Using Data, Analytics, Segmentation, and Personalization to Drive Marketing Strategy

/ / Data Science, Marketing

Edited by Carol Huang, Lin Ding

Speaker: Jessica Lyn Zall (LinkedIn Profile)

Jessica Lyn Zall is a Performance-driven C-level marketing, strategy and business development leader with over 18 years of experience developing and managing comprehensive marketing and investment service initiatives. She teams with industry-leading investment management and financial technology firms including Thomson Reuters, J.P. Morgan, Envestnet, BNP Paribas, and Fidelity.

During her time as a Global Head of Marketing Strategy at Refinitiv (the former financial and risk business of Thomson Reuters), Jessica worked very closely with another group called Customer Insight Analytics (CIA) when she learned a ton about data and analytics. She witnessed how much data and analytics really drives the marketing strategy for the firm.


In this article, you will read about Jessica’s experience on how to use data, analytics, segmentation, and personalization to drive marketing strategy.
        ●  How data-driven marketing optimizes the brand and product communications based on customer information to predict their needs, desires, and future behaviors;
        ● How data-driven insight helps develop personalized marketing strategies for the highest possible return on investment (ROI).





B2C vs B2B Marketing


B2C is business to consumer, and that targets the needs, interests, and challenges of the individuals who were buying for themselves.

B2B is business to business. In B2B marketing, you are targeting the needs, the interests, and the challenges of the individuals, the role, and personas of people who purchased for their company. In essence, the company is a real customer.


FAQs to know your customers


        ●  What keeps them up at night?
        ●  What are their pain points?
        ●  How do they work?
        ●  What do they want?
        ●  What do they need to be successful?
        ●  What are they driven by?



B2C vs B2B Customers: 4 Differences Every Marketer Should Know


You won’t be able to have an effective marketing strategy without knowing your customer. Besides, effective tactic data is instrumental. Just like content is king to effective marketing tactics, data is king to effective marketing strategies.

Here is a cheat sheet to help you understand B2C and B2B customers:

1. Buyer motivation


For B2C customers, they are seeking deals and a kind of entertainment. Oftentimes the marketing campaigns are designed to be a lot more fun. Many appealing B2C advertisements and email drips are driven by emotion.


Converse Ad Copy

Starbucks Ad Copy

However, for B2B customers, the marketing campaign is a little bit toned down, which is not as fun and quirky as B2C. Advertisements and promotions are driven by logic and financial incentives.

For example, when you work for a software company, you are selling the product to a legal firm or an accounting firm as a software vendor. The people who you talk to, they always focus on return on investment, efficiency of your product, and your expertise.


FocusKPI Promotion Copy

2. Education efforts


B2C customers don’t always need the education to make a purchase. Instead, they make purchases directly.

But for B2B customers, they usually need a salesperson as they want to be educated. They are looking for education on what’s going on in the industry, the trends, the challenges, the solution, and how have their peers solved similar problems and been successful.

3. Purchase behaviors


B2C customers are direct buyers who don’t need a salesperson.

B2B customers are used to working with account managers or sales people. They can be a buyer or a user of the product. They can also be an influencer.

4. Customer loyalty


B2C customers are not always long term buyers.

While B2B customers are more contracts oriented. They have many longer-term sales cycles, much longer-term relationships. It is very corporate-focused, especially on the financial services and the FinTech side.




What Is A Marketing Strategy?


Before going into marketing strategy in depth, you may want to first figure out the concept.

In general, marketing strategy is the overall game plan of 3 steps:
        1. Reaching prospective customers
        2. Converting prospects into loyal customers
        3. Retaining customers


What does a marketing strategy contain?


        ●  Value proposition of the company
        ●  Brand messaging
        ●  Data of current customers and prospects
                ○ information about customer personas and behaviors
                ○ the best ways that customers interact with you
                ○ customer buyer journey
                ○ customer experience
        ●  Insights on the market
                ○ themes in the market
                ○ trends in the market
        ●  Business Goals & KPIs
                ○ what can marketing contribute to those business goals
                ○ how to measure KPIs




Design An Informed Marketing Strategy


In today’s world, marketing budgets are often under constant scrutiny. Because a lot of people have seen marketing as a cost center and not a revenue generator, especially on the B2B side.

This is very much changing with more and more companies, as enterprise SaaS based companies are launching technology and the way that people consume information.

Now, marketing has a much bigger seat at the table instead of just branding, messaging events, etc. They are very much involved in the B2B perspective, in the sales funnel and in driving qualified leads.

In times of uncertainty, marketing budgets face more scrutiny. You want to make sure that you are utilizing your budget as best as possible, and are continuously advocating and justifying your budget for future years.

To achieve that, you need to have the ability to make very informed data-driven decisions on your strategy, and constantly readjust it based on the performance of your strategy and those tactics throughout the year.




Get Effective Marketing Data


A lot of successful brands today depend on data-driven consumer and market insights. It sheds light on your overall brand health. It also works as a source of data regarding the market perceive of your brand, which helps inform marketing and product strategies to understand the customers and prospects, as well as monitor the competition and ultimately grow the revenue.

According to Forrester Research, 67% of brands that scored high on their insights-driven business maturity experienced 10% or higher revenue than the competition.


Having good data and using data-driven strategies can increase your revenue because you’re not saturating the market with a bunch of nonsense. Instead, you are targeting the right people at the right time. Also, you know what tipped people over the scale to move from a cold lead to a warm lead and to a hot lead, or to the various stages of the sales funnel.


A case study at Refinitiv


When Jessica was at Refinitiv, one of the businesses her team ran was for trading.The people that they were talking to at that time are the heads of trading, heads of prime brokerage traders who are often glued to about five different screens. They work seriously from 9 am to 4:30 pm, studying before and after what’s going on in the market. They sit on so much data in terms of their existing clients.

What they tried to get is as clean of data as possible. In their CRM, they took a couple of years to clean out their Salesforce because a lot of the data in there was a mess.

Garbage in, garbage out

They had a very large marketing technology stack that included social media sentiment and monitoring. That was used to understand prospects and customers coming from which country, their IP address, so they can get into action, fill in a little bit of information, and continuously capture that and build that up.

Marrying all of that process and data that they gathered from different sources enables the team to generate leads and social media events.

Apart from in-house data, they also bought a lot of market data regarding the companies and roles that they were targeting and having business with. Jessica worked closely with a marketing company that focused on making sure that they have robust data.

At Refinitiv, Jessica wanted to pull a list to go after small to medium-sized hedge funds. With the data that they would have penned in their system. For example, If they want a range of assets under management from 50 thousand to 5 million, they can ask the marketing company to pull all of the firms that have that information, all of the firms that have this role, all the firms that focus on these products.


How to get insights after obtaining a huge amount of data of B2B customers?



        ● Make sure that you are sitting on clean and robust data, which tells you as much as possible about your current clients. That data will affect cross-sell, upsell and client retention.

        ● Make sure that your internal system in-house data is well populated, as much as possible from a CRM system such as Salesforce and Hubspot.

        ● Marry your marketing technology stack or automation platform such as Tableau, Google Analytics, MailChimp with the in-house customer data in your CRM, as well as appending data.


Optimize Strategies with Data


Data & analytics should be involved in every stage of the marketing process, and throughout every stage of the marketing, funnel to see what’s working and adjust as needed.


How can data help drive your marketing strategy?
        ● optimize campaigns
        ● help reduce costs to maximize your return on investment
        ● help prevent errors from clean data
        ● help anticipate market needs
        ● improve customer experience
        ● meet audience needs through strategic shifts and setting

The marketing strategies for the year were driven by three things
        1. Overall corporate/company strategy is set and agreed upon, which includes the revenue goals that you want to make right or you want to meet.
        2. The product line strategy is set in the agreement.
        3. The data and analytics, the insights of what’s going on in the market, what your consumers are doing, what your whitespace availability is, what your you know, cross-sell, upsell opportunity is, what your database looks like.


A case study at Refinitiv


What a marketing strategy is done as a silo, and without any of that it is not going to be effective. They had very effective and highly measured strategies at Refinitiv, that yielded about a 20% increase in revenue.


How did they achieve that?


At Refinitiv, they were constantly launching new products that were repetitive as well.

The marketing company mentioned above was a part of that process with the product of the business line. Before they actually did anything from a marketing perspective, they needed to really understand what that opportunity was, from a white space, a cross-sell and upsell opportunity, what other launches look like, what other companies were doing, and heavy insights into competitive intelligence.

Evaluation is another important player in the game. You have to meet your concrete goals and measure the KPIs in order to make sure that things are working and justify your future budgets.





The Premise of Segmentation: Clean and Robust Data


Segmentation is really breaking down the customer base into small subsets of individuals and roles that have common needs and priorities because you don’t want to send blanket messages to people, you want it to be the right message to the right person at the right time.


Why is segmentation important?


Personalized content experience is much more effective than traditional marketing in terms of knowing your customer.

Again, there was another statistic from one of the email platforms that basically said, when you do blanket marketing, it is not very effective. But when you actually start to segment it, you give different messages to different people. Even if it is for the same product, everybody may use it in a different way.

In the case of an email campaign from Jessica’s experience at Refinitiv, segmentation can yield about a 760% increase in revenue.

What segmentation helps is that you deliver the relevant brand message to the right audience, simplify the engagement process, and for a more client-centric approach.

The sales team also wants to know as much as possible about that audience, what was the message, what is their background, so the more that you can provide the sales, the easier it will be for them to take that on sales and customer journey.


Marketing technology is the New King



After having the right data, the right team in place that understands how to interpret and manage that data, and senior management who value the data and understand that the data drives business, it is instrumental to have the right technology stack in place to be able to manage and optimize that data.






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