Given the huge power that data holds in the business world today, it makes perfect sense to put it to use in your marketing strategy. Company data, in particular, can prove extremely helpful; having specific details about another business can not only help with HR and IT, it can also play a big role in marketing.
While the use of company data has previously been limited to larger enterprises (or just those with bigger budgets), the recent opening of Global Database's directory means it is now accessible to anyone looking up UK businesses. If you're wondering exactly how this data (and other datasets like it) can be used for marketing purposes, read on for five easy-to-implement ideas.
The simple definition of open data is just information that has been made available for anyone to access and reuse, and for any purpose. The open data movement has gained great traction in recent times, with more and more organisations and government departments publishing datasets on a wide variety of subjects every day.
There are big potential benefits on offer thanks to the movement; research from the Open Data Institute found that UK companies using, producing, or investing in open data have a total annual turnover of around £92 billion, and create over 500,000 jobs. It holds fantastic value for businesses on an individual basis too; the fact that it's free makes it a great leveller - startups and sole traders can enjoy success using the same information as large-scale multinational enterprises, provided they know how to use it to full effect.
It's true that open data for business purposes is still a relatively new concept; the movement was initially created to ensure more transparency in government and to make scientific data accessible to those in the profession. However, as the amount of data becoming public rapidly increases, so too does the number of companies realising its potential value.
According to a survey conducted by the ODI, almost half (49%) of the companies making use of open data, are using non-government sources. The same survey also found that a large proportion are using business data, as is shown in the chart below. While there's no further insight into exactly how this data is being used, it's certainly not a reach to imagine that a good number of these companies are using business data for marketing purposes.
Source: ODI report
So how might they be using this data in their marketing? Here are just five ideas…
As long as you have specific details about a target company, you can use social media to market to them. For example, when you know their financials you can target them with Facebook ads accordingly, e.g. if they're experiencing low net profit create an ad that leads to a detailed personalised article that offers a solution using your product or service.
You could also use Facebook's Lookalike Audience feature to market your product to other leads who may be interested. Just use detailed company data to segment your customer lists based on things like specific pain points, their budget, or how easy they were to convert, upload the list to Facebook and it will automatically target similar prospects.
Email is still number one when it comes to marketing; it's direct, personal, and there's much less noise than with social media, so perhaps it isn't too surprising that it's 40 times more effective at gaining new customers than Facebook or Twitter, according to research by McKinsey.
The biggest benefit with email marketing though is the fact that it's so easy to create personalised messages. This is definitely not something to underestimate; personalised emails improve click-through rates by around 14% and conversions by 10%, so says research from Aberdeen, and Experian notes that such emails lead to six times higher transaction rates.
Use company data to segment your email campaigns, then alter your copy for each specific group in order to have a greater chance of engaging them. For example, you may wish to target companies with a large budget, offices in a certain location, or even using a particular technology. You could even offer a special deal to companies who have been experiencing low profits.
Lead qualification is very important if you want to achieve the best possible ROI for each marketing campaign. While it may seem like a good idea, in theory, to throw all of your resources at any potential lead you come across, in reality, you'll end up wasting time and money.
Instead, focus on the companies that are more likely to convert into buyers. Look at their data for things like profit (can they afford your product?), company size e.g. employee headcount (are they growing?), and the technologies they're using (are they up to date? does your product compliment their current system?). You could also take an in-depth look at your best previous customers, and find the similarities between them to target new leads who share the same attributes.
Writing interesting and engaging content will always be much easier when you know exactly who you're writing for. It's practically impossible to write a sales-driving blog post or to make a useful infographic when you're not sure who your potential customers are and what they need.
Use company data to refine your content strategy in order to target them with pieces that not only offer your product as the ideal solution to their problem but also offer insights and are useful enough to keep them coming back to your site. Even if you don't get a sale straight away, they'll have your top of mind when they (or somebody they know) do need what you're offering.
Looking at a company's digital insights, for example, monthly website visits or the technologies they're using, you can build effective Google Adwords campaigns that are more likely to result in conversions and sales.
You could also consider opening up your own data. This can drastically increase the visibility of your website thanks to organic searches, and if the information is useful enough to be utilised by other companies e.g. app developers, you could see a whole new audience being brought to your site.
While open data offers a wealth of potential opportunities, it’s important to recognise that it does have certain limitations when it comes to using it for business purposes. Given that it's still in its infancy for business use, there isn't as much useful data out there than for those in the non-profit sector, for example. It can also be very time-consuming; putting together a campaign can often involve taking data from a number of different sources and then meticulously filtering the information you need. While there are a few exceptions; Global Database's company data is all aggregated into an easy-to-read platform, for example, the time it takes to do all of this manually can quickly become very costly.
With this in mind, it is sometimes simply better business sense to go for a paid option when sourcing company data. Not only will this data be complete (Global Database's paid option also contains direct phone and email details), it is also much more likely to be regularly updated and therefore accurate. Given that data is constantly changing - research from NetProspex found that 25% to 30% of an organisation's contact data degrades every year - a reputable paid source of regularly verified data is usually the best investment.
To learn more about Global Database’s open and paid company data, visit www.GlobalDatabase.com
