645: 3 Benefits of Tracking the B2B Buyer's Journey w// Anudit Vikram

ABOUT THIS EPISODE

In this episode we talk to Anudit Vikram, Sr. Vice President at Dun & Bradstreet.

LinkedIn: https://www.linkedin.com/in/anudit/

... company. So what if you could reverse engineer these relationships at a moment's notice, start a podcast, invite potential referral partners to be guests on your show and grow your referral network faster than ever? Learn more at Sweet Phish Mediacom you're listening to the be tob growth show, a podcast dedicated to helping be to be executives achieve explosive growth. Whether you're looking for techniques and strategies or tools and resources, you've come to the right place. I'm James Carberry and I'm Jonathan Green. Let's get into the show. Welcome back to the BB growth show. We are here today with a new DI, victrum. He is the senior vice president of audience solutions at Dunham Brad Street and new to how you doing today? Very good and how are you? I am wonderful. So a new work. We're going to be talking about tracking the Bab buyers journey today, but before we get into that, I'd love for you to explain to the few people listening that aren't already aware of Dunham Brad Street, explain to us a little bit about you know, what is done and Brad Street and how you guys serve customers. Absolutely so done and Brad Street is commercial data company. We track am have information on about two hundred and ninety million businesses across the world. We pride ourselves and having the world's largest commercial data set and when that information that we have, we use it for a bunch of different use cases. The Citizen Marketing One, what we're going to talk about, is quite obviously a very, very straightforward one to use it for. But more importantly than that, we also use the data to help companies manage trade credit, manage their supply chain, as well as use analytics for understanding how you should interact with your customers or your partners in Soan.

All right. So, as we dive into the topic today, in talking about tracking the buyers journey in a BB context. Is when we were talking through this offline. You're tracking customer in BB. is obviously much different than B Toc because you have to track the customer and in context of the account which can can become really, really tough. Can you expand on on this idea for us? Yeah, absolutely, this is actually a topic very close to my heart and something that I think is becoming very prevalent. You know, as as b tob marketers are becoming more and more digitally savvy and as businesses that are trying to work with other businesses have more of their journey or engage in more of their journey in the digital channels. So just just to take a step back, you know, we spoke a little bit about dnb and and the fact that we have daytawn companies. I just want to elaborate that for just a few seconds. You know, one of the things that we have done with this data is we have translated that data into online identifiers. So the companies that we that we have information on. And if we go to just focus ourselves in the US for the time being, there about twenty four point four million businesses, active businesses in the US today, and they're about sixteen million of them that we can find online, either through a cookie or a device id or an IP or so. And of the about eighty odd million professionals in the US today, there are about forty six million of them that we can find online, again through cookie or a device ID, and this becomes very important when you start thinking about bb marketers trying to speak to their customers, who are other businesses for the most part, when in the BC space, when you are trying to engage with somebody in less take an example of Nike setting a shoe. If Nike would sell or to try and sell me Ashoe, they just want to make sure that they follow me as I have my I go through my journey in engaging with Nike, whether it is, you know, me on a website looking at a...

Nikey product or the Nike website itself, you know, looking at something, or maybe some other sports website where I I make obvious that I'm interested in in running or certain other sports activities that Nike has shoes for now. It's not that it is very simple, but it is relatively simple for Nike because all they need to care about is knowing me and and what I am doing at any given point in time. Now, when you switch that over to the business context, and let's think about IB, am trying to sell cloud services to to another company. Now the first thing that happens is that there is not one person at that company that actually buys cloud services. The decision to buy a cloud service is normally made by committee and then there are a bunch of different people within different groups within a company that get involved in that decision making process and all of these people are engaging with IBM at given at different points in time. Sometimes it could be the ID decision maker, sometimes it could just be a developer, sometimes it could be in somebody in the procurement department, Somebody in the legal department, in somebody in finance, and so on and so forth. Now, when you when you think about people expressing themselves in digital channels, each of these people that are engaging with IBM will be presenting themselves to IBM as an identity, as a unique individual with an identity of their own. So when I bem is looking at, you know, company XYZ engaging with them, they don't really see company Xyz. What they see is they see seventeen, eighteen different people engaging with them. And what becomes very important for IBM is to figure out are these seventeen people or, you know, the hundreds of people that are coming to the IBM website? Do they represent one company, or they representing a bunch of different companies, or are each of them actually individual people? Representing individual companies and and that becomes very important to understand because knowing how many people and what persona or what profile of the people from a given company is engaging with you can...

...help that Beb market and make a decision about where that customer of theirs is in a set in their sales channel or what is the level of engagement with that customer is showing to them. Now, when you when you extract that out and when you look at it, you know from from a higher level view, the thing that becomes really important is being able to tie these different individuals with unique cookies, unique device ideas and so on, to a given business that is actually engaging with the brand of the brand marketer. And and this concept becomes a little bit more complicated because companies don't have digital identifiers. People within companies have, and so what we had done in brands we do is we, when we bring this offline data set, you know the twenty four point four million businesses that I spoke about and the eighty million professions within the businesses, when we bring that online, we are always tying that digital identifier back to an actual company and we help be be marketers. Basically, tie together that customer journey, if you will, to make it into a higher level account journey, so that the marketer can see how a given account is engaging with them and not necessarily just people within given accounts. Okay, so when, when all of that information is tied together? That makes sense, as you as you explain that. The next piece that I want to touch on is with there being so many devices that generate data. Now you've got computers, tablets, phones, wearables, your here, your Apple Watch, all that stuff. So it just creates an enormous amount of data, both transactional social, which just seems to add even more complexity to what you were just explaining. How to BB marketers adjust to that dynamic. Right. So again, the the world has been talking about the concept of cross device...

...matching and, you know, cruss device identity for some time and I think the same rules apply in this case in the BB space as well. What what we see is people generating digital signals in multiple different channels on multiple different devices and from from the done and dust perspective, what we focus on is that as we as we look at all these digital signals, whether it is a signal generated from an Iot device, or a signal generated as an IP addressed from a from a laptop or a server, or it is a device ID through a tablet or a smartphone and so on. How can we tie that back to some kind of a staff attic, persistent, consistent identifier that can actually span across these different devices and across these different channels and and to us, you know, the concept of the duns is is that static identifier which which accomplishes two things. One, it gives us this ability to have an identity that is tied back to given company or a given business and, at the same time, is tied down to a given device or a given channel or a given platform. And therefore we, because of having this persistent, static identifier that lives both in these devices and channels as well as in the offline space, as the identity associated with a company in a crm system or any ARP system, on an accounting system, we enable our customers, our partners, to essentially be able to tie together these different individual identities into a given account identity or a business identity and then make decisions at that business level, understanding that people within different people, across different devices, across different channels, are actually just representation of a given business at a given location that is interacting with you. Okay, so, so can you so that that...

Dun's number? Obviously that's specific to done in Brad Street. It's the standard for for commercial identity verification and that number being tied to. You mentioned it being you know that that static number. How is that adjusted? As folks are I've even noticed it in the two years of hosting a show that a lot of our guests have, you know, move jobs. Are they've they've moved around. How does the data being collected that you guys are storing for all these different companies? I guess how often is that updated to keep up with, you know, folks just progressing through their career and and either changing jobs within an organization or completely changing organizations all together? Absolutely, that's a great question and actually there are. There are two parts to that answer and so this is might be a little drawn out, but but let me walk through it. The done number is is a consistent esthetic identifier, that is that is generated for company when a company is created or when some company went meant, two companies want to do business with each other, they look at the existence of a donce just to talk a little bit about what the dons is. It is essentially a numerical digit that signifies one signifies a company on three different levels. It is a company as a global entity. So there will be a done s which we call as the global ultimate. So if we was just to take IBM as an example again, you know our mom the the IBM office in Ar Monk, New York would basically have the global ultimate dance number for IBM. Now there might be an IBM office in New York or in Dallas or Austin or San Francisco and so on, and they will be what we would call, as spite, a site dance location. So there is a dance number associated with IBM and San Francisco and they would be a site duns and then, for example, they might be a would be an IBM office, said, let's say in London, which happens to...

...be the head office of that local geography, and so they would be what we call as a local ultimate or a domestic ultimate for the office in London. And so the dunce actually is is a location based identifier that signifies a company and every location of a company has it done associated with it. People on the other hand, don't necessarily have a done directly associated with them. But because of our contact database and because we understand of you know, people working at companies in sure we understand when people move from one company to the other and so on, we essentially associate people with a company and the company, or that location of that company, is then associated with the dunce. Right. So what happens is that the dunce doesn't change over time. The once the dance is generated, it changes only ordered a new dance get created when a new location of a company comes up, right. But the People Association to the dance changes depending on how they move from a company to the other or how they move from one location of a company to another location. And and that that data, the online identifier that we have, whether it's a cookier device ID, and it's association to a dunce. We change that on a monthly basis or we I don't want to see change, we refresh that on a monthly basis to make sure that we are keeping that that live, while the Association of the company to its actual dance number, obviously, you know, lives on forever. And and just just you know, to make it real for people. The dunce number is not just an esoteric number that some company you know, might or might not create. Most financial organizations, if if you want to take a loan from somebody or if you want to do a business with the financial organization, they would expect you to have a done. As a matter of fact, if you want to be an independent software vender or a developer for apple and you want to have an APP that you create that is made available on the APP store, you have to have a done because apple uses that to ensure that you are a legitim identity...

...that's being paid out to if you want to work with the government of the United States, you have to have a done. So most companies, just by the nature of being real, active companies that are engaging with other companies, require a donce which we at the end, we generate and make available to them for them to use. All right, so to kind of wrap this up in a in a nice full of both I need it where I want to talk about three three specific things that we talked about offline. Essentially, when the folks listening to this, when the BEDB marketer listening to this, you know when they're accurately managing and tracking identities. It's going to allow them to do three things. The first one is to have better attribution, the second one is to avoid spending money on on fraudulent clicks and the third one is to understand who's visiting their properties so that they can target better. Can you talk to us a little bit more about each of those three things? Absolutely, and I'll just go on a different in the bottom up order, if you don't mind. So think, think about a bed be marketer. What the one thing that the beb marketer ones to do is ensured that they are engaging with their prospects and their customers in the most efficient manner. And today we have research telling us that for a company to make a buying decision, they actually engage. They actually covered about sixty seven percent of their buying journey in a digital channel without actually engaging face to face or in person with the company that they want to buy from. Obviously this means that the BEDB marketer needs to be smart about engage our understanding who is engaging with them in that digital channel and WHO's coming to their website and so on. Like I said, what we have done at DNB is created these online ident or generated the setup online identities associated with the businesses, and all of these on and identities are actually tied back to a business through the donce. And so...

...for the reader, be marketer, when somebody comes to their website, we can help them understand who is that company that is actually visiting their site and, more importantly, who is the persona within that company that is actually engaging with them, and that allows them to make a decision, you know, put a website personalization decision to show a certain specific type of content to to that person engaging, or it can have them make a targeting decision which says, what are the kind of people that I want to drive to my website and therefore, let me use a set of digital signals, you know, which which we can have provide to help target an advertising campaign to drive traffic to the site. Right. That's that's the one thing that we help people do. The second thing that we help people do is when when you have somebody who is who's coming to your site, either because of a targeted campaign that you showed them or because of an organic, you know, reach that that you actually generated because of the ability of tracking back to the dons and because of having the digital identifiers tied back to the offline identifier, we can help you run an attribution campaign or an attribution model which lets you understand how are the different channels in which you are engaging with your prospects, in your customers performing, because we can tell you how the digital channel is performing for you and how does that translate into an actual record in your crm system or your earp system and so on, and we can help you match those two together to then create those the attribution statistic that you would want to create. And and finally, as you engage with people in digital channels, I mean today, you know, fraud is is a big, big thing in the in the digital space, more so because programmatic has increased the volume of data so much that, you know, bad actors are able to carry out fraud and activities with increasing degree of ease. And I think the Word Federation of advertiser actually says that there's almost fifty billion dollars in lost in lost or in...

...economic effect because of fraud. And the one way to handle fraud is to make sure that the people that you're talking to are actually real people or their real businesses and so on. And and because of the data that we have and the ability to actually enable you to target exactly the right people and ensure that the websites that you are presenting your ads on are real and write websites, we can help our customers and our partners also take care of the effect of fraud or make sure that they are not as badly impacted through fraud as the otherwise would have been. I love it. This is when this has been fantastic and eyday, if there's that there's somebody listening to this episode. I want to stay connected with you that want to learn more about Dun and Bradstreet. What's the best way for them to go about you on that? Well, audience solution. It's at dmbcom is. A isn't the right email address to reach out to. I have a team and and the team monitors that email. It is absolutely that I'd reached to us. You know, you can reject to me on Linkedin. You find me on Linkedin as well. As you know, there are people on the DMB team that you can reach out to, but I think audience solutions at d nbcom is is the perfect way to be just awesome and that it will. Thank you again so much for your time today. That's been fantastic and I really appreciate it all right. Thank you. There are lots of ways to build a community and we've chosen to build the bed growth community through this podcast. But because of the way podcasts work, it's really hard to engage with our listeners, and without engagement it's tough to build a great community. So here's what we've decided to do. We're organizing small dinners across the country with our listeners and guests. No sales pitches, no agenda, just great conversations with likeminded people. Will Talk Business, will talk family, will talk goals and dreams, will build friendships. So if you'd like to be a part of a BEDB growth...

...dinner in a city near you, go to be to be growth dinnerscom. That's Bob Growth dinnerscom. Thank you so much for listening. Until next time,.

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