It was said that lead management means dolling out “Glengarry Leads” to apply to your Rolodex, holding a list of best prospects, or most recently infesting a barren CRM folder of leads that seem to “look good.” However, as the automated sales and marketing world has exploded (with new entrants growing, and last year alone $248 million in venture capital funding), old school definitely did so. Now, with unparalleled accuracy, you will identify the best net new opportunities–a great way to feed thirsty salesmen and stop forfeiting products you don’t care about to contend with.
The Current State of Disconnection
Customer data is bursting, and it is now distributed through multiple systems within and outside a business. Although this is fundamentally a good indication that your lead generation is working, unfortunately, when data systems don’t talk to each other or track prospect activity in the same way, each customer’s breadcrumb can feel almost impossible to interpret for valuable insight. This is one explanation of why certain businesses often focus on marketing techniques such as “spray and pray.” Another is that the data before them is restricted to very basic information (and can be caught in closed systems), rendering successful personalization a challenging task.
Furthermore, several organizations are still dealing with overlapping terminology around different parts of the company that each has its own recording system. Perhaps, the sales team uses the CRM vocabulary of “opportunities” and “closed/won” transactions, while the marketing team lives and breathes the word “performance cascade” such as marketing skilled leads and sales trained members. Such discrepancy plays a role in the widespread disagreement between sales and marketing over what constitutes good lead management and creates confusion and tension by forcing workers to articulate their jobs for each other.
Yet approaches are evolving to help resolve all of this and changing the way opportunities are managed — predictive solutions.
Creating a Portfolio of Desirable Customer Groups
This step involves looking through all the characteristics of your existing and future clients and discovering ways to divide and dice your entire prospect world into convenient-to-describe, easier-to-target profiles. When account-based marketing gathers momentum, it’s worth noting that this environment contains more than the existing customer database CRM (customer relationship management) or marketing automation tool (MAP); it involves additional triggers and net new customers that you should pursue.
Instead of fine-tuning on 3-4 static “personas” for specific purchasers or trying to target large groups entirely based on geography or company size, sophisticated segmentation optimizes all your usable customer information to get more robust. This strategy allows you to create a portfolio of main profiles for clients. As outlined in his book, Predictive Marketing, by AgilOne’s Omer Artun: “Marketing professionals need to acknowledge that different customer groups have different preferences and attitudes, and take various behaviour based on these distinguishable customer segments.”
There are several avenues to consider the prospect portfolios beyond its rising population and signature characteristics. Similarly, you may calculate lead commitment, like how many contacts the sales team has earned from a connection. So you can look at more complex “technographic” functions, such as what apps and technologies are actually being used by your client, or you can pull predictive scores that measure how good people are for your product and where they are on their buying path.
With all this dynamic knowledge, you will describe prospect profiles that are narrower, yet more versatile and descriptive–i.e. Low effort, strong match ratings in APAC (Asia-Pacific) or SMB (small and medium-sized enterprises) allows for external activity contacts–and provide an idiomatic expressions that cover all your go-to-market classes and their services. It allows handling the marketable world simpler and enables more positive, customized experiences with prospects. That’s essential because it’s not enough just to determine who are your top prospects. To be sustainable, particularly for predictive-driven marketing, efficient techniques are required to classify and target these categories.
Activate the pathways of your customers
The next step is to assess which strategies or initiatives will do the best job of speeding prospects down their route to purchase. This includes recruiting market growth representatives for some accounts and tracking their service level agreements. You might kick off a computerized workflow for communications in a sales development automation application. It’s about finding the partners for other audiences to connect with your communication campaigns and identifying the information that’s most likely to draw them in. Maybe you’re attempting a personalized content marketing or a mobile marketing system tailored to the accounts you’re most worried about.
Marketing is about making sales on a scale, and regardless of which category of prospects you are concentrating on, it is always necessary that provide air cover for the sales team. But in order to do this right with finite resources, you have to nail your focus and make sure you correspond effort with impact vs. attempting to heat up the ocean. Predictive models will help guide you by suggesting the right kind of effort–whether it is a selling or communications job–at the exact message at the exact time. Predictive scoring utilizes useful internal data from your CRM and MAP programs as well as thousands of additional information from a number of external data resources. It also uses machine learning to look at all sorts of variations in the data that people could never create of their own–taking the conjecture out of the equation.
After you have introduced quantitative sales and marketing techniques, you may begin to feel like you are losing the existing market. That next step is to rinse and recycle, but not start again from scratch. Artificial Intelligence (AI) will help you figure out where to go next and give you further visibility into your network of members.
Predictive apps could go out and find more people who fit your company according to the requirements you defined back in phase one. Just as mobile apps such as Spotify, Waze and Amazon offer more personalized recommendations over time, the same evolutionary loop can be leveraged by B2B marketers. New models will focus the communication campaigns in on the most critical mechanisms and time indicators to contribute to making them more and more effective.
As example, data analytics can be used to quantify pipeline metrics dynamically to assess the predictive value (i.e. expected income, conversion rates, and selling effort) of marketplace and markets as opposed to focusing on a specific statistic such as lead volume And by having a deeper understanding of net new opportunities across a range of signs, such as which technology an organization leverages in its stack, you can also use “hyper-segmentation” to expand the degree of flexibility and create more efficient interactions.
The Brains in Sales and Marketing Operations
Such latest statistical methodologies are the businesses that have an advantage over their rivalry in the arms race for evidence and discover ways to increase and maximize their sales and marketing system. The control of opportunities can become so successful that it takes a position as sales and marketing brains. It’s no longer a mundane task seen as an entry barrier for CRM or marketing automation systems. Instead, it’s an entirely new method that automatically interprets details, makes it easy to act on that knowledge and eliminates much of the needless user interaction required in marketing processes today.
How do you anticipate a predictive approach to impact your marketing? Are you planning to implement some this year? I would love to hear from you in the comments section below.