Finding new customers is a lot easier these days, what with innovative, digitally based ways to capture and collect data. Early examples of this exciting new trend in prospecting were Jigsaw, a business card swapping tool that allowed salespeople to trade contacts, and ZoomInfo, which scrapes corporate websites for information about businesspeople and merges the information into a vast pool of data for analysis and lead generation campaigns. New ways to find prospects continue to come on the scene—it seems like on the daily.
One big new development is the trend away from static name/address lists, and towards dynamic sourcing of prospect names complete with valuable indicators of buying readiness culled from their actual behavior online. Companies such as InsideView and Leadspace are developing solutions in this area. Leadspace’s process begins with constructing an ideal buyer persona by analyzing the marketer’s best customers, which can be executed by uploading a few hundred records of name, company name and email address. Then, Leadspace scours the Internet, social networks and scores of contact databases for look-alikes and immediately delivers prospect names, fresh contact information and additional data about their professional activities.
Another dynamic data sourcing supplier with a new approach is Lattice, which also analyzes current customer data to build predictive models for prospecting, cross-sell and churn prevention. The difference from Leadspace is that Lattice builds the client models using their own massive “data cloud” of B-to-B buyer behavior, fed by 35 data sources like LexisNexis, Infogroup, D&B, and the US Government Patent Office. CMO Brian Kardon says Lattice has identified some interesting variables that are useful in prospecting, for example:
- Juniper Networks found that a company that has recently “signed a lease for a new building” is likely to need new networks and routers.
- American Express’s foreign exchange software division identified “opened an office in a foreign country” suggests a need for foreign exchange help.
- Autodesk searches for companies who post job descriptions online that seek “design engineers with CAD/CAM experience.”
Lattice faces competition from Mintigo and Infer, which are also offering prospect scoring models—more evidence of the growing opportunity for marketers to take advantage of new data sources and applications.
Another new approach is using so-called business signals to identify opportunity. As described by Avention’s Hank Weghorst, business signals can be any variable that characterizes a business. Are they growing? Near an airport? Unionized? Minority owned? Susceptible to hurricane damage? The data points are available today, and can be harnessed for what Weghorst calls “hyper segmentation.” Avention’s database of information flowing from 70 suppliers, overlaid by data analytics services, intends to identify targets for sales, marketing and research.
Social networks, especially LinkedIn, are rapidly becoming a source of marketing data. For years, marketers have mined LinkedIn data by hand, often using low-cost offshore resources to gather targets in niche categories. Recently, a gaggle of new companies—like eGrabber and Social123—are experimenting with ways to bring social media data into CRM systems and marketing databases, to populate and enhance customer and prospect records.
Then there’s 6Sense, which identifies prospective accounts that are likely to be in the market for particular products, based on the online behavior of their employees, anonymous or identifiable. 6Sense analyzes billions of rows of 3rd party data, from trade publishers, blogs and forums, looking for indications of purchase intent. If Cisco is looking to promote networking hardware, for example, 6Sense will come back with a set of accounts that are demonstrating an interest in that category, and identify where they were in their buying process, from awareness to purchase. The account data will be populated with contacts, indicating their likely role in the purchase decision, and an estimate of the likely deal size. The data is delivered in real-time to whatever CRM or marketing automation system the client wants, according to CEO and founder Amanda Kahlow.
Just to whet your appetite further, have a look at CrowdFlower, a start-up company in San Francisco, which sends your customer and prospect records to a network of over five million individual contributors in 90 countries, to analyze, clean or collect the information at scale. Crowd sourcing can be very useful for adding information to, and checking on the validity and accuracy of, your data. CrowdFlower has developed an application that lets you manage the data enrichment or validity exercises yourself. This means that you can develop programs to acquire new fields whenever your business changes and still take advantage of their worldwide network of individuals who actually look at each record.
The world of B-to-B data is changing quickly, with exciting new technologies and data sources coming available at record pace. Marketers can expect plenty of new opportunity for reaching customers and prospects efficiently.
A version of this article appeared in Biznology, the digital marketing blog.