The Importance of Customer Data Marketing for Modern Marketers

Marketing professionals need to have a strong grip on data. These uncertain times have inspired marketers to rely less on qualitative insights and more on data-driven insights. 

This is what my guest realized during 2020. Paul Cowan, CMO at FreshBooks, joins me in this episode of the Modern Marketing Engine podcast to talk about why they are doubling down on customer data marketing in 2021.

FreshBooks serves mainly the small business owner segment with easy-to-use accounting software. As many organizations, the pandemic affected their business initially but it then bounced back and they started to experience growth in 2020.

So, they decided to invest in a direct sales force, target international markets and focus on demand generation to accelerate growth.

Join our conversation to discover how you can use customer data in your own marketing organization.

Leveraging Customer Data Marketing

Paul says that after 15 years of operations, FreshBooks realized they were sitting on a lot of data they had not previously leveraged. For instance, they had a tremendous amount of invoice and expense data within the SMB universe ― 15 years of historical data on how small businesses have either created revenue or spent their money. 

For example, looking at the data, they discovered some interesting trends and published a report on the impact that Covid had on women business owners and how it took them longer to recover than their male counterparts in many different industries.

“When we talk about the opportunity in data marketing,” Paul says, “we're sitting on this huge resource to be able to turn that to our customers or to prospects in the industry in general and say hey, here's how your business should be performing, here are all the historical norms that you should be expecting your business to do.” 

Besides reports on specific trends, FreshBooks has created gated microsites with specific information related to particular verticals and industries.

“People can go through and see how their vertical looks, how it has changed and be able to drive insights into their business so it helps them with their planning and then eventually, we all assume that it's going to then help drive activity back to us and convert through the funnel.”

This focus on content marketing using data has been driving leads for FreshBooks. Furthermore, data on their engagement with the content brings even more insights on their customers that then they can use to improve their marketing efforts.

“The cool thing is that it's like this virtuous data circle where it all started with knowing something about our customer and then bringing other people in and then progressively knowing more about them because they engage with customer data. We'll bring them all through and then at the end of it all it helps us improve our overall funnel efficacy and in our conversion rates overall.”

We also discussed the dynamics of the current marketing team and why it is important for marketers to understand data analytics and the sales process. 

Listen to this episode to learn more about how FreshBooks is using customer data to improve marketing and how they incorporate the feedback from their sales teams.