“I had two identical leads, and one became a $5,000 customer, and the other became a $200,000 customer. How do I find more of the latter?”
If you ask yourself this question, read on.
Modern data like technographics and spend estimates are critical to an enrichment strategy if you sell cloud software. Without it, you are only evaluating half of the story when qualifying leads, which leads to time wasted by both your marketing and sales team.
You may even be missing out on deals.
What do we mean by “half of the story?”
The most common metrics in lead qualification are firmographic attributes like company size, revenue, and employees.
While this data is critical for your business, it represents the physical attributes of a company. If you’re reading this article, you sell a digital good, not physical.
What you need is a dataset that quantifies the size the company’s digital presence, which we call the digital footprint. It will allow you to understand the digital demands for the company and provide the other half of the lead qualification story.
In the scenario with two identical leads, you will see the difference in how they run their digital business.
By monitoring the digital presence of 3.4M+ companies from website to the data center, we provide a complete picture of a company’s digital footprint:
- The applications they run
- The products they use to run them
- An estimated cost of IT
- The volume of digital traffic across the entire digital footprint
Conventional Data Leads to Conventional Results
While firmographic data is a requirement, it’s conventional. Your competitors use the same data.
If you don’t want to be conventional, consider modernizing your enrichment strategy with Intricately Spend and Technology Data. Not only does it provide the missing intelligence that your reps need, it completely transforms the qualification funnel.
You will immediately be able to differentiate between the leads that look the same. (like the example in my opening statement) No company looks the same in the digital world.
You will be able to predict the contract potential of all your leads. Your product’s contract value likely depends on the digital demand for it. With our insights, you’ll know who is the $5,000 customer or the $200,000 customer before handing off to sales.
You will start closing more surprise deals - the big ones nobody saw coming.
Understanding digital demand is critical to knowing the potential size of a contract
Our data allows you to understand a lead’s demand for your services. If your product cost increases with usage, demand is the critical component of contract potential.
The majority of people estimate contract potential based on the physical size of the company, or through individual conversations. The same idea as above is applicable here. Those attributes are only half the story, and often not correlate to the size of the contract.
What is correlate is the digital demand for your product.
A physically small media firm could have a tremendous amount of web traffic viewing their video content thus will need a sophisticated CDN strategy.
A physically large firm may have videos online, but only employees watch. Thus they don’t need your services.
Start by incorporating spend into your lead qualification strategy, and we promise you will be surprised by the transformation of your lead to customer funnel.
It makes competitive selling easier.
Timing is everything in this business, and it’s important to know when to wait.
By enriching with our technology data, you’ll know which leads use your competitors and when they started using them.
If they just started, there’s no reason they will switch, but if they’re nine months in, you can expect a renewal conversation and a willingness to talk.
It doesn’t have to be difficult.
We don’t want you to change your entire strategy. We want you to incorporate one element at a time.
If you enriched only the technology data, you'd disqualify purely based on who uses the competition thus saving your team’s time.
If you enriched only Intricately spend estimates, you'd immediately find new leads to send to the sales team.
If you incorporate both, you’ll modernize your enrichment strategy.