Make B2B Customer Acquisition seamless with Data

Author: Bryan Scott(Amarjit)

Are you strategizing it (acquisition strategy) right the way?

There are different ways sales and marketing teams operate to acquire new prospects and customers. Once acquired, the immediate next challenge for you is to ensure that the life-time value of the customer is three times higher than its acquisition cost.

After all, if your Customer Life Time Value (LTV) is equal to the Customer Acquisition Cost (CAC) or less than it, in this scenario you’re losing money.

BtoB: Back to Basics

The core of an efficient customer acquisition strategy regardless of its industry, nature, and type of business is its contact/customer/marketing database. 82% of B2B companies believe their current database strategy requires a lot of improvement while for 59% maintaining high data quality is a top challenge.

Hence before embarking into new acquisition strategy, contact/customer/marketing database issues should be first taken into consideration.

Data is Stentorian:

Today’s Multichannel marketing arena demands more than just customer contact database. Marketers use the most granular statistical analyses leveraging data to understand customer personas, past trends and predict the future effect of marketing initiatives on sales.

Moreover, to drive, analyze, measure and provide a personalized customer experience at each stage of the buyer’s journey you need more than just contact database. Sales and marketing should collaborate on targeting proper buyer personas to provide seamless personalized experiences.

The formula:

Acquisition cost can be calculated by adding up all your sales and marketing expenditure and dividing it by the number of new customers you are acquiring. CAC is calculated by the Total Sales and Marketing Expenditure divided by the number of New Clients or Customers.

Stale data can dauntingly elevate the sales and marketing expenditure cost curve. So even prior to setting up your goals, it’s a mandate to improve data quality to foster growth, performance, and revenue.

To end with

Optimizing marketing database to achieve enhanced sales and marketing results is a process. To continue getting enhanced results will require you to clean and maintain a high quality of database.

Accurate, real-time and comprehensive marketing database can be the key differentiator in your acquisition strategy and the payoffs will make it a worthwhile pursuit. By ensuring the health of your data and analyzing the gaps in your contact database you will assure your marketing database is aligned for continued success with your acquisition strategy.

About Lake B2B

Lake B2B is a leading provider of data management services, list solutions, and customer data insights. We provide data solutions to a wide range of business-to-business companies. Our focus over the years has been on improving the efficiency of marketing campaigns, driving more revenue, and increasing profitability, of sales and marketing teams across organizations.