With more sales forces choosing to virtually connect with prospects through the majority of a sales cycle, understanding who a prospect is beyond their title or role is crucial. Generating leads is a daunting task for many marketers as well, with list rentals often delivering disappointing results and very low conversion rates.
The Era Of The Digital Marketer Has Arrived
Tomorrow’s Chief Marketing Officers (CMOs) are Eloqua, Marketo and Salesforce power users today. The era of the digital marketer hasn’t just arrived, it’s rapidly accelerated past marketing strategies and methods that have proven marginally effective and lacking in analytical precision and measurement.
What’s fueling this marketing revolution are the insights gained from Big Data, predictive analytics, and natural language processing (NLP) algorithms, providing marketers valuable insights into how they can increase conversion rates. They’re also finding out more about who their prospective customers are through the use of personas. I’ve been tracking Mintigo and their InterestBase platform, and the following video explains the benefits of this platform:
Lessons Learned From DocuSign
DocuSign is the global leader in eSignature solutions, helping their customers reduce time-consuming and costly paperwork with SaaS-based applications designed to reduce contract cycle times, reduce costs and improve visibility and control over the contract management and signature process. Doing demand generation for DocuSign’s breadth of offerings is challenging, as prospects must first be willing to invest in a cloud-based platform, and second, trust it with sensitive documents.
Meagen Eisenberg. Vice President, Demand Generation at DocuSign learned about Mintigo from her counterparts at Box.net, who recommended she evaluate it. DocuSign averages 500 leads a month from Mintigo, and on average 122 engage with the company. Demand generation with list rentals and purchases before often delivered disappointing engagement results. “List buys averaged 1% conversion historically,” Meagen told me during a recent discussion. “With Mintigo, we’ve been able to significantly improve conversions by providing sales with more accurate, complete customer information and context of their needs.”
The initial leads from Mintigo have already converted into two active opportunities in final contract negotiation phase. Meagen explained that DocuSign is using Mintigo to first create a more complete picture of prospects using InterestBase, and second, relying on a back-end rule base to drive the right lead to the right sales representative as quickly as possible for follow-up.
The Brains Behind Mintigo
I recently had the chance to speak with Dr. Jacob Shama, CEO and co-founder of Mintigo, and Tal Segalov, Vice President Customer Success and co-founder. Both are experts in signal processing, data analysis and processing, algorithm research and patterns recognition.
They explained that InterestBase relies on a scoring model and methodology that is based on L1 regression techniques where goodness-of-fit of the prediction model is defined by the relative weighting of each variable. Using this technique, probabilistic modeling can be quickly defined for a given persona, segment or potential prospect. What’s so unique about this approach is that InterestBase “learns” and anticipates what a given persona, segment of prospective customer is looking for. Over time, InterestBase becomes more accurate as a result. Dr. Shama and Tal Segalov explained that this is critical for removing the potential of false positives by having more accurate a priori probabilities of the population of interest.
Mintigo’s cloud architecture runs on Amazon Web Services, typically consuming between 800 to 1,200 virtual servers continually. With the strong technical backgrounds the founders and engineering teams have in large scale data analysis, it’s not surprising Mintigo has created a Hadoop-like cluster for managing large data sets, and also rely on NoSQL databases to streamline their architecture.
Bottom line: Unleashing the most valuable uses of your marketing automation system start by getting beyond the surface demographics of your prospects to see who they really are. Advances in analytics and customer intelligence are making that possible.
(Cross-posted @ Enterprise Software Strategist)