Comprehensive Data Strategy and Integrated Martech Stack Pay Big Dividends

While most companies collect data, making it valuable for conversions into quality leads and revenues requires careful planning and processes. In today’s evolving marketing trends and tech landscape, B2B marketers may find this process challenging. Anteriad and Ascend2 conducted a study to understand how marketers are thinking about and planning for the future of data and martech. Check out the insights from the study.

Today, companies have access to massive data. However, the key to converting the data into leads and sales is being able to clean, organize, and translate it into actionable insights. In essence, making the data valuable requires careful planning and processes. But with a continually evolving tech landscape and shifting trends, getting it right can be challenging for B2B marketers.

Anteriad and Ascend2 recently conducted a study to understand how B2B marketers are thinking about and planning for the future of data and martech. The following are a few more insights in detail.

Comprehensive Data Strategy Pays Off

According to the study, 56% of marketers will focus equally on driving sales through new accounts and upselling/cross-selling to existing clients in the year ahead. About 20% will focus primarily on net-new, while 24% will focus on upselling/cross-selling to existing accounts. But a comprehensive data strategy is vital whether you are targeting existing customers or new prospects. Yet, only 34% of marketers said they have a comprehensive strategy. About 52% of marketers had a strategy in some places, and 12% of respondents had plans for a formal strategy.

The study also found that developing a formal data strategy pays off. Companies having one were 3.6 times more likely to see excellence in obtaining actionable insights from data than those that don’t (54% vs. 15%). This group also reported extremely successful campaigns (59% vs. 14%) and the ability to meet goals (51% vs. 17%).

So, where do B2B marketers face the biggest challenges? The study found that the biggest problem area in executing campaigns/programs was design. Mid-market companies have more problems with analytics, and enterprises face challenges with delivering their campaigns and programs.

The most challenging areas to execute programs

Source: The 2022 Outlook on Data and Technology: A Year of Herding Cats and Black HolesOpens a new window

See more: 6 Data Cleansing Strategies Your Organization Needs Right Now

Technology Stack Has Become Complex

Technology is an integral part of a comprehensive data strategy. And many solutions are available to collect, orchestrate, and leverage data. Marketers continually evaluate new tools while determining whether they make the best use of the existing ones.

Regarding what made up their current martech stack, especially w.r.t. storing and managing data related to marketing activities and customer journey, 61% of marketers cited their CRM solutions first. CRMs have become vital to integrated marketing-sales pipelines. These platforms are followed by content management systems (CMS), with 38% citing it. About 35% also have a marketing automation platform as part of their tech stack.

Tools in today’s martech stacks

Source: The 2022 Outlook on Data and Technology: A Year of Herding Cats and Black HolesOpens a new window

Marketers also face several challenges regarding their tech stack. For example, 19% said it is “more complex than a black hole,” and 42% said they needed fewer solutions. Only 18% felt it isn’t complex and that they have what they need to deliver on marketing objectives.

That said, about 85% of respondents expect more investment in technologies supporting marketing and sales in the year ahead. The problems they intend to solve with these investments include normalizing data across systems (35%), automating data tool collaboration (33%), and optimal use of tools and features.

Marketers Should Analyze Their Data Sources

With many sophisticated solutions available, collecting data sounds simple. But in reality, it may be a multilayered and complex undertaking as various factors are in play. One key factor is where marketers get their data from. So, where is the data coming from? 

The study found that most respondents work with about 1-10 third-party data sources. Among them, 46% use 1-5 sources, while 32% use 5-10 sources. That said, more sources do not necessarily enhance the ability of a marketer to target the intended audience or enhance customer experience (CX). Marketers using over six third-party sources had 10% less targeting advantage and 13% less CX advantage. Hence, marketers using more data should analyze the sources to determine which is providing effective data, like intent data, to improve targeting and CX. 

According to the study, 75% also cited being aware of 1-10 internal first-party sources, while 20% have over ten.

Talking about intent data, companies have a favorable view of its value. Companies planning to increase using intent data over the next year are more confident about reaching their goals. In fact, among the group reporting more intent data usage in the next year, 90% are confident in succeeding.

Fully Integrated Martech Stack Boosts Confidence

Data orchestration is closely related to a company’s martech stack. An integrated martech stack that automates data flow is key to successful data orchestration. However, the study found that only 23% have fully integrated data that flows between systems without manual input. About 72% of marketers with fully integrated data witnessed more revenue growth last year than 53% of those not fully integrated. The correlation between integration and success is visible.

A fully integrated martech stack also improves confidence in the company’s data security and privacy posture. The study found that most marketers lacked confidence in their data security and privacy compliance. The confidence grew significantly for marketers with fully integrated data. About 72% of this group felt highly confident in their data security and privacy compliance. 

Despite these advantages, many companies still have a long way to go. According to 38% of respondents, getting their teams interested in a data orchestration improvement project is like herding cats.

Data Centralization Is the Top Priority for the Coming Year

Data has value only if marketers can use it to make sound decisions. Excellence in data utilization drives revenues. According to the study, only 46% of marketers believe they collect the correct data to make informed decisions. Only 43% say they can better segment and target audiences and enhance CX with the data they collect.

With these challenges, marketers are taking action. They have set certain priorities to improve data utilization in the coming year. The top priorities are data centralization/unification (43%) and developing a data strategy (43%), followed by adopting a data-first culture in the company (42%). Updating their tech stack is also a key priority (41%).

See more: Creating a Martech Stack That Supports Agile Marketing

Next Steps

Any successful marketing program relies on the ability to collect and orchestrate data. And in today’s information era, this is made possible by technology. As customer expectations evolve, marketers face several opportunities and challenges to meet the demand. Irrespective of where you are in your data journey, the insights from the survey reveal a few key steps that help you emulate other marketers’ successes while avoiding their pitfalls. 

Here are a few actions you can take in the next quarter:

1. Gain consensus from all the key stakeholders in your company and align with priorities regarding data. This reduces wasted efforts and ensures all stakeholders work towards the same goals.
2. Analyze your martech stack. Ask questions like “do we have the right tools to collect and orchestrate data” and “are the tools as integrated as they can be?” Answering such questions and taking corrective actions can help you achieve success.
3. Become a better steward of your data. Marketers with successful campaigns always take care of their data. Hence, establish good data hygiene practices. Marketers with normalized data can much more likely derive actionable insights from the data they collect.

These actions will boost your confidence in running more successful campaigns, meeting your goals, and achieving data security and privacy compliance in the coming year. 

How are you planning your data strategy and martech stack for the coming year? Let us know on FacebookOpens a new window , TwitterOpens a new window , and LinkedInOpens a new window .

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