B2B refers to a more personalized form of selling. Unlike B2C wherein you produce something for a broader target audience, B2B is more specific and involves tailoring offerings. An example can be a travel portal offering generic deals on airline tickets and a travel agency designing an airline deal based on its client’s travel preferences. The latter requires a detailed comprehension of the customer’s travel needs. It is possible through a process called B2B account profiling.
Also known as customer profiling, account profiling is a crucial process in B2B lead generation. It involves gathering and analyzing customer data across various aspects like purchasing behavior, trends, buying patterns, history, preferences, etc. It helps develop a more comprehensive understanding of the customer and stitch custom offerings.
However, the process of B2B customer profiling can involve challenges clouding a business’s understanding of its customers. Let’s look at some common ones and the potential solutions to overcome them.
5 Common B2B Account Profiling Challenges and Overcoming Them
Here are some common account profiling challenges B2B businesses usually face.
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Data Availability and Accuracy
Availability of data is fundamental to customer profiling. Often, B2B companies confront the limited availability of customer data in the public domain. In situations like these, they have to procure information from research companies at a cost. If they have the money, good. If not, it becomes difficult to gather comprehensive data.
On the other hand, even when abundant information is available, it may not always be accurate or updated. Thus, data availability and accuracy are both critical to draw the right inferences. Some potential solutions to these concerns include using multiple sources of information like social media, online research, and partnering with third-party data providers. Additionally, developing relationships with customers and harnessing the insights gained from regular interactions can also help build reliable and accurate data.
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Segment Size and Diversity
Another significant challenge involved in B2B account profiling is dealing with the customer segment size and diversity. Often, seemingly similar segments may have distinct requirements unique to the respective segments. Identifying them and categorizing them can prove challenging. Further, some segments may be broad, while some have limited needs. Hence, organizing them can also become daunting for marketers. Partnering with a business lead generation company with advanced analytics and data structuring capabilities can help deal with such situations.
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Complex Organizational Structures
Many B2B companies have an intricate organizational structure with multiple decision-making levels. Each of them can have a unique approach towards its needs. In situations like these, identifying the right contacts and catering to a broader set of audience within the same organization can be challenging. Regular interactions, identifying common requirements, and classifying unique needs to integrate them into the offerings can help marketers have a streamlined view.
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Evolving Needs
B2B customer needs are as dynamic as B2C ones. These change with time, requiring service and solution providers to align the solution with them. One of the most challenging tasks within this realm is keeping track of these needs and aligning the account profile with each. Companies can partner with B2B lead generation companies who can help them monitor these evolutions. They can also make the necessary profile adjustments so that they reflect them in the B2B offerings a company provides.
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Data Interpretation Differences
Every analyst has a unique way of interpreting particular data. While that gives companies different perspectives about the data, it can create confusion at the product design level. Having a professional B2B account profiling team can create uniformity of understanding by streamlining interpretations. It can also provide the next team clarity about the customer’s requirements.
Account profiling is a broad realm involving many different challenges. The above ones were a few generic ones. Specific ones may differ depending on the business, offerings, competition, and most importantly, the target audience.
Partner with DemandFluence, one of the leading B2B lead generation companies. Leverage our comprehensive assistance across various phases of lead generation, including B2B account profiling. Additionally, our advanced analytical capabilities, comprehension of various business domains, and experience across the lead-gen help us create a competitive edge for our clients.
Please email us at hi@demandfluence.com to explore more about our support.
