SiriusDecisions estimates that 94% of all marketing qualified leads never turn into actual sales. What explains this disconnect between marketing leads and actual sales outcomes?
B2B marketers use point-based lead scoring techniques in marketing automation systems. You assign points for each interaction like content downloads, website visits, and email clicks. Marketing hands over leads to sales once a lead attains a required score.
With traditional lead scoring, you have no way of predicting which lead will convert into a sale. Sales has to talk to each lead to discover actual buying intentions. Old-school lead scoring results in a deep disconnect between sales and marketing.
Customer data platforms (aka predictive lead scoring) analyze buyer intent by combining internal data (CRM and marketing automation) with thousands of external data sources. These tools apply data science techniques for delivering a qualified prospect pipeline. Customer data platforms provide you with prospects that are most likely to convert into customers.
— SiriusDecisions (@siriusdecisions) March 11, 2016
Definition. SiriusDecisions defines customer data platforms as solutions that “apply statistical techniques to data in marketing automation platforms and sales force automation systems to identify patterns and prioritize prospects.” B2B marketers are able to increase sales effectiveness with higher quality leads that close faster. Sales teams spend more time closing and less time researching and educating prospects.
— Lead Scoring (@LeadScoring) February 3, 2016
Why This Matters. Forrester Research has found that predictive marketers have 2.9x times more revenue growth than the industry average. 36.8% of high growth companies will invest in customer data platforms in 2016. 88% of current users believe that they are receiving value from their customer data platform investments.
— Lead Liaison (@leadliaison) October 9, 2015
What To Look For. Ask the following questions from your customer data platform vendors:
- How is an ideal customer profile created with the data in your CRM and marketing automation?
- What is the process for building more accurate lead scores for your prospect dataset?
- How does the tool measure buying intent of a prospect?
- How does the tool integrate with your existing sales and marketing tools?
- Is the vendor’s data science model able to factor in your business requirements?
- How accurate is the prospect dataset provided by the vendor?
- How long will it take to roll out a pilot project?
Sponsors. Meet with these customer data platform vendors at the 2016 MarTech conference:
6sense is a B2B predictive intelligence platform for marketing and sales. 6sense is the central nervous system powering all marketing, sales and business operations teams.
EverString allows you to build pipeline and increase customer conversion rates with the only full-funnel predictive analytics solution for sales and marketing.
Infer helps B2B companies analyze buying signals and predict which prospects will go on to become great customers.
Lattice-Engines drives revenue growth across the entire customer lifecycle with its proven applications for every stage of the integrated marketing and sales funnel.
Mintigo predictive marketing platform gives you a 360-degree profile of each contact and company in your database that predicts their likelihood to convert.