B2B Marketers know that understanding buyers is critical to fill the gap between initial purchase intent and lead conversion. Even with a growing technology stack and more resources available, some marketers can struggle to connect the dots. One of the primary reasons might be the lack of adequate supporting data that can help to provide additional insights on a Lead’s journey from engagement to purchase. Organizations might also lack an understanding of their brand’s position in the market, and general perception of their offering. This is where syndicated data can be a game changer for your organization.
Syndicated Data – A Must Have Tool in Marketer’s Back Pocket
Syndicated data is a compilation of buyer data spanning multiple personas, and firmographic criteria such as industry, employee size, location, etc. This data connects a buyer’s intent with demographic, technographic and firmographic details. Syndicated data is often updated weekly, and formatted to ingest into your systems. The combination of this third-party data with your own first-party data can help to paint a more accurate picture of your prospects and accounts. Many companies sell this type of syndicated data- Nielsen and IRI being two of the largest Consumer data organizations. B2B syndicated data is starting to provide lift for marketers as well. If you don’t have a syndicated data provider, maybe it’s time to start considering one.
Two Primary Advantages of Syndicated Data
Historically, organizations work to collect their own high-quality data, which requires a significant amount of investment- both in time and money. Formatting, cleansing, and associating all take significant energies, often at the expense of other Marketing activities that help to drive revenue. Syndicated data can become an effective replacement for some internal data collection efforts, offering more breadth and width for less cost. Since other organizations subscribe to the same data sets (or similar), you can split the cost of this process.
Syndicated data is clean and ready-to-use because of routinized systems and standard procedures to collect and update it. Data is a living and breathing organism, constantly needing updates and validations. With syndicated data, you rely on a partner to cleanse, upped, and validate for you, allowing you to focus on other efforts.
What’s Beneath the Surface of Syndicated Third-Party Data?
Syndicated data suppliers collect data regularly on a specific product or the purchasing behavior of a particular market segment. These data segments typically are not customized to meet any one company’s needs or solve specific buyer problems. Instead, they provides a standard, ongoing stream of data that marketers can ingest and then manipulate to fit their own organizations’ needs. This alows costs to remain low and formatting standardized.
This stockpile of data can be useless if you don’t know how to use it. Data insights and action requires some analytics, so make sure your organization is prepped to start ingesting this data before you start acquiring it.
Syndicated Data Analysis With AI
AI and machine learning elevates syndicated data analysis and allows for next steps within your organization. With these tools, you can gain comprehensive, actionable insights, and maybe can answer questions like:
- What is your brand’s reach?
- Are there missed opportunities for sales into a specific vertical?
- Which segments should your organization target next?
- How can we bridge the gap between engagement and closed deal?
- How are competitors performing?
Additionally, advanced algorithms can parse syndicated data sources to identify data points to feed into customer retention evaluation and NPS scores. They can help to illustrate the interactions between prospects and your brand, helping you to set broader marketing strategy.
Syndicated data provides context for understanding your brand within a larger market, then allowing your own Artificial Intelligence to help attribute success or areas for improvement. These in-depth insights allow businesses to set an action plan to increase engagement and their brand’s awareness.
Embrace Business Opportunities with Syndicated Data
The combination of syndicated data with your AI solution can help position your organization well in the market. Use it to understand your brand’s performance within the framework of your go-to-market industries and competitors and act accordingly. For more tips, read our other Blogs to help strengthen your position in the market.