Does it feel like the potential for growth exists, but it’s just out of reach?
Or perhaps you are growing, and know there is something more you can do.
Enter account-based intelligence.
Account-based intelligence provides the necessary information to support and drive your sales pipeline. By focusing on the information within your lead database, you can take full advantage of all opportunities by generating better leads and enhancing existing leads.
Matt Benati, Co-Founder and CEO of LeadGnome, developed his product to automate some of these processes. LeadGnome combs through your mountain of email and pulls out the useful information for your pipeline.
He told us about three specific ways account-based intelligence can help grow your business.
1. Generate Better Leads
When using account-based intelligence, the focus is on the specific accounts that your salespeople are targeting.
There’s often a disconnect between sales and marketing, which stunts growth.
Account-based intelligence is about getting the two departments on the same page. Marketing needs to have an ideal buyer profile that aligns with the sales department’s ideal customer profile.
It’s great if marketing is generating 1000 leads a day, but it’s not helpful if only 2 of those leads are actually in the accounts that sales cares about.
Aligning these accounts will boost the quality of your lead generation.
2. Enhance Existing Leads
Often there are holes in account records or accounts can become stale over time.
It’s important to fill in these missing pieces in order to appropriately personalize messages. After all, you wouldn’t send the same message to a day-to-day user of your product as you would to a buyer.
If the information on the contact is incomplete, you may not know which category to put them in.
One way to keep leads from going stale is to keep up with changes to both the individual contacts and the company as a whole. A person’s name and title can change, or they may leave the company.
Shockingly, about 1/3 of companies change their names every year due to a merger, change of direction, etc.
When these things aren’t tracked it leads to database decay, and that decay hurts your ability to turn leads into sales. Database decay hurts your ability to turn leads into sales.
3. Trigger Event Selling
Craig Elias introduced trigger event selling, which relies on the idea that timing is everything.
If you get in on an opportunity first, your chances of winning a deal increase by about 74%. Recognition of trigger events is a great way to be first in the door and up your win rate.
But what are trigger events? There are several, but here are two specific examples to get you started.
A hard bounce is the email notification you receive when a contact has left the company, stating their email address is no longer valid.
You could chalk it up as a lost cause, or you can recognize the hard bounce as a new opportunity.
Most companies try to keep their clients in the loop when someone leaves, so instead of shutting down the email address (which results in the hard bounce) they will send out a reply message for at least one quarter, if not two.
Say you have a contact named Joe. You sent an email or newsletter to Joe, received a reply message stating that Joe is no longer with the company and that Harry is now handling Joe’s old duties.
Now you have your new contact (Harry) and your old contact (Joe) at a new company – two new opportunities for you. You can even take it a step further and find out who Joe replaced at his new company, and that gives you a third opportunity.
As mentioned earlier, there’s a difference in the type of message that you send to a day-to-day user versus an actual buyer.
If someone gets promoted, you won’t necessarily know unless you are tracking the messages with that contact.
That title change is your trigger event. By being aware of the change, you know to stop sending the day-to-day user newsletter and start sending the renewal notice or other buyer-targeted communications to this person.
You know that your business has the potential to grow, and implementing account-based intelligence in both sales and marketing is a good way to do that.
By focusing on information from the accounts that sales actually targets, marketing can generate better leads while the sales team can enhance their existing leads and recognize trigger events to find even more opportunities.
This article is based on an interview with Matt Benati, Co-Founder and CEO of LeadGnome. You can find this interview, and many more, by subscribing to the B2B Growth Show on iTunes. If you don’t use iTunes, you can listen to every episode by clicking here.