By Ariel Geifman
First Published on www.imediaconnection.com
While everybody buys toothpaste, and so many of us fly, drink sodas and buy car insurance, I never had to buy project management software or a computer backup system and I don’t get excited by servers with 99.9% reliability. I am simply not the right kind of audience for these products and services. Still, I often stumble across these ads and promotions which have absolutely zero chance of influencing any purchasing decision.
This needs to stop.
B2B advertisers need to stop wasting their money on an irrelevant audience. Companies need to work harder and leverage technology to reach their audience more effectively and stop the spray and pray approach that is so wasteful. Why isn’t it happening right now? There are two challenges that business marketers need to solve to generate more relevant marketing.
Find the audience. Buyer personas are a nice and important exercise, but I mean something deeper. Finding your audience is naming all of the companies, decision makers and influencers in the world that are relevant for your product. This can range from several hundreds of names for very specialized industry verticals to hundreds of thousands of names for more general widespread products.
Sound like science fiction?
The huge quantity of online data enables companies to find out who is relevant for them and map their entire relevant market. Big Data and Data Mining algorithms crawl the entire web, make sense of the unstructured data, and discover every company out there that is relevant for marketers.
Score the audience: I am going to buy a car at some point in the next five years. Right now, I am quite happy with my car though, so I am probably not a great candidate for car dealers to call on. How can you know when I am going to be in the market for a new car?
Data mining algorithms can, for example, find out who is more likely to buy a car in the next few months by analyzing huge quantities of data, such as the age of the car, income, number of visits to the mechanic etc.
Data mining can also predict which companies are most likely to change their CRM system, buy new accounting software or need consulting services. At Mintigo, we use an approach of “Learning by Example.” by analyzing a sample of customers that did buy a product we can predict who else out there has a high likelihood for a purchase.
Big data and data mining is taking what search advertising did for B2B marketing and making it much more powerful. One of the advantages of search advertising is the ability to find those who would like to buy your product right now. However, it is limited to only to those who actively conduct a search. Data mining algorithms can find everyone whether they actively search or not.
Don't throw money away on random audiences. With algorithms, you can discover need and proactively find your next clients, making sure that your advertising and email marketing is always effective and warmly received.