Getting to know your target audience goes so much further than simply defining their demographic. Digging deep can extend the value chain by uncovering where else the opportunities are, and for existing accounts, what new potential areas there are to sell into. “Businesses in all industries need to take a fresh look at their assets, including customer relationships and market data, and consider whether there are new ways to make money from them” – McKinsey & Company.
But with marketing software spending projected to reach $32B+ by 2018, is technology the be-all and end-all when it comes to discovering all you need to know about your audience?
The Impact of Account Profiling
Deep-dive profiling enables you to connect the dots between areas that you might not have thought about selling into; using insight to leverage open discussion with wider parts of the organisation. More and more businesses are realising the value in this kind of activity, and that spending the time and effort can reveal how to:
- Communicate; when to reach out, and the most effective methods to use
- Refine your product or service offering to better meet your customers needs
- Develop and maintain strong relationships, less vulnerable to the competition
- Analyse market areas or neighbourhoods to understand your penetration rates
- Target marketing campaigns to those most likely to purchase
- Improve response rates and ROI with messaging that has specific appeal
Along with the rise in pressure on marketers to produce much more in-depth analytics, comes an advancement in technology solutions to support this demand. The martech (marketing technology) landscape is in full bloom, experiencing an average annual growth of 170%, increasing from 100 companies in 2011, to nearly 2000 in 2015. And, when it comes to ABM (account based marketing), it is reportedly the most important element to ensure success. It seems to have replaced marketing automation as the new kid on the block, and the answer to every marketers problems. One box to solve all issues.
Sourcing a tool that helps you work more efficiently and simplify your ever-expanding to-do list does makes sense. And, having good martech in place to help you do this is very important. However, in the same way you wouldn’t rely solely on marketing automation to manage your entire lead generation cycle, you shouldn’t depend entirely on martech to find out everything you need to know about your target audience.
The Limitations of Martech
Our point is, when it comes to learning what you don’t already know, human intervention is still essential. As experts in account profiling, we know that the level of detail we acquire cannot be matched by any technology. For example, determining where the gaps are, what information you don’t have, what’s meaningful to you and what’s not; using years of expertise and consulting experience to be able to find new answers, meaningful, actionable insights that are specific and particular to your needs – martech is simply just not there yet.
Whilst there is an awful lot of hype around ABM solutions, the fact remains the same; martech can serve only as aggregators of the information you already have. At best this kind of technology can provide a limited amount of information, and even then how do you propose this is possible? Because of human sentience! We guarantee it will be people-power peddling the backend, determining what’s good information and what’s not.
Technology And The Human Touch
Ultimately, these kind of tech tools all have one specific aim; to scale your marketing efforts in order to increase demand generation. Our recommendation is not to depend on the technology alone – but to use it to do do the leg work, whilst at the same time adding that high quality detail that only the human touch can provide.
To get results beyond the limitations of automation, feel free to contact us today.
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