What Value is hidden in your Marketing Automation
and CRM data?
As the adoption of CRM and marketing automation matures, it’s no surprise that companies with these technologies are sitting on a wealth of data.
Leading organisations often hook in internal usage and external social data; to empower sales & marketing staff in their decision making. Unfortunately there is only so much data a human can process and interpret – and often most activity is led from a combination of gut-feel, following a standard process and/or from some basic data or insights.
This is where machine learning comes into it’s own. Here at BrightTarget we are lucky enough to work with some of the biggest B2B brands. In almost every engagement to-date, we have been able to find multi-million pound opportunities hidden in their existing data. Often this will be one or a combination of the following:
- New product upsell & cross-sell opportunities
- Early identification of at-risk accounts for pro-active retention activity (at the right price)
- Improved Sales conversions & cost reduction (by preventing time wasted on poor leads)
- Improved Marketing conversions by intelligently targeting accounts and personalising content
- Optimisations at every stage of the funnel with full ROI reporting
Companies with lots of customers and products who sell to other businesses are missing out on a huge opportunity to learn from their historic transactions to identify new sales.
Using modern machine learning and predictive analysis, it is now easier than ever to identify this hidden opportunity in your customer data and the best bit is that the opportunities are huge, typically £Millions.
4 Reasons why B2B is so good for predictive
There are 4 reasons why machine learning works so well for B2B sales and marketing:
- Accuracy: With B2B sales, machine learning is incredibly accurate. Similar businesses have similar needs and therefore the machine draws on it’s existing knowledge – making more accurate predictions. As businesses are more logical and less emotional (not as much affiliation with a brand) compared to consumer sales (B2C) they are easier to predict.
- Breadth of Data: Mature B2B organisations are sat on stacks of data. This broad data set is great for the machine to learn from and includes amazing knowledge on what customers actually need and what works. This is ideal for data mining and machine learning to discover where the best opportunities are.
- Size of Opportunity: B2B organisations with lots of customers and products will have many gaps in their customer to product mix. Once these gaps are identified this is a huge opportunity.
- Capability already exists: For most B2B organisations with this hidden opportunity in their data, they already have the capability to use this information and sell to their customers. BrightTarget shows the opportunities, your B2B marketing team provide the execution.
Strategies to improve sales and profitability
Before you start investing in new customer acquisition, which we all know is the hardest, are you maximising the value from your existing customer base? There are 3 main areas to generate new business from your existing customer base:
- Retain your most valuable customers at risk of leaving
- Sell more profitable products and services to existing customers
- Focus your resources on sales opportunities that are most likely to close
In addition there are activities that can improve profitability:
- Manage your ‘cost to serve’ for customers that generate little value
- Reduce your marketing spend on poor, low value, customers
Now is the perfect time to start targeting your existing resources on the hidden opportunities in your customer data. BrightTarget’s technology can easily provide the predictive insights that shine a light on the opportunities and your existing sales and marketing activities can be targeted to maximise the opportunities identified.
Start making use of all that data you are collecting. BrightTarget takes your customer data from various locations around your organisation and uses all the data to make intelligent predictions, specifically designed for complex B2B organisations like yours.
BrightTarget gives you the torch to shine a light on all that hidden opportunity