional. Click here to view our webinar where we discussed the findings with Sirius Decisions.

NetProspex Reports Record Quarter as Demand for Marketing Data Management Intensifies

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Strong Q1 Follows on the Heels of a Milestone Year in 2013

Waltham, Mass. – April 8, 2014 – NetProspex, the leading provider of cloud-based B2B marketing data management services, today announced record results for the company’s first quarter, which closed on March 31. Growth in Q1, the largest top-line quarter to date, was led by a 72 percent increase in quarter-over-quarter direct bookings and the fifth consecutive quarter of bookings growth in the company’s data management solutions. The strong start to the year follows a blockbuster 2013, which was marked by company and product awards, key leadership team appointments and major advancements in its B2B marketing data management platform.

NetProspex also announced today $13 million in series C funding, led by Spring Lake Equity Partners. The capital infusion will go toward continued product innovation and sales and marketing expansion to meet growing market demand.

In 2013, the company launched its marketing data management platform, NetProspex Workbench, which transforms the way marketers maintain and improve their marketing database. Data is at the heart of nearly every aspect of today’s B2B marketing organizations, and great marketing programs start with great data. With Workbench, marketing teams can rely on actionable, targeted and accurate data to fuel their demand generation efforts.

“As marketing organizations embrace new technologies to more efficiently reach their target buyers, data management has become a major challenge,” said Michael Bird, CEO, NetProspex. “The overwhelming response to our Workbench platform supports that revenue-focused marketing organizations view marketing data management as mission critical and see NetProspex as the industry leading solution.”

Q1 2014 and 2013 highlights include:

  • Substantial Business Growth – Record bookings and revenue achievement in 2013 was followed with sequential growth in the first quarter of 2014 including 72 percent quarter-over-quarter growth. NetProspex was named to Deloitte’s Technology Fast 500, ranking 107 in North America and eighth in Massachusetts. The company also expanded rapidly – growing by more than 42 percent to more than 110 employees.
  • New Product Innovations – Workbench, the company’s marketing data management platform launched in mid-2013, added integration to Marketo and Eloqua to seamlessly provide its cleansing and enrichment capabilities in marketing platform and CRM workflows.
  • Technology honors – NetProspex solutions were recognized with multiple product awards including an (SIIA) CODiE award and two Stevie awards in the Best New Sales Automation Solution and Marketing Solution categories.
  • National and regional recognition as a top workplace – The company was named to The Boston Globe and Boston Business Journal’s best places to work lists. Inc. Magazine also recognized NetProspex with a Hire Power award for being the eighth ranked company in Mass. leading the way in creating American jobs.
  • Expansion of the leadership team and board – Appointments include Michael Bird to chief executive officer; Brian Serino to senior vice president of sales and business development; Derek Slayton to chief marketing officer; and ex-Eloqua executive, Andre Yee to the NetProspex board of directors.

The company’s annual B2B Marketing Data Benchmark Report is slated for release on April 15. Key findings from the report will be unveiled during a webinar, with participation from industry leaders at Sirius Decisions and Marketing Profs.  To sign up, go here.

This release can also be found on BusinessWire here

About NetProspex

NetProspex is the smarter B2B data partner. We help marketing and sales organizations optimize their revenue impact by increasing the quality and effectiveness of their marketing database. Thousands of B2B organizations rely on NetProspex to manage their marketing data in order to fuel high-performing marketing campaigns and accelerate the creation of sales pipeline. To make databases richer and more actionable, the company offers a suite of data services backed by its proprietary CleneStepTM verification technology and the industry’s largest and most accurate reference database of B2B contacts and companies. For more information visit www.netprospex.com.

NetProspex Brings Home the Bacon

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Today, we announced the closing of a $13 million investment round. We are thrilled to be working with Spring Lake Equity Partners, who led the investment, along with our long-time partner, Edison Ventures, who also participated in the round.

This investment underscores the fact that we’re on the right path to solving the data problem for B2B marketers. With the cash infusion, we will have the resources to accelerate our product development and aggressive go-to-market plans in order to extend our market leadership position.

For us, everything starts with the team. Now totaling over 100 of the most talented, passionate and capable people you will ever meet, their commitment to making “Hand-Free” Data Management not just possible, but easily accessible for every B2B marketer is just extraordinary. Moving forward, we plan to add another 50 people who love data and know how to delight B2B marketers. If this sounds like you or someone you know, let us know.

The simple fact is great marketing starts with great data. Period.  And every research report we see points out that nearly every CMO struggles with the “great data” part of the equation. That’s the problem we sprint to work everyday to solve, so that marketing teams can be freed up to focus on creating great content and meaningful interactions with prospects, rather than worrying about the accuracy and completeness of the data being use to inform [I feel like it’s more execute than inform] their strategy.

Data management has emerged as a top priority for marketers, and we really couldn’t be happier about it. We have big plans for 2014, so stay tuned for more. In fact, next week we’ll reveal the findings from our annual Marketing Data Benchmark Report. You can get a sneak peek on our webinar next Tuesday.

And, if you’re part of Marketo’s Marketing Nation Summit this week, swing by our booth (146) to say hello and who knows, maybe you’ll win one of our wicked awesome bikes!

More to come!

– MCB

How to Make Your Data Work For You

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Let’s face it: gathering data from customers can feel a lot like pulling teeth, literally. Just think, how many times have you filled out a gated registration form with false information just because you didn’t want to be bothered after? If you’re anything like me (and don’t lie!), it’s probably quite a few. In fact, 88 percent of consumers admit that they have lied on a form and 42 percent find online registration forms too long and too inquisitive, according to an infographic from Janrain.

As a demand generation all-star, you need accurate and complete contact records to allow you to seamlessly and expediently segment and deliver targeted messaging. For example, having the industry information for a contact allows vertical-specific messaging for outbound marketing or allows you to serve up relevant content when a particular contact visits your website. However, this is made increasingly difficult when customers complete lead capture forms with pseudo-names, false email addresses, and inaccurate phone numbers.

So how do you balance the need for collecting the “right” data without asking too much and hurting your conversion rates? Two words: data enrichment. By taking known customer data (i.e. first name, last name, email address) and matching it against a vendor’s database – like ours – you are able to fill in the necessary holes and tighten the screws on your marketing data. Moreover, by enriching your contact information with missing details or incremental information like company revenue and employee count you are able to immediately segment leads and begin delivering well-targeted content – increasing your chance of conversion.

Want to learn more about how to make your data work for you? Check out our 5 Tips for Data Domination!

Marketers Agree – Better Data Management Leads to More Effective Marketing

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From the desk of Tamara Graves, Senior Director of Demand Generation, NetProspex

It’s difficult to find a group of marketers that agree on everything, let alone anything. However, there’s one thing that we all agree on: data plays an essential role in our jobs. In fact, according to a recent Domo survey, 87 percent of marketing professionals agree that they need data to do their jobs well. And we agree.

With data coming from a variety of sources, it’s inevitable that bad data is entering your database. Making decisions and strategizing on marketing programs fueled by incomplete or badly managed data is like taking trying to put on mascara while blindfolded. Moreover, 66 percent of survey respondents admit feeling overwhelmed with the sheer volume of marketing data available, according to the Domo study. In order to eliminate dirty data and increase opportunities for effective and predictable lead generation, better data management is a daily requirement.

Let’s explore three ways better data management leads to more effective marketing:

  • Aligns with buyer personas: The more information you have, the more success you’ll have creating buyer personas and defining your customer’s needs based objectives. Quality data helps marketers understand their prospect’s business goals, and those insights can be then used  to facilitate a better 1X1 buyer experience.
  • Provides higher ROI: Improved management keeps your marketing data unified, accurate and actionable, which ultimately decreases the number of leads needed to generate each sale. In fact, companies with best-in-class marketing data management strategies incorporated into their demand generation engine require only 68 leads per customer acquisition, according to the Aberdeen Group.
  • Delivers more targeted campaigns: With accurate data, segmenting leads—whether it’s by their stage in the buying cycle, title or industry—becomes a much more efficient process. Moreover, better segmentation allows you to deliver more customized campaigns, making your messages more relevant, which leads to an increase in conversion rates starting with a 16% email click-through-rate when targeting by personas.

Tell us…how would you rate your company’s data management?  Not sure?  Try our complimentary Data HealthScan to find out how you compare to your peers.

Standardized Testing & Developing Smarter Data

NetProspex and Oceanos Intelligence Report

My son took his first MCAS test this week – the standardized comprehensive assessments for public school kids in Massachusetts – and he was nervous. It’s understandable – the schools make a big deal of these and if you haven’t done one before, the uncertainty can be overwhelming.  So he took the test and afterwards he said “it wasn’t as bad as I thought, in fact it was kind of fun”. That was a huge relief for him and me. But the standardization of these tests got me thinking about other assessments that I deal with daily – data quality assessments – and the parallels between my son’s anxiety and the anxieties that we as marketers feel. What I came to realize is that the emergence of standardized assessments, no matter how scary or anxiety-inducing they may be, ultimately aid in the identification of areas in need of improvement at an individual level, but also provide significant insights into systematic problems that may exist as well. In the end, they will make us smarter.

So, take a moment and ask yourself: “If I were to give my marketing data a letter grade right now what would it be? Would it be an “A” for “awesomely accurate”, a “C” for “could be better” or “F” for “failure to meet my needs”? I bet most of you probably end up around a “C”, simply for the reason that you may not have the right data points to give you any realistic idea into the overall quality of your marketing data. This can be a scary place to operate from.  If you want to improve response rates or enhance your ability to deliver targeted messages through more effective segmentation,  then your data needs to be smart–really smart.

You know that sender anxiety you may feel before you hit “Send Now” on your next email campaign out of Eloqua or Marketo (or whatever marketing automation platform you may use)? That stems from not understanding (or trusting) the health of your marketing data. Again, totally understandable: business contacts that have been sitting in your database for years are combined with new data entering your ecosystem through Web registrations, trade shows and PPC. These forces could be dirtying up and dumbing down your database. Don’t believe me? According to NetProspex’s B2B Marketing Data Benchmark Report, 50 percent of companies have an overall data health score of “Unreliable.” Marketing data management, or the practice of assessing, cleansing and enhancing data regularly, ensures your marketing data is complete, accurate, actionable – and smarter.

Smart data is information that actually makes sense – it is comprehensive, complete, and accurate; it’s actionable information that can be used as an accelerator to drive successful inbound and outbound marketing campaigns and it enables a more repeatable process for driving results. So what’s the key to unlocking smarter data? Well, much like the MCAS is geared to understanding the abilities of our children, smarter data starts with its own assessment to determine the individual and systematic issues of your data. Armed with the insight of this assessment, you typically follow it up with a programmatic approach to marketing data management to address those identified issues.

I think that people deal with the data quality of their marketing data in the same way that my son initially dealt with his MCAS test – fearfully. The reason for this is that it can seem somewhat overwhelming to deal with. However, with tools like NetProspex Workbench , it’s actually a lot easier that you think – and at times it may even seem fun. NetProspex Workbench enables B2B marketers to improve the quality and effectiveness of their marketing databases in a programmatic way that leverages insights gained through assessment, identification of record-based opportunities for improvement, while providing capabilities that allow for systematic improvement in how you capture, nurture, and promote qualified prospect.  The fun part comes in when your campaign response rates climb, when your leads are lauded by sales, and when marketing-generated pipeline increases dramatically.

So don’t put a dunce cap on your data and stick it in the corner because there’s no hope. Make it smarter through marketing data management and unlock revenue within your database that you never knew existed. Start off today with your own free, secure Data HealthScan and remove that first bit of anxiety.

The Importance of a Great Data Management Plan

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Collecting copious amounts of data is getting easier and easier, thanks in large part to recent advancement in software and data storage techniques. But it’s how that data is managed and used that accounts for the success of your sales and marketing programs.

While collecting marketing data is getting easier, the management of that same data grows harder and harder given the dynamic nature of data. In fact, research shows that data decays two percent every month, which means that some of the data currently sitting in your database is probably “dirty” – or on its way to becoming so.

So what does this all mean? It means that you need to get a handle on the quality and accuracy of your data – and fast. If you are basing key marketing decisions like who to target and how to go to market on that same data – without addressing its overall quality – you are putting the success of your campaigns at risk. That’s where having a comprehensive marketing data management plan comes into play. Below are some helpful tips to get you started:

  1. Make data management a priority: Data is a key factor in the performance of your programs, which means it should always be priority number one.
  2. Assess the current state of your data: The first step in getting ahead of issues that exist within your data is performing a thorough assessment. For example, does the current make-up of your contact database match your target profile?
  3. Establish a set of standards: It’s important to standardize all data entry formats and requirements across your entire company to ensure fields are complete and formats are consistent.
  4. Get rid of the junk: Remove records that aren’t your target buyers or don’t influence the sale as this will just clog up your database.
  5. Don’t be scared to ask for help: Instead of enlisting a dedicated data steward whose job is it to oversee data quality, partner with an expert, like us, who has the tools to help you monitor and manage your database.

To learn more about how best-in-class marketing data management can benefit your business, click here.

What is Marketing Data Management?

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Did you know that the average worker today stays at each of his or her jobs for only 4.4 years? Or that 88 percent of IT buyers admit to lying on registration forms? In other words, the data currently sitting in your database is probably outdated or incorrect. Scary, I know.

Dirty data isn’t just a marketing problem; it’s a business problem. Your marketing database is the lifeblood of your business and the health of your database is a major determinant in whether or not your company will hit its revenue goals for the year. So how do you eliminate dirty data and turn your database into a gold mine? It’s simple – marketing data management.

Marketing data management refers to the best practices that ensure your marketing data is complete, accurate and actionable, rather than soiled with incomplete contacts or incorrect information. Transforming an ineffective marketing database into a well-oiled machine can greatly increase the efficiency and effectiveness of your marketing efforts, saving your business a considerable amount of time, money and effort, while generating revenue faster. In fact, the Aberdeen Group reports that companies with best-in-class marketing data management practices require only 68 leads per customer acquisition compared to the industry average of 143 – that’s a 52% increase in demand generation efficiency! Add that to your top line.  Other benefits include:

  • Better segmentation and more targeted offers and messages
  • More accurate and actionable lead scoring
  • Improved response and inbound conversion rates
  • Shorter sales cycles and higher Average Sales Price

Stop ignoring the elephant in the room and get serious about improving the health of your marketing data. Understanding what issues exist with your data is the first step to getting ahead of them… the rest will follow.

Deeper Integration into Eloqua Platform Makes Marketing Data Management Seamless for NetProspex and Eloqua Customers

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B2B Marketers Now Can Harness the Power of NetProspex Workbench to Assess, Cleanse and Enrich their Data Directly from Their Eloqua Environment

Waltham, Mass. – Feb. 25, 2014 –NetProspex, the leading provider of B2B marketing data management solutions, today announced that it has integrated its Workbench platform with Eloqua, the world’s leading marketing automation and revenue performance management solution. Joint customers now have the ability to quickly and easily view the health of the data fueling their Eloqua system and can then take informed actions to ensure their marketing data aligns with their ideal target customers and go-to-market activities.  The Workbench platform integrates directly into the data segmentations and smart lists marketers have built into their Eloqua environments and enables customers to utilize NetProspex cleansing, validation and enrichment capabilities to improve campaign results and create better engagement with prospects and customers.

With this release, companies using Eloqua can assess and enrich their data directly from Workbench without having to export it. This automated process is set up in less than a minute through the Workbench interface. Through a new Integration tab within Workbench, users are able to quickly pull in select Eloqua data, easily map the data fields they require, and perform a number of different data management tasks. It all starts with NetProspex’s Data Health Scan, which unveils critical insights into the quality of a marketing database, including email deliverability, phone connectability, record duplication and incomplete records, as well as targeting and segmentation patterns.

“Many of our customers rely on Eloqua as a core building block in their marketing and lead generation programs, but they can overlook that even the most powerful marketing automation platform can be hindered by bad data,” said Derek Slayton, chief marketing officer, NetProspex. “By integrating our marketing data management technology and best practices directly into Eloqua, we enable our customers to leave the data accuracy and completeness challenges to us so they can focus on great content and accelerating the buyer journey.”

View a video demo of the new integration or learn more here: http://www.netprospex.com/Products/ForMarketers.aspx

View the release live on Business Wire

About NetProspex

NetProspex is the smarter B2B data partner. We help marketing and sales organizations optimize their revenue impact by increasing the quality and effectiveness of their marketing data management practices. Thousands of B2B organizations rely on NetProspex to assess, cleanse, enrich and grow their marketing data in order to fuel high-performing marketing campaigns and accelerate the creation of sales pipeline. To make databases richer and more actionable, the company offers the industry’s largest and most accurate reference database of B2B contacts, cleansed with proprietary CleneStepTM verification technology. For more information visit www.netprospex.com.

NetProspex Contact:

Michael Powers

Events and Buzz Coordinator

781-570-8049

mpowers@netprospex.com

Agency Contact:

Kristen Leathers

Version 2.0 Communications

617-426-2222

kleathers@v2comms.com

Five Reasons to Fall In Love with Marketing Data Management

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Valentine’s Day is a day when couples shower each other with flowers and gifts while singles catch up on romantic comedies and pour some wine. But for us B2B marketers, Cupid’s holiday is a great time to count the ways we love our biggest love: marketing data management.

Marketing data management refers to best practices that ensure that your marketing database is unified, accurate and actionable, rather than dirtied with incomplete contacts or  incorrect information.  Now that we have that down, let’s explore the top five reasons to fall in love with marketing data management just in time for V-Day.

  1. Higher Deliverability Scores: As marketers, we are always cognoscente of our deliverability scores… after all, they’re living and breathing ratings on how well you’re doing your job. Who hasn’t done a happy dance when their deliverability score went up a few points? Implementing a strong data management strategy allows you to feel confident that the email addresses in your database are accurate.
  2. Better targeting/ segmentation: Having complete business contact records allow you more options for segmenting and delivering targeted messaging. For example, having the industry information for a contact allows vertical-specific messaging for outbound marketing.
  3. More relevant conversations: Best-in-class demand generation starts with good data.  Comprehensive records allow you to serve up relevant content and engage in the right conversations when a particular contact visits your website.
  4. Higher conversions: When you have incomplete data, your programs aren’t reaching their fullest potential. If each contact in your database has a correct, complete profile, you’ll be able to deliver more targeted messaging and a have higher probability for success .
  5. Stronger sales and marketing alignment:  At the end of the day, it’s all about the quality of the leads you pass to sales. Marketers pride themselves on their brilliant lead scoring models to know exactly when a prospect is ready to buy. We have all experienced days when we send the hottest of leads to sales and (uh oh!), the phone number is invalid.  If it happens more than once, sales teams lose interest in the leads that come from marketing because the information isn’t accurate.

Like fine wine or aged cheese, we’ve developed a real love for marketing data management. Tell us… why have you? Share in the comments below.