How Does AI Work for Predictive Marketing and Sales?
At Leadtime, we use Artificial Intelligence (AI) powered by your company’s existing internal data and millions of external data points. Using the combination of internal and external data, we create a statistical model that provides important information about your accounts, business procedures, and revenue.
What does Internal and External Data mean?
Your company’s internal data includes information from your Customer Relationship Manager (CRM) accounts, data from your sales and marketing software (e.g., Salesforce, Pardot, Marketo, SalesLoft), or other existing information you have about sales procedures and customers. In addition to a number of external data sources like Amazon, the primary value of our system is the proprietary crawlers we have that index millions of sites every week. Millions of external data points are collected through a procedure called data mining where our “web crawlers” collect millions of data points from the public domain. These web crawlers extract firmographic, demographic, technographic, web and social content from across the Internet and bring the data back to software engineers.
The Ideal Customer Profile
The information collected from data mining is combined with internal data to be plugged into an algorithm. Software like Leadtime uses an algorithm to provide important output, like an Ideal Customer Profile (ICP), which is vital information for both marketing and sales to review and refine together. Establishing ICPs and honing in on targeted segments will kick-start the process of creating marketing qualified leads, sales qualified leads, and in turn help you focus on the best fit accounts.
Building an ICP allows you to start your journey through the marketing and sales funnel with an advantage: you go into the pipeline with information in hand about who is most likely to use your service. These customers are not only more like to use your service but will be identified as having a higher Lifetime Value (LTV) overall. Knowing this at the start of the process helps you to get through the pipeline faster while also increasing revenue along the way. This way, sales knows who they’re talking to before they reach out to any lead. Building an ICP is also important because it sets the tone for the overall customer base, lets you know when an account is a good fit and helps you to know what content to focus on in marketing.
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