How to Approach B2B Database Marketing for Maximum ROI

Information is key to making a big sale and database marketing allows every marketer the opportunity to gather as much information they can about the prospect, customer or partner. In the current economic scenario with budgets being frozen and sales cycles extending, it pays to know your customer better.

So what exactly is database marketing? Database marketing is the activity of gathering data about your prospects and customers and then use this data to market your products and services more efficiently and effectively to them. Every business, from a small mom-and-pop shop to the big publically traded companies have databases of some kind – used in a multitude of ways in order to generate a need for the services offered by the company.

How to build up your database?

When we talk about a B2B marketing database, it may require more information that a normal consumer database in the form of annual revenues, SIC codes, organization structure, etc. The most effective database creation tools are:

• Buy a list: Considering the customization that is required for a B2B list, purchasing the list is the best option for increasing the number of leads in the database. Custom lists can be created depending on your specifications of demographics, industries or even specific companies.
• Append your list: You may have an existing list of prospects but without the complete information, it may be useless as it may not allow any opportunity for your company to market to that list. Appending the list with the requisite data will make an existing list that much more fruitful and at the fraction of the cost of a new purchase.
• Registrants of web events: With the popularity of webinars, companies can now use their registrants and attendee lists of various events as sales leads and tailor their offerings to these prospects based on surveys, polls etc.
• Leads from the web, events, etc.: To create a wealth of Opt-in database, the website is prime real estate that can help you generate hot leads for the sales follow up. Also, collecting contact information in trade shows and conferences is an age-old technique that is still viable.

How to market to the database?

With a robust database, the company can utilize the information available to them in many ways. Marketing to a complete database allows marketers to pitch the right product at the right time to the correct contact. Email marketing still remains a powerful tool available to B2B marketers as it practically costs less and delivers high on ROI. Telemarketing still holds onto its allure while direct mailings can deliver results if approached in a targeted segmented manner.

How to keep your database current?

The major hurdle in database marketing is the dynamism of the B2B industry. With constant movement of contacts between companies and also, within the same organization, your database can become redundant if not refreshed time and again. Technologies to overcome this are now available to marketers in ways of lead nurturing programs. Lead scoring and lead nurturing helps marketers to keep track of leads and their buying stages while also concentrating on generating new business from old customers.

Lead verification is also a technique whereby older databases can be checked for relevant contacts and enhancement of the old database can help generate a fresher, more current database to market to.

Marketing Insider: Social Media & Lead Generation

The latest issue of the Marketing Insider focuses on bringing you some of the latest developments at the intersection of business marketing and social media for effective lead generation. The newsletter provides interesting links to some of the best practices being followed by marketers in the lead generation and social media industries.

Catch the latest buzz, read what the Gurus of the industry are saying, take the poll to see how you match against your peers in terms of your social media expectations of 2009.

Read the latest issue here: Marketing Insider

Webinars: Fuel Your Sales for the Extra Mileage

A recent survey revealed that 76% of the respondents (a total of more than 10,000 enterprise execs) preferred online events than physical meetings. More and more businesses are using webinars to generate prospects. Do you want to be left behind?

The use of webinars as a lead generating tool is growing at a rate of 20-30% each year. With more webinars being conducted and attended every month, why exactly are Webinars making such an impact and how can you make the most of this almost free sales channel?

Simply put, a “Webinar” is really just a “web conference”. Webinars are live meetings or presentations conducted via the Internet where each participant sits at their own computer and is connected to the host through the internet.

Webinars are interactive sessions which may include audio, presentation slides, screen sharing, white boards, and a wide range of other types of content. Generally the host has control over the webinar but the participants are not just passive listeners but can interact and contribute in the webinar discussion by posing questions and taking surveys or polls.

Webinars can be used as incredibly informative tools to boost sales and encourage responses from prospects. Used for a variety of purposes like sales conferences, product demonstrations, employee training, investor briefings, etc. webinars add value by:

1. Shortening the sales cycle
2. Providing more effective training
3. Improving the interactivity with prospects
4. Reducing travel expenses
5. Lowers costs (in contrast to participating and attending tradeshows)
6. Increasing overall employee productivity.

Careful planning is essential to host a successful webinar. To make your next webinar a roaring success, here are a few tips and best practices:

1. Choose the Hosting Software Carefully

A simple Google search for ‘webinar software’ will give you a staggering 6 million results. With so many options available, how do you make the right choice? You must do a thorough research to see what each application offers, and which one is best suited to your needs.

First make a list of all that you wish to do and want from your webinar. Do you want video recording? Do you want your attendees to answer to polls and take part in surveys? Each webinar software boasts different features. Select the one that matches the most with your list.

Softwares of note: GoToWebinar, Webex

2. Plan your Schedule

Consider the audience while arriving on a date and time for the webinar. Take into consideration the different time zones, holidays, heavy vacation weeks, etc. Create a registration page so that people can register and book their place for the webinar.

On the day of the webinar, start on time, finish within the stipulated time, leaving time for the Q&A.

3. Shout it Out from the Rooftops!

Now that you are all set for the webinar, it’s time to spread the word! Promote your webinar through email, phone calls, social networks, and your website; utilize every external touch point with your audience. Be creative—get your customers excited about it!

In your webinar promotions, announce the number of spots allowed. This will create a sense of urgency that will attract more attendees. If you have a larger response than expected, you can send them the date and time of your next webinar.

Spin a story that will entice and intrigue your audience. Get them interested, identify their needs and promise to provide them solutions to their problems.

4. Presentation Preparation is a Must

Start with a detailed outline of what will be covered. With the introduction to the topic, also inform your attendees about the speakers, how can they participate, how can questions be asked and when will they be addresses.

Rehearse and practice. Most webinar hosting softwares allow a practice session – it is just practical to be comfortable with all the technicalities involved in conducting the webinar. Prepare the content before hand, have a presentation slide deck ready, and if needed get professional help with your presentation.

5. Send Reminder Notices

Promoting your webinar to get more registrants is definitely needed but if those registrants do not attend, then what is the use? Constantly remind your registrants of the time and date to assure their presence.

We recommend the following schedule:
• 1st reminder - One week prior to your webinar
• 2nd reminder - Two days prior to your webinar
• 3rd reminder - One day prior to your webinar
• 4th reminder - The morning of the webinar

6. Ask Your Audience How You Can Improve

After your webinar, don’t forget to get some feedback from your audience. Set up a survey to ask for your attendees’ opinions on content, and suggestions for improvement. You will find these extremely helpful when planning your next webinar and may even give you inspiration for newer topics as well as service offerings!