Uncover hidden high potential segments in your Marketing Leads database to generate more Opportunities
As a marketer, your goal is to generate more opportunities and sales. To that end, you keep your eyes fixed in the marketing dashboard to track your progress towards the goal for the quarter. You get a sense of how things are going by the first month in the quarter. If you are falling short, is there anything proactive you can do to meet the goals?
The answer is yes! One proactive way is to use customer-lookalike analysis on your leads database to find immediate opportunities. This is explained in a B2B marketing context below. It can be easily translated to a B2C world if that is more relevant to you.
In B2B marketing, the input to the demand funnel is the new leads and reopened leads. (Reopened leads happen when nurtured leads accumulate a preset lead score with recent activities.) Both the new leads and reopened leads go through the top of the funnel and middle of the funnel stages before possible conversion to opportunities.
If you as the marketer determine that there needs to be more leads input to the funnel to create the required opportunities, you might want to explore data science analysis involving Nearest Neighbor modeling. This involves the following:
- Use the current customer base as the target population. Compile the firmographic profile (at a minimum) of the customers
- Run the Nearest Neighbor model to score the leads to identify those that look like the customer base
- Further prioritize the leads by layering in the behavior – i.e. recent activities
Once the priority list is created, try reactivation tactics to get these leads back into active funnel. These tactics could include:
- Calling campaign by SDR’s (using an external SDR agency might be useful here)
- High touch marketing – Example: Ask the recipients to fill out a survey and get a gift card (or qualify for a grand prize). The survey could be designed so that you get insights on the recipient’s need for your solution and approximate timeline for that solution.
This process enables marketer to be more proactive towards the needs of the business, which of course, makes Marketing more strategic to the company.