WHITE PAPER
21st Century Business Tools:
Increase Impact without
Stretching Your Budget.
Trying to find a little extra money in your budget can feel
a lot like trying to squeeze a few extra items into your
overstuffed suitcase. You have two options: replace one
item with something more important or stuff everything
you consider a “must-have” and risk paying for your
overweight luggage.
Sound familiar?
The truth is that today’s C-level executives are kneedeep in a corporate environment that demands ROI
and profitability while still asking for consolidation
and budget slashing. As a result, chief executives are
racing against the clock to keep business moving, often
asking their employees to don multiple hats and log
longer hours to achieve this. This seldom leaves room
for discussion about how to make smarter investments,
streamline workflows, and prioritise initiatives. In fact,
the most common barriers that prevent companies
from committing to better marketing practices—
according to 890 digital marketers surveyed in the
Cross-Channel Marketing Report conducted by
Econsultancy and Responsys1 —are a lack of resources
(22%) and no clearly defined strategy (19%).
“The volume, variety, and velocity of
information continues to expand at an
exponential rate”
Today’s companies face a very pressing dilemma: how
to deepen their benches without breaking the bank.
Fortunately, 21st century business tools enable companies
to maintain a strong marketing presence and competitive
business strategy without making a sizeable dent in their
wallets.
In the subsequent pages, we will explore how modern
companies can add a whole new set of players to their
rosters while keeping their CAPEX and OPEX spending in
check.
Using What’s Right in Front of You—
Big Data
Any marketer or salesperson knows that phrases such
as “marketing automation,” “CRM platform,” and “sales
intelligence” have become a part of our vernacular,
but no phrase has made more of a dent in corporate
vocabulary than “big data.”
Big data refers to the surge of information created by
traditional and digital sources. However, just because
businesses generate a great amount of data on their own
doesn’t mean that such information is always complete,
accessible, or easy to sift through.
“Traditionally, big data describes data that’s too large
for existing systems to process,” Ken Wincko, D&B Vice
President of Global Product Solutions, said2 . “And to
a certain extent that is true. We can all agree that the
volume, variety, and velocity of information continues to
expand at an exponential rate, and the speed at which
it is being distributed is also accelerating. These are the
characteristics I would use to define big data.”
However, companies that centre their marketing and
sales decisions on big data improve their marketing ROI
by 15 to 20%, according to McKinsey3 . This adds up to
$150 to $200 billion of additional value based on global
annual marketing spend of an estimated $1 trillion. With
so much money to leave on the table, the challenge now
becomes getting to the bottom of your big data.
The Big Data Problem
While data is readily available, not all of it will help
companies make better informed decisions. In fact,
many forms of data can be plagued with holes,
inaccessible, or outdated. Without the right tools in
place, big data is difficult to interpret.
The right analytics and data cleansing tools, however, will
perform routine tests to ensure that all email addresses,
http://responsys.com/land/download-cross-channel-marketing-report-2013
http://www.techrepublic.com/blog/big-data-analytics/experts-answer-five-critical-big-data-questions/383/?tag=content%3Bblog-door-river
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http://www.mckinsey.com/client_service/marketing_and_sales/latest_thinking/big_data_analytics_and_the_future_of_marketing_and_sales
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phone numbers, and executive titles are up-to-date.
Moreover, these tools can improve data quality by checking
for inconsistencies and gaps; cleansing, matching, and
appending basic data points; and removing out-of-business
and duplicate records.
“Big data is more than just a headline,” says Paul Ballew,
D&B’s Chief Data and Analytics Officer4 . “It is a situation
by which you have to make the right decisions and take
the right actions to fully harness it. Properly structured
companies can execute successful strategies to turn data
into insight and insight into action.”
Why Automation is the Answer
Simply put, automation technologies allow chief
executives to get more out of their employees by
automating mundane tasks that can eat up time. In other
words, the ROI that is derived from your CAPEX/OPEX
spending can increase tremendously, even with your
team taking on more responsibilities.
Automation technologies can support a number of
functions such as email blasts, social media updates, and
How Do You Use Big Data?
As a C-level executive knee-deep in a pool of numbers, the question becomes how you can
derive real value from such metrics. This process begins by considering the following:
1.Have a Single Source of Data: Most companies
struggle with data that lives in disparate systems.
For example, marketing operates its own set of
data along with sales, finance, legal, and operations
departments. Before companies can really obtain
value from big data, they must clean up and
aggregate data in order to improve the quality of
the information before they mine other sources.
business intelligence and analytical teams with
sifting through the data in order to get the insight
that makes data more actionable.
2.Focus on the Right Numbers: Each department
will have different numbers it needs to absorb.
For example, marketers might be concerned with
metrics associated with a new campaign, while the
sales department needs to be centered upon closing
ratios. Each department should focus on its piece of
the puzzle, conclude whether the figures prove that
the latest venture drove ROI, and determine how
those specific numbers fit into the bigger company
picture.
4.Hear through the Noise: There is a lot of noise
surrounding big data, which makes it difficult to
successfully implement effective strategies. In fact,
according to Teradata’s 2013 Data Driven Marketing
Survey5 , which compiled responses from over 2,200
marketers across the world, 40% of marketers grade
their department with a C or lower when it comes
to using data to drive marketing efforts. Your job
is to hear amongst the noise and figure out what
the data is telling you. Does it corroborate that your
customers are happy with your current promotions
and incentives? Does it reveal that you fall short
when compared to your competitors? Or does it
encourage you to think of your value proposition in
a brand new light?
3. Go Beyond What You Already Know: Understanding
trends is an essential part of reporting to ensure
that your campaigns are working and delivering
positive results. But don’t get too bogged down
with what you already know. Instead, task your
With a surplus of data being produced by companies
daily, the need for centralized management and
automation tools has never been greater. In fact,
automation is quickly enabling companies to get a
handle on the big data boom.
http://www.dnb.com/lc/sales-marketing-education.html#.UthL7NKwLYh
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http://www.teradata.com/Teradata-Applications/Capabilities/Data-Driven-Marketing/
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sales interactions, among other things. In so doing, your
team can focus on building out scalable programs and
increasing efficiencies. Today, your teams can benefit
from the world of automation since there are so many
tools on the market to streamline processes, automate
tedious tasks, and heighten efficiencies.
These types of solutions allow you to be smarter at
managing your data by simplifying a variety of business
processes such as lead generation and nurturing. The
right software can automatically track the progress and
interaction of each and every lead, assess how many
times you have communicated about a specific campaign,
and automate your email marketing to allow your team
to be more focused on creating compelling messages and
less on figuring out when to hit “send.”
The right automation tools are
intrinsically linked to profitability and
can help grow even the most pennypinching companies.
The Numbers Don’t Lie
Robust automation tools have quickly become an extension
of the marketing and sales departments because being
able to automate certain processes brings peace of mind
to your workers. In fact, after the initial setup, compressive
automation software can run without daily management,
freeing up your team to enhance business strategy and
analyse results.
Just consider the following statistics6:
• T
he number of B2B organizations expected to use
marketing automation software will increase 50% by
2015, according to SiriusDecisions
• 8
1% of best-in-class companies say the number one
reason for wanting automated sales platforms is to
close deals more quickly
• B
usinesses that embrace marketing automation as part
of their lead nurturing campaigns experience a 451%
increase in qualified leads
• B
usinesses that use marketing automation to support
their chief business processes enjoyed a 417% rise
in revenue
At the end of the day, the proof is in the numbers.
The right automation tools are intrinsically linked to
profitability and can help grow even the most pennypinching companies.
So what other avenues are budget-conscious companies
exploring? They are casting an eye toward virtual
technologies, which help derive more value from existing
resources without crippling the bottom line.
Take it Virtual
The fact is that business travellers in the United States
are expected to spend about $290 billion on the road
and in the skies in 2014, representing a 6.6% increase
over last year7 . Of that, $124.5 billion will be spent
on group travel, such as meetings and conventions,
conferences, and incentive trips. Simply put, the travel
budget is killing companies.
Business travel can eat up a significant chunk of the
corporate budget, from airfare, accommodations, meals,
and other expenses. Moreover, there is no guarantee that
the expenses put forward will yield ROI. For example, if
you invest considerably to attend a trade show, there’s
no way to predict just how many deals you will close
from attending. At the end of the day, corporate travel
can be a big risk with little reward.
Fortunately, newer technologies like video and audio
conferencing, screen sharing, and live chat have enabled
companies to virtually travel the world without purchasing
a plane ticket.
http://www.comparebusinessproducts.com/fyi/marketing-automation-numbers
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http://www.gbta.org/foundation/pressreleases/Pages/rls_011514.aspx
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A Brave New World
Cutting-edge companies are investing in virtual and
multi-channel technologies to help expand their reach
and the power of their marketing and sales departments.
These technologies open the door for companies
to seamlessly and cost-efficiently interact with key
stakeholders who are miles away. Let’s take a look at
some of the top use cases for such technologies:
1. Prospective sales meetings: Instead of sending your
sales reps from coast-to-coast or overseas—or
having to build multiple offices—your company
can allow sales reps to engage with clients at any
distance. From hosting kick-off calls through a video
conference to using screen sharing solutions to go
over sales proposals, your team can simulate the inperson meeting experience in a matter of seconds.
2. Virtual events: To host an on-site event, your
team has to incur substantial brick-and-mortar
The Social Revolution
While virtual technologies have gone a long way in
helping companies curb travel costs, social media has
also played an integral role in bridging geographical
separations. Specifically, companies today no longer
have to attend industry trade shows or hire the
right subject matter experts to keep up with trends
and remain competitive; they simply have to start
prowling the social media feeds.
“If you want to create messages that resonate with your
audience, you need to know what they care about…
Increasingly, we’re seeing companies use data from
public social media to guide their messaging,” explains
Nate Elliot, VP Principal Analyst at Forrester8 .
expenses, along with the costs associated with
lodging, food, and travel. But thanks to the
advent of conferencing technologies, more
companies are hosting virtual events. These types
of gatherings not only give you the chance to
spread the word about your core competencies
and expand your marketing reach, but they also
let you do so without aggravating your budget.
3. Demos and Training: Rather than boarding a plane
or hitting the road to demo a product in person,
today’s companies can rely on the use of video
solutions in order to demonstrate offerings in
a cost-effective manner. Moreover, video has
become integral for internal training purposes.
Managers can load a variety of videos into their
database, which new recruits can view at any time
in order to facilitate and streamline their training.
Social media platforms—including Twitter, Facebook,
Google+, and LinkedIn—allow your team to collect
relevant information about the market, their customers,
and their competitors instantly. There’s a reason
why so many businesses are flocking to social media
platforms. Just consider the following statistics about B2B
companies9:
• 53% of companies found a customer through LinkedIn
• 38% of companies found a customer through Facebook
• 31% of companies found a customer through Twitter
Not only can social media serve as your newest sales
force member, but it can also give you insight into
how consumers feel and what resonates with them
collectively, as well as individually.
http://www.slideshare.net/TrueLens/top-10-marketing-big-data-quotes-e-book
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http://blog.hubspot.com/marketing/where-do-marketers-get-customers
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Three Tips for Effectively Using Social Media
With new social platforms creeping up each day—and
each having its own set of phrases and rules—it can
be daunting to navigate the rough social seas. Here are
three tips for how you can use social media to grow
your business without expending your budget:
1. Interact with SMEs: It can be costly to bring a
senior-level subject matter expert on staff, but
sometimes you need that perspective. Today’s
businesses can comb the social media feeds and
engage directly with well-respected industry
juggernauts. Especially on platforms like LinkedIn,
it’s expected that individuals will solicit help from
total strangers. Social media has enabled today’s
businesses to benefit from the expertise of others
and, perhaps more importantly, expand their
corporate reach and professional connections.
These platforms can be used to find vendors and
partners, as well as SMEs.
2. Ensure customer happiness: Today’s customer
is more expectant and challenging than ever.
Therefore, a quick way to gain consumer insight
without breaking the bank is to enlist the
help of satisfaction survey solutions designed
to give insight into the customer experience.
In addition, companies can boast live chat
functionality on their websites, allowing key
stakeholders to interact with brands across a
social channel in real time.
3. Keep tabs on competitors: To maintain your
leading market edge, it’s critical to keep tabs on
your competitors’ moves. Social media is a great
opportunity to see firsthand how your competitors
talk, interact with clients, and spread the word
about new offerings. Have your existing team
follow your competitors on all of their social
accounts, taking note of what they do well and the
loopholes that your company can fill.
Bringing it All Together with Market
Research
With so many new technologies available—from
big data to automation to social platforms—there is
much companies can do internally to make smarter
decisions and increase efficiencies. But the final
part of the equation involves looking externally
for sources that can provide additional insight and
enhance existing databases. And it all concludes
with market research.
Fortunately there are third party research and
data services to enhance your account knowledge
and generate ROI by gaining unprecedented
insight into your market, key competitors, and
prospective stakeholders.
Generate qualitative data by
introducing surveys, interviews, polls,
and questionnaires.
Get to Know Your Customers
To glean insight into the purchasing behaviours, current
budgets, and preferences of the companies you wish to
target, begin by researching as much information on
them as possible. This includes a look at their financials,
leading executives, social media chatter, recent press
releases, and industry coverage, among other things.
An effective way to obtain valuable information
involves the use of primary research. Generate
qualitative data by introducing surveys, interviews,
polls, and questionnaires, or find time to set up a focus
group. Focus groups, for example, give your company
the chance to interact intimately with a small group of
key prospects and gauge their sentiments toward your
brand, product offerings, and overall place in the market.
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In addition, more companies are conducting usability
testing, designed to evaluate the effectiveness of a
product by testing it on users. There are a plethora of
cost-effective platforms that allow you to watch people
in your target audience as they interact in real-time
with your website or product offerings.
The Inside Scoop on Your Competitors
Instead of hiring a dedicated analyst to scope out the
market—including sizing up your competitors and
identifying opportunities for your company—your
business can leverage the fact that your competitors
are more transparent than ever before. For instance, a
simple visit to your competitor’s blog, a download of
their whitepapers, a trip to one of their trade shows, or
a scroll through their investor slide deck will equip you
with just the right amount of information needed to
figure out how you will differentiate yourself.
To save time your company can also take advantage
of research conducted by other organizations, like
third party research and data services such as
Hoover’s. By equipping companies with detailed
information on financials, history, competitors,
breaking news and more, Hoover’s helps its
clients emerge as trusted advisors who are wellinformed of the business environments of their
prospective customers.
Ready to Board the Plane?
Twenty-first century technologies help you squeeze
a little bit more room into the suitcase without
breaking the zipper, allowing you to have a whole
new set of tools at your disposal. From employing
the use of market research, automation technologies
and big data, there are an infinite number of cuttingedge solutions that companies can bring into their
strategies.
While it’s true that technology has completely
changed the way in which we do business, bringing
heightened efficiency, enhanced productivity, and
streamlined processes to companies of all sizes.
Perhaps more importantly, it’s allowed you to make
your departments more robust without seeing your
wallet stretch.
In the past, maintaining a robust marketing presence
and competitive edge could burn a hole right through
your budget. But today, having the right technologies
and solutions in place can deepen your bench and take
your business to new heights. So the question is, are
you ready for takeoff?
This type of secondary research provides both
general and detailed market data, which can help in
the process of identifying new business prospects
and assess potential growth opportunities.
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About Dun & Bradstreet® (D&B)
The Dun & Bradstreet Corporation is the world’s leading source of commercial data, analytics and insight on businesses. Our global commercial database contains more than
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