22 Things Small Business Owners Need to Know
By Rieva Lesonsky
1—Trademark Tool
More than 81% of small businesses were hit with trademark infringement issues in 2018—costing thousands and taking months (or even years) to resolve. This stat courtesy of a great resource that just launched: Trademark.com—an all-in-one trademark research, registration, and watch tool specifically for small business owners. Check out more in their infographic below.
2—Number of Small Businesses Changing Hands Dips Slightly
There’s been a “slight stall” in small business transactions according to BizBuySell.com’s 1st Quarter 2019 Insight Report.
Small business transactions in the first quarter of 2019 experienced a modest year-over-year decline but remain at historically high levels, according to the latest BizBuySell Insight Report, a nationally recognized economic indicator that aggregates statistics from business-for-sale transactions reported by participating business brokers nationwide. A total of 2,504 sold businesses were reported in the first three months of 2019, down 6.5% Q1 in 2018. This is similar to the 6% decline in Q4 2018 from Q4 2017.
While reported deals are down slightly from a year ago, the market continues to be very active compared to the previous decade (and new business transaction records were set in 2017 and 2018). BizBuySell says it’s too early to tell if the recent plateau marks any kind of market shift or not. To gain additional perspective, BizBuySell also surveyed business owners and some leading buisness brokers, the results of which are incorporated within this report.
A number of factors could be tempering the strong transaction growth rates seen in recent years. Most notably, these include the recent government shutdown, low unemployment, record profits, deal financing, and general uncertainty around the impact of administration policies relating to tariffs, immigration, and health care.
“Main Street business sales may have been impacted in part due to a stronger economy where individuals are more satisfied as employees (not looking to purchase businesses) and business owners are seeing higher profits (not looking to sell their businesses),” says Jeff Snell, Chairman of the International Business Broker Association, the industry’s leading trade group. “Also, time to complete business transactions has increased marginally, potentially as a result of the Federal Government budget shut down which closed SBA loan guarantee processing offices. However, broker optimism through 2019 remains strong,” Snell adds
Of course, it is also possible the past two quarters have been outliers and 2019 will continue on its multi-year growth trend in upcoming quarters. It is something to watch closely as data comes in over the rest of the year. Inventory remains strong, with a 6.1% increase in listings in Q1 over the same quarter last year.
“After several years of record activity, it’s good to see that there are still plenty of listings coming on to the market,” says Bob House, president of BizBuySell.com & BizQuest.com. “So the small decrease in activity may be more about buyers taking a cautious approach than a slowdown in the supply.”
3—Growth Through Diversity as an Economic Strategy
Guest post by Vijay Eswaran, an entrepreneur, speaker, and philanthropist. He is the founder and Executive Chairman of the QI Group of Companies, a multi-business conglomerate with headquarters in Hong Kong, offices in more than 25 countries and customers in over 100 countries. He’s written three best-selling books. His latest book is Two Minutes from the Abyss.
[April is Workplace Violence Awareness Month. Meanwhile, the rest of year many companies continue to tolerate an intolerant society. Intolerant violence is on the rise around the world tragically impacting our workplaces.]
Intolerant violence is on the rise around the world. The U.S. alone saw a 57% increase in anti-Semitic incidents in 2017, according to the Anti-Defamation League. Europe also saw a similar rising trend as the EU grapples with asylum seekers from the Middle East.
This rise in intolerance and the accompanying violence reflect the increased channeling of blame towards migrants and ‘others’ for challenges that our societies face. This is driven by a powerful emotion: fear, and particularly the fear of the otherness.
To many, the answer seems to lie in a political solution only. It is true that political rhetoric can contribute to an atmosphere of intolerance, anger and hatred. Politicians throughout the world need to set an example and embody respect of diversity and tolerance to all faiths and ethnicities.
However, the rest of the society and the business community in particular cannot just sit and wait for politicians to act and lead as responsible role models. Each of us, in our respective roles, should take action to promote a more open, diverse and tolerant society.
It is high time business leaders argued that diversity is also an extraordinary economic opportunity that brings success and prosperity to all of us. The cohabitation of people of different ethnicities, from different places, with different experiences in cities and societies, is a key driver of innovation. Societies which are diverse are more innovative because they encourage unique collaborations and chance encounters.
If you look at the most innovative, disruptive and therefore prosperous urban centers in the world—New York, Dubai, London, Singapore, Hong Kong—they all have one thing in common: They are all international melting pots. Similarly, the most successful musical genres and innovations—such as jazz, rock & roll or hip-hop—are all the direct results of cultural amalgamation.
In my home country of Malaysia, ethnic, cultural and religious diversity has been key to our success. Like many others, I was speaking five languages by age 18, with friends from the Chinese, Indian and Malay communities. Of all Asian nations, Malaysia has by far the most diverse cultural and ethnic mix and as a result has outperformed most of its regional partners with an average annual GDP growth of 6.4% for the last 50 years.
The diversity dividend is not just born out on macro scale. It’s also vital within company structures. A 2017 report showed that more diverse companies announce an average of two extra products in any given year. McKinsey has also studied the strong positive correlation between financial performance and diversity. It means more disruptive products, business models, and ideas floating around the marketplace.
At my own company, the QI Group, our managing board is composed of 13 directors of seven different nationalities, and employees spanning about 35 nationalities, with a gender ratio that’s almost 50:50. I have always considered this diversity to be at the core of our success.
As innovation takes place at a faster pace than ever, we need to constantly adapt, adjust and accommodate. More than ever, flexibility and versatility are becoming the most important keys to success for individuals, companies and countries alike, and a culturally diverse environment is the best way to acquire these qualities.
Corporations, long the primary beneficiaries of diverse society, bear a responsibility to step up and advocate for diversity and tolerance. A brilliant example is Nike’s support of Colin Kaepernick in the recent ad campaign. More than a marketing exercise, it showed the world that one of America’s best-known corporations was willing to stand alongside one man in his battle against racial injustice and intolerance.
Corporations must also have their own houses in order: Workplaces and boardrooms must be the shining example, bringing people from different backgrounds to work together.
We are not going to reverse the trend, or halt hatred and violence, with one article, one tweet, or one marketing campaign. But as a collective the corporate world must come together and be much more engaged and vocal than it has been in its defense of a diverse and tolerant society. It is an uphill battle, but peace and prosperity depend upon it.
4—2019 Global Business & Spending Outlook
The American Express 2019 Global Business & Spending Outlook has just been released. The report is based on a survey of senior finance executives from companies around the world with annual revenues of $500 million or more that gauges their outlook for economic growth, spending and investment, employment, and the use of technology. The statistics capture findings from both the global response base of senior finance executives along with those from the United States.
| Top Findings from Senior Finance Executives | United States | Global | ||
| 2019 | 2018 | 2019 | 2018 | |
| Expect to see economic expansion in their respective countries this year | 75% | 98% | 71% | 85% |
| Have experienced higher annual revenues in the past twelve months | 63% | 36% | 65% | 54% |
| Anticipate increasing spending by 10% or more this year | 22% | 3% | 20% | 21% |
| Anticipate employee growth of 10% or more this year | 31% | 2% | 27% | 17% |
| Plan to expand career development opportunities to attract & retain talent | 57% | 67% | 51% | 51% |
| Make greater use of temporary or contract workers to meet staffing needs | 77% | 65% | 71% | 57% |
| Report that over the next five years, next-generation technology will be a major disruptor of industry dynamics | 33% | 10% | 31% | 23% |
Noteworthy U.S. highlights
Growth & spending
- 75% of U.S. finance executives anticipate economic expansion, down from 98% last year, but among those anticipating expansion 22% expect substantial economic expansion compared to 1% in 2018
- U.S. companies expect to increase spending by 8.73% this year vs. 6.68% in 2018.
- Over the next year, U.S. companies are most likely to focus on new product development (67% this year vs. 57% last year) and on adding production capacity (62% this year vs. 31% last year).
- Spending increases are most notable in technology categories such as hardware and infrastructure (62% this year vs. 26% last year) and enterprise IT systems (45% in 2019 vs. 29% in 2018).
- For 68% of respondents, efforts to better meet customer needs is their most frequently cited top priority. However, companies seem to take a defensive posture, as 48% expect to focus on remaining competitive with other firms (vs. 12% last year) and 42% cite protecting market share as a top priority, up substantially from 15% last year. Only 33% select new market entry as a top choice, down from 70% in last year’s study.
Employment
- U.S. companies will increase headcount by 9.98% in 2019 vs. 6.01% last year.
- Total compensation to employees will rise an estimated 5.32%.
- U.S. respondents indicate a tight market for talent—a majority say they have difficulty finding staff in each of the professional functions listed, including sales and marketing, general management, administrative and support, HR, finance, IT, production/operating, and offshore or outsourced labor.
- U.S. companies are also likely to improve retirement benefits (55% this year vs. 35% last year) and health care benefits (43% this year vs. 12% last year) to attract and retain talent.
Technology
- U.S. companies see blockchain (42%), artificial intelligence (AI) (42%), and the embedded internet (IoT) (42%) as the most challenging to their industries.
- Companies that have invested in next-generation technology have met with mixed results:
- 55% have invested in AI—51% of them saw great benefit from investing
- 57% have invested in IoT—only 18% see great benefit
- 39% have invested in fintech applications—51% see great benefit
- 20% have invested in robotics & automation—62% see great benefit
- Only 1% have invested in blockchain—0% have realized great benefit
“Despite operating in unsettled times, senior finance executives at large, global companies are concentrating on their day-to-day business but keeping an eye on the future,” says Antonio Gagliardi, Vice President of Strategy, M&A and Alliances, Global Commercial Services, American Express. “While they balance spending to drive topline growth with profitability, they’re pressing ahead with expansion plans, which include pursuing foreign trade opportunities, hiring and investing in next-generation technology.”
5—Keeping Your Staff Happy
Are your employees restless? Well, according to a recent study from O.C. Tanner, one way to keep them happy is to give them variety in their work tasks. In fact, 41% of employees who were surveyed say they’d prefer variety in their day-to-day job over a promotion. One way to achieve this—let them work on special projects.
The study, which was part of O.C. Tanner’s Global Culture Report, polled more than 14,000 workers from 12 countries to better understand what motivates them to produce great work. The data suggests that working on special projects can lead to higher engagement and employee satisfaction, along with career advancement.
Other key findings
- When an employee participates in a special project, they have a 20% increase in overall job satisfaction
- Out of those who have worked on a special project in the past 12 months, 75% agree that special projects help them grow in ways their day-to-day job cannot
- 2 in 5 respondents wish they had more opportunities to work on special projects
You can read a summary of the full study here and read about the report and its implications here.
6—Stop Procrastinating
Are you a procrastinator? I am. That’s why I was really interested in the infographic below from NetCredit about how to actually start the tasks you’ve been avoiding.
7—Cyberattacks Against SMBs Increase
While major breaches against large, well-known companies continue to dominate media headlines, the reality is that SMBs are much more common targets of most cyberattacks, according to Chubb. In fact, according to Chubb’s claims data, 60% of all cyber events experienced by SMBs in the past three years were caused by external factors (e.g. events that are a result of individuals or organizations where the impacted company has no relationship). Nonetheless, many SMBs continue to believe they are not at risk of cyberattacks.
Chubb released an advisory to address that knowledge gap, which often leads to many small and midsize businesses underestimating the substantial cyber-related risks they face. The advisory, Cyber Attack Inevitability: The Threat Small & Midsize Businesses Cannot Ignore, highlights these cyber risks, offers real-world examples that demonstrate what SMBs often face, and shares precautionary measures to help protect against these occurrences. For example, if something as simple as email account information falls into the hands of a cybercriminal, a business client may be duped to wire transfer large sums of money into a fraudulent bank account, which, if successful, could place the business on the hook for those hundreds of thousands of dollars—a reality that could be fatal to a smaller business.
“Small and midsize businesses are directly in the crosshairs of cyber criminals in the United States and across the world,” says William Stewart, Division President of Chubb’s Global Cyber Practice. “These businesses often assume they are not targets for cybercriminals, due to their size, industry, or lack of large databases of personal information. However, the reality is quite the opposite: Smaller businesses are actually more vulnerable and considered prime targets for cyber criminals, as their security measures are more likely to be outdated or underprioritized, opening the door for cyber criminals to deploy attacks quickly, cheaply, and anonymously.”
According to Juniper Research, the total number of connected Internet of Things (IoT) sensors and devices is set to exceed 50 billion by 2022, up from an estimated 21 billion in 2018. “That translates into an incredible number of entry points for cyber criminals,” Stewart adds. “If companies are going to be able to operate moving forward, cyber security must be a central focus of management teams.”
“Cyber incidents can be costly and even disastrous for a small business. On average, it costs about $400,000 to recover from a single cyber incident, with more than 4,000 incidents occurring every single day,” Stewart noted. “The cost and frequency of these attacks highlight the importance of the issue at hand. However, despite these daunting statistics, the majority of cyber incidents are preventable, as they mostly stem from human error or a simple lack of proper training.”
Chubb encourages SMBs to ask for help educating their employees, since that’s one of the most important elements to protect businesses from experiencing and bearing the financial weight of a cyber incident. In addition to employee training, SMBs should ensure strong password security and hygiene practices, use of adequate antivirus software, thorough monitoring of all network activity, and use of up-to-date operating systems. As cyberthreats continually evolve, cyber insurance—in connection with these other preventative measures—can play a key role in the awareness, preparedness, and resiliency of small and midsize businesses.
Learn more here.
8—Entrepreneurs Can Now Easily Sell Everywhere with the Launch of New Marketplaces
For online sellers, the ability to offer products across multiple sales channels is often critical to their success. The opportunity for business owners to do that increased when GoDaddy launched Marketplaces for GoCentral Online Store. With a few clicks, customers can list and sell their online store inventory through Amazon, eBay, Etsy, Jet, and Walmart.com, all from a single location—no plug-ins or add-ons needed.
GoDaddy also announced it has acquired Sellbrite, the multi-channel management platform that is powering Marketplaces. Sellbrite has enabled tens of millions of orders accounting for billions of dollars in sales and is a top-rated marketplace listing application on multiple e-commerce platforms.
With a simple, intuitive interface, GoCentral Online Store now provides powerful tools and automation to simplify listing, keep inventory in sync, avoid overselling, and centralize order fulfillment across sales channels. Users can also connect existing marketplace listings to their GoCentral Online Store.
With over 50% of global e-commerce purchases in 2018 flowing through marketplaces, selling through multiple online channels can have a profound impact on growth. Thousands of GoCentral Online Store Customers have started using Marketplaces during a beta program and, on average, realized a 115% increase in orders. GoDaddy also found that almost 60% of online sellers are offering their products on marketplaces or social channels to complement their online stores.
“Beyond their own websites, entrepreneurs are looking to sell on places like Amazon, eBay, and Etsy to be successful,” says Greg Goldfarb, VP of Products, eCommerce and Customer Engagement. “Each marketplace works differently for sellers and it can be a daunting task to get up and running and a huge pain to stay on top of orders and inventory once sales start flowing.
The acquisition of Sellbrite supports GoDaddy’s overall ecommerce strategy by helping customers sell everywhere and sell anything—physical products, digital goods and services. As part of GoDaddy, Sellbrite will continue to support small business customers on e-commerce other platforms—not just those using GoCentral Online Store.
Marketplaces is a new feature now included in the GoCentral Online Store for all U.S.-based users. Without any additional charge from GoDaddy, sellers can connect up to three marketplaces and process up to 50 orders a month. Upgrade plans are also available for additional marketplace connections, higher order volume, and to sync orders and inventory more frequently.
GoDaddy has recently released many other enhancements to GoCentral Online Store. These include the ability to sell digital products, add video merchandising, and sync inventory with Square’s point-of-sale system. Built-in marketing tools also help customers get found on search engines, post products to Facebook, and engage customers through emails and promotions.
Find out more about what Marketplaces can do.
9—Improving Cash Flow
Visa and Wave, the financial platform for millions of small business owners, recently announced a new, limited release payments solution that aims to transform the way small businesses manage their cash flow and provide merchants quicker access to funds. Utilizing Worldpay’s acquiring platform, Wave’s new Instant Payouts feature integrates Visa Direct, Visa’s real-time push payments solution, into Wave’s comprehensive small business accounting offering, enabling faster access to money earned.
The ability to manage cash flow is critical to small businesses today, with 79% of surveyed respondents citing wanting faster settlement and 81% saying they would pay to have this benefit. In addition, 85% of small business respondents say they would switch to a new merchant acquirer who offered real-time payments.Through their work together, Visa is helping Wave solve for these needs using Visa Direct, so Wave can reduce settlement wait time by offering real-time deposits to their customers.
“Small businesses depend on cash flow to survive, and often have to wait two or more banking days for their payments to be processed through traditional banking methods,” says Les Whiting, Chief Financial Services Officer, Wave. “Our new Instant Payouts feature uses the scale that Visa provides and the nimbleness of Wave. As a growing fintech, we are making a meaningful impact on the way small businesses manage their money.”
“Visa and Wave share a common goal of providing small businesses more convenient ways to manage their back office, as we both understand that cash flow management and access to funds are crucial to small business growth and success,” says Bill Sheley, Senior Vice President, Global Head of Visa Direct, Visa.
This new feature is part of a suite of complementary accounting solutions that Wave offers to small business owners and is fully integrated with the Payments by Wave experience.
By combining Wave’s streamlined invoicing and payment solutions for small businesses, Visa’s push payment technology and the power of Worldpay’s acquiring platform, Wave customers are able to receive money in real-time, even on evenings, weekends, and holidays. This is the first of many efficiencies that Visa and Wave will look to create for small business management in the future.
Instant Payouts is currently available to an early access group of Wave customers, with plans to be released to customers across North America in the coming months. There’s more information about Visa Direct here.
10—Scholarships for Business Owners
The Bank of America Supplier Diversity and Responsible Sourcing team is accepting applications for the Bank of America Diverse Business Scholarship. B of A sponsors the scholarship which is managed by Scholarship America.
The deadline to submit an application is May 31. In all, there are 30 scholarships of up to $10,000 each open to qualified business owners of certified and diverse businesses for targeted training and development to improve their businesses.
If you have questions, email BofABusiness@ScholarshipAmerica.org and mention the Bank of America Diverse Business Scholarship Program.
11——Millennials and Debt
LendEDU surveyed millennials to learn more about their levels of debt.
Survey highlights
- 36% of millennials have student loan debt (average amount $39,456). Of high-income millennials, 36% carried an average of $48,451 in student debt while 38% of low-income millennials carried an average of $33,767 in student debt.
- 50% of millennials carried credit card debt (average amount $6,206). Half of high-income millennials carried $8,040 in credit card debt while 46% of low-income millennials carried $3,793 in credit card debt.
- 37% of millennials carried mortgage debt (average amount $189,504). Of high-income millennials 51% carried $229,032 in mortgage debt while 15% of low-income millennials carried $137,274 in mortgage debt.
- 43% of millennials carried miscellaneous debt (auto, medical, etc.). The average amount was $13,550. Of high-income millennials 35% carried $16,521 in miscellaneous debt, while 43% of low-income millennials carried $8,671 in miscellaneous debt.
12—Credit Card Processing Fees
Credit card processing fees are hard for many to understand. The infographic below from MerchantMaverick explains how they work.
13—Economic Impact in Midwest’s Startup Hub
Rev1 Ventures, the investor startup studio that combines capital and strategic services, recently released its 2018 Startup Impact report, which shows it has invested in 100 businesses and achieved its goal of generating $2B in economic impact to the Columbus, Ohio region from the capital attracted, revenue generated, and exits from its clients since 2013. In the last year alone, Rev1 invested more than $13MM in a record 36 companies; more than half of those investments are follow-on funding to growing companies. Rev1 clients generated over $123MM in revenue and attracted more than $157MM in capital to the region in 2018.
Rev1 says Columbus has become a leading hub for startups in the Midwest. “Beyond the investment activity, Rev1 remains focused on how we, as a community, connect startups to our region’s greatest asset—a large and diverse corporate base that serves as first customers, strategic partners, and co-investors,” says Tom Walker, CEO of Rev1 Ventures. “Funding startups at scale is a cornerstone of a growing innovation economy, and we see this as just the beginning. Our mission as we move forward is to expand the capital available in the region while we continue to attract diverse talent and deepen corporate connections and ensure the region has the proper physical infrastructure to support the innovators, start-ups and scale-ups.”
“Our unique formula for startup success is working, as evidenced by the achievements and diversity of the Rev1 portfolio, which is a benchmark we are both proud of and dedicated to continuing to improve,” says Kristy Campbell, COO of Rev1 Ventures. “Half of the investments we made in 2018 and 38% of the capital invested, were in companies with a woman or minority founder or inventor. Those numbers are powerful and speak for the opportunity in front of us.”
Rev1 was named the 4th most active seed investor in the U.S., and Columbus tops the list of top metros for VC funding to female founders, according to PitchBook. To view Rev1’s full 2018 Startup Impact report, go here.
14—Business Owner Wellness Idea: A Personal Trainer Who Goes Where You Go
Guest post by Shayna Schmidt, a certified personal trainer and nutrition coach. She’s the cofounder and vp of Operations at Livekick.
Being an entrepreneur means you’re always on the go. In most cases, your schedule is packed with meetings, from sales calls to management-team check-ins to conversations with your vendors. Your work likely takes you on the road a lot. And you live on your phone.
But while the pace of building your own business can be exciting and rewarding, it can be murder on your personal wellness routine. How do you make time to work out or do yoga? And yet: How do you not make time for this? Studies show that physical exercise not only reduces stress and makes you healthier, it also bolsters your mental acuity and decision-making abilities, which are obviously critical to your business’s success.
One solution is found in the innovative new fitness technology that lets you work out from anywhere. Some are big equipment investments, like Peloton, while other are apps that let you watch group fitness classes.
Our offering Livekick is designed particularly well for the needs of business owners. We’re a New York-based startup with a live-video-based service that lets members connect with trainers and yoga teachers who are based all over the world. These pairs connect for a personalized, supervised, half-hour private class that can be done from any device and anywhere—at home, at a hotel gym, or even from your home office. “I travel constantly for work and have to be efficient with every hour of my day, and so I developed Livekick with people like me in mind,” says Livekick founder Yarden Tadmor, a serial entrepreneur, who launched the startup last year.
Livekick’s personal trainers and yoga teachers are distributed worldwide, hailing from a half-dozen countries and four different continents, meaning sessions can be booked across different time zones for business-people who travel back and forth between the east and west coast, or internationally. Just like having a traditional personal-training session in a gym, the programs are designed to help a business owner achieve his or her specific fitness goals. But they can be tailored to your environment, so if you have access to a hotel gym one day, all the equipment can be incorporated; if you’re at home for your next session, your trainer can rely on bodyweight exercises to train you.
Beyond creating a fitness schedule that works for busy people, Livekick excels at helping entrepreneurs create a sense of accountability, so they are able to prioritize fitness even as they tackle the many needs of their businesses.
Quick Clicks
15—The Future of Retail is Online: 71% of small business owners do not currently sell products online. Part of this is likely due to the fact some companies sell services, not products. But online sales are on the rise. As reported by the U.S. Department of Commerce, U.S. online sales hit $119 billion in the fourth quarter of 2017 and accounted for 9.1% of all retail sales. By comparison, online sales accounted for only about 3.5% of retail sales just 10 years ago.
There’s a lot more to learn in this report from Insureon.
16—Most Unacceptable Office Communication Habits: What’s the biggest pet peeve office workers have about their fellow employees. According to this report from Signs.com 75% of women says it’s using a speakerphone in an open or shared office (65% of men agree with this, tying it for second). Men are most annoyed by gossiping (66%), which comes in second with women (70%).
Check out the report for a great report on Workplace Etiquette.
17—Ready for Startup? Then check out this startup playbook from Wave.
18—Online Jobs: If you’re not ready to start your own business just yet and are looking for a job, check out this guide to online jobs from Careful Cents.
19—Are Your Employees Worried About Taking a Drug Test? Tens of millions of Americans are potentially subject to workplace drug testing each year. And naturally that has some workers more worried than others.
Employee screening firm JDP recently analyzed 12 months of Google search trends data related to 150 of America’s biggest employers and best-known brands to find out whose employees are most concerned about workplace drug tests. Check the results out here.
20—111 Ideas for a Side Hustle: Want to start something on the side, but don’t have any ideas. Check out this article from AppInstitute—they’ve thought of a lot of things you can start now.
Cool Tools
21—Free Sales Tax Calculator
Along with showers and tax deadlines, April brings new sales tax rates and regulation changes. The QuickBooks Online team has helped ease the transition by creating a free Sales Tax Calculator for small businesses. It’s simple to use: Just enter a business address, and the Sales Tax Calculator generates the sales tax rate. No gimmicks, signups or hoops to jump through.
22—Enhance Your Account-Based Marketing Campaigns
Demandbase, a leader in account-based marketing (ABM), recently announced a new level of ABM integration with Marketo Engage to provide B2B marketing and sales teams more flexibility to share accounts and audiences between platforms and solutions. For the first time, joint customers will be able to combine their first-party contact data from Marketo with deep intent-level data from Demandbase, linking known and anonymous account data across the two solutions. Marketo users can now leverage Demandbase intent and engagement insights to identify high-value accounts. Mutual customers will also have a comprehensive view of the buyer’s journey from the first signal of intent to marketing engagement to sales activity.
“B2B marketers consider their contact database a core asset, but they have struggled to leverage it for the account-based campaigns that have become standard,” says Chris Golec, CEO of Demandbase. “With our expanded partnership, mutual customers can improve the performance of their ABM programs by reaching their key contacts across channels.”
Demandbase will leverage contact and account activity data from Marketo to engage with target accounts through Marketo and other channels. Customers will be able to create actionable and dynamic segments at both the account and contact level. Once audiences are created in Demandbase, users can launch demand generation campaigns in Marketo targeting these accounts. Customers will also be able to launch account-based ad campaigns with Demandbase directly from Marketo, expanding on the first-party contact data within Marketo to reach the broader buying committee of a target account.
This new functionality will begin rolling out to Marketo and Demandbase customers in Q2 2019.
Business stock photo by De Repente/Shutterstock
