Founder & CEO of 42DM, a B2B digital marketing agency for tech companies.
getty
In 2024, a year marked by global political tensions, economic uncertainties and increasing data regulation, B2B businesses face unprecedented challenges in capturing audience attention. The reality is that buyers are overwhelmed with an abundance of information aiming to highlight their problems. On the marketers' side, two major challenges arise: finding more relevant prospects to nurture as conversion rates do not increase, and ensuring precise data compliance amid evolving regulations.
To avoid presenting a generic list of challenges that may not be relevant to your company, I first want to share a case study. By the end of it, you should have a clearer understanding of the specific data issues you should address.
A Real-World Data Challenges Case
Let's dive into the story of a midsize U.S. tech company facing the twists and turns of B2B marketing in 2024. This company has a big list of contacts—about 100,000 across 50,000 companies. Most of this information (80%) comes from tools like ZoomInfo, and the rest (20%) is from online channels.
Here's where it gets tricky: Only 10% of these contacts have said yes to marketing messages, and another 10% have opted out. This highlights a big challenge: making sure people are okay with receiving marketing emails. The company uses HubSpot to keep track of most contacts and Salesforce for customer and deal information.
For finding new leads, the company uses LinkedIn Lead Gen Forms, runs remarketing ads and uses Leadfeeder to figure out which companies are visiting its website. It has a WordPress site that works well with HubSpot to help gather more leads.
The challenges?
• Sticking to privacy rules.
• Mixing data from different places.
• Keeping data clean and useful.
• Using its own data to create personalized marketing.
• Forming partnerships for more data.
• Handling consent properly across all marketing.
• Adjusting to life after third-party cookies.
• Personalizing marketing across different channels.
The Top 10 Marketing Data Challenges
Based on this case study and additional insights my agency gathered, here are the top 10 challenges faced by B2B businesses in managing marketing data. I've assessed both the level of risk if you don't address each challenge (and the potential consequences) and how likely you are to face each one.
1. Integration Of Multiple Data Sources
• Risk level: High. Poor integration can create data silos, inefficiencies and inaccuracies in customer insights.
• Likelihood: Moderate, depending on your tech stack's complexity.
• Solution: Use middleware or integration platform as a service (iPaaS) solutions for seamless data flow between HubSpot, Salesforce, LinkedIn, ZoomInfo, etc. Regularly check the integrity and consistency of integrated data.
2. Quality And Relevance Of Enriched Data
• Risk level: Moderate. Inaccurate or outdated data can skew decisions and diminish campaign effectiveness.
• Likelihood: Super high.
• Solution: Set up routine data cleaning and validation. Use AI and machine learning for dynamic data enrichment and validation to maintain high data quality.
3. Data Privacy Compliance
• Risk level: Critical. Noncompliance can lead to severe legal penalties, loss of customer trust and significant brand damage.
• Likelihood: Moderate, given the global increase in data protection regulations.
• Solution: Implement robust data governance policies, and regularly audit data practices for compliance with the General Data Protection Regulation, the California Consumer Privacy Act and other relevant privacy laws. Invest in consent management platforms and ensure clear opt-in mechanisms for data collection.
4. First-Party Data Use
• Risk level: High. Not leveraging first-party data fully can lead to missed opportunities for personalized marketing.
• Likelihood: Moderate. Many companies still aren't fully exploiting their first-party data.
• Solution: Develop a comprehensive strategy focused on collecting, analyzing and activating customer data for personalized marketing and experiences.
5. Second-Party Data Partnerships
• Risk level: Moderate. Ineffective partnerships can result in irrelevant data and privacy issues.
• Likelihood: Low to moderate, depending on partnership selection and management.
• Solution: Select and vet partners carefully. Establish clear data-sharing agreements that respect usage, privacy and compliance terms.
6. Consent Management For Multichannel Marketing
• Risk level: High. Poor consent management can cause privacy violations and customer dissatisfaction.
• Likelihood: High, due to increasing channels and touchpoints.
• Solution: Use a centralized consent management system that tracks preferences across all touchpoints, ensuring transparency and easy opt-outs.
7. Adapting To Third-Party Cookie Deprecation
• Risk level: Critical. By relying on third-party cookies, you risk being unprepared for the changing digital advertising landscape.
• Likelihood: High, as the deprecation timeline has already started.
• Solution: Focus on first-party and second-party data strategies. Explore alternatives like contextual advertising and privacy-preserving technologies.
8. Cross-Channel Personalization And Attribution
• Risk level: Moderate. Poor personalization and attribution can affect customer experience and ROI measurement.
• Likelihood: Moderate, given evolving marketing technologies.
• Solution: Use advanced analytics and customer data platforms for cross-channel personalization and accurate attribution.
9. Maintaining Data Security
• Risk level: Critical. Data breaches can have severe legal, financial and reputational impacts.
• Likelihood: Moderate to high, given increasing cyber threats.
• Solution: Implement strong cybersecurity measures, including encryption, access controls and regular audits. Comply with standards like ISO 27001.
10. Scaling Data Infrastructure
• Risk level: Moderate. Failing to scale can restrict growth and cause performance issues.
• Likelihood: Moderate, as data volumes and processing needs grow.
• Solution: Opt for scalable cloud-based solutions for data storage and processing. Periodically update your infrastructure to support growth and analytics.
By proactively addressing these challenges with strategic solutions, you can cultivate a resilient, compliant and effective data-driven marketing strategy, leveraging both technology and partnerships while adapting to the rapidly evolving digital marketing landscape.
For more insights, consider exploring resources from the Interactive Advertising Bureau, GDPR.eu or MarTech.org for the latest on data privacy, integration and digital marketing strategies.
In a world where data is king, navigating the sea of B2B marketing challenges requires a map and a compass. Understanding the risks and implementing effective solutions will safeguard your data and empower your marketing strategies, ensuring that your business not only survives but thrives in 2024 and beyond.
Forbes Agency Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?
