Access to data – particularly first-party data – is a major advantage for established B2B players, but according to a survey of B2B marketers by McKinsey, this asset is under-utilized. However, through using a formula defined as “idea x assets x attitude”, they can use data to outmaneuver start-ups.
Why it matters
Data is “the biggest structural advantage” that any established company has over a new competitor, allowing them to identify and execute new ideas, among other benefits.
- The data that incumbents have should be viewed as an asset that can’t be duplicated easily and that is centered on things like customers, plant operations and financial performance.
- The switch to more virtual selling expands the ability to gather data, and pulling and integrating this data can help build the business.
- To truly leverage data also requires building an entrepreneurial culture that values the power of data throughout the organization from leadership to IT to talent.
Sourced from WARC