As every marketer knows, data is the key to a healthy demand generation strategy. What every marketer doesn’t know is how to properly leverage data for every marketing campaign. These days, it’s a total data overload — leading most marketers to become nearly numb anytime the word is even mentioned.
Of course, having huge amounts of data at your fingertips is never a bad thing; the problem is that many enterprises still simply don’t know what to do with all of it. And while data is at the heart of demand generation, it still somehow ends up getting pushed to the backburner.
Naturally, finding new audiences is the first step necessary to scale up your marketing plans — but this can’t be done without new data. Unfortunately, too many companies limit their marketing to their current databases without taking the time to reassess them every once in a while — which forces them to miss out on thousands of potential new customers. To avoid this blunder, CMOs must start reassessing their addressable markets to find more success.
Here’s how to start reaching more people inside of your addressable markets and accounts that are forecasting growth:
Reevaluate the sources of your addressable market
By now, we’re all well-aware that email has become extremely oversaturated. Not to mention the obstacles that keep coming: Spam filters, regulatory changes, data security, and privacy laws are all making it more difficult by the day to reach your audience.
That’s not to say email isn’t still an incredibly important marketing channel — it remains a key aspect of any good data strategy. Even today, marketing emails still earn an average of $44 per dollar spent. However, with so many business and social networks now at our fingertips, marketers must look beyond email if they want to expand their markets.
First, you’ll want to sit down and reevaluate the job titles you’re using. How can they be expanded? Think of every possible variation of the title that you can imagine and keep them.
Second, you’ll want to consider the sources you use. Think outside the box: After all, data-rich business networks are now one of the most valuable places to use as sales engagement tools for a successful omnichannel marketing strategy.
Once you have your whiteboard full of new source and title ideas, it’s time to move on to the next step: automation.
Using automation to understand your industry-specific addressable market
After you’ve reevaluated your titles and sources, it’s time to use an automation tool to find how many people are in that specific market. Using a tool like this, in just a few moments you can go from believing there are only six thousand people from one segment of one title, to doubling that addressable market. All it takes is simply adding new sources, widely varying your title selection, and including new regions.
Expanding an addressable market used to take tons of research and piecing together, but new automation tools and processes can now help any company get a very detailed understanding of their addressable market within hours or even minutes. It starts with combining new sources such as LinkedIn and other social networks with a tool that can automate the entire process of expanding your market.
For example, marketers often use business networks as a database source we plug into, refer to daily on calls with clients, and use to find up-to-date job information for our B2B contacts. These networks are like walled gardens – they show you just enough to keep you there. The beauty of them is that they’re both a contact data source and a place to network — offering the ease to get somewhere quickly, but not a full CRM on its own.
The best way to leverage that information is with an external data automation tool. While these business networks are a great starting point to understand your total market size, you still need to leverage external tools and processes to complete your database. This is why you need something truly special to help you paint the full picture of your addressable market — which is where Market ID comes in.
Introducing Market ID
There’s a simple way to achieve all of these steps with ease. It’s called Market ID, and it’s the newest data tool from Demand Frontier. It works by leveraging the world’s largest business networks to assess the size of your total addressable market, allowing you to compare existing data and find new audiences.
Market ID helps enterprises:
- Save your marketing and sales teams countless hours of manual work
- Keep a finger on the pulse of the total size of opportunity available in your market at any given time
- Save time on scaling by providing an accurate, high-level picture from the start
Market ID is a simple, powerful, and effective way to identify your total market with accuracy and build datasets, then supplement them with social media tags, phone numbers, and more to create the highest-quality database you’ve ever had.
To find out more, request your custom Addressable Market Assessment today!
