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What are the trends that customers face in the Sales and Marketing industry?
Most organizations, large and small are going through a major digital transition with their front offices. This is driven by important changes in the buying behavior of businesses. First and foremost, buyers are conducting research online and making up their minds about what to buy and from whom before contacting any vendors.
The second trend is that most B2B purchase decisions are not made by individuals but groups of individuals. So, you have to understand the entire group in terms of their interests and behavior.
The third trend is around privacy – buyers expect their privacy to be respected and regulations like GDPR and CCPA are quickly coming online in response. Lattice is one of the first GDPR compliant AI vendors and will continue to make it easy for our customers to ensure compliance with such privacy regulations. Enterprises have to be much more cognizant about what data they can collect, who they can market to, and how.
These three trends necessitate a big change in the way B2B sales and marketing must work together to drive revenue. Leading companies are deploying tools and technology that help sales and marketing make sense of all that buyer data so they can properly understand buyer interest and behavior – so they can get the deep insights they need to engage in a more relevant and contextual way across the entire funnel.
How does Lattice Engines respond to these trends and can you tell us about your solution?
The amount of online data that is generated as people conduct online research and decide what to buy is increasing exponentially. What’s worse is that its generated from multiple sources and stored in multiple places. The Lattice Platform stitches together all that data and applies AI to determine your Ideal Customer Profile and develop insights into what the customer is trying to do in terms of what product they are looking to buy, how far down the buying journey they are, and so on. Companies use the insights from the Lattice platform to enable sales reps to have the right conversation with the right customer (about the right product, at the right time),and to enable marketers to drive more personalized digital campaigns.
Our core product is a customer data platform called Lattice Atlas. It does three things:
We were one of the first GDPR compliant vendors and will continue to implement any new regulations so that it becomes easy for customers in the future
Second, the platform makes all this data and insights available for audience segmentation via an easy to use web-based app.
Third, customers use the platform to activate these audiences across all their channels via our connectors – ads, web, email, and sales.
Our solution is vertical agnostic. You can put any first-party data in the system; including Salesforce, Oracle, SAP, Adobe, Google, Microsoft and many others, as most of our customers have a very heterogeneous IT environment. The platform itself is highly scalable; we handle billions of data points and process billions of predictions every month.
The platform is widely deployed across 100s of Fortune 1000 companies and our customer roster includes the likes of Adobe, Citrix, Dell, Google, and PayPal and so on. From a results standpoint, our customers’ sales teams have seen a 10-20% increase in revenue per active-user because they’re able to have more targeted and relevant conversations with their buyers.
Can you tell us about your integration with Salesforce?
We are a technology partner with Salesforce,and we have built our native app on AppExchange—which from an end-user perspective—allows them to access all the data in a single unified experience and provides prescriptive recommendations about who to call, why and how to engage. The app is deployed with a single click once they buy it. Upon providing their Salesforce credentials, it connects with their Salesforce instance and the data starts to flow. We have also integrated with a native reporting package that also sits on Salesforce. It has been an excellent platform for us—60-70 percent of our customers today use Salesforce, and in turn, we have found that in cases where customers have already adopted it, the time to go live can be concise.
Can you provide a case study that highlights your solution?
A financial services customer was looking to increase revenue for a new solution targeted at medium-sized businesses. They used the Lattice platform to identify which companies were most likely to buy that solution and in which timeframe. The platform also provided them with key insights about each of their buyers: what were the topics they were interested in? what other vendors were they exploring? Had they visited their website anonymously? What content had they consumed? What messages would they be most receptive to?
They used the data and insights from Lattice to execute an omni channel campaign (using a combination of personalized ads, emails and sales calls). On the sales side, all these insights were available to sales reps right within Salesforce in our integrated app. When they used our solution, they found that the conversion rate of customers that we were recommending was 5-7 times higher than before. In doing this, they used data from their internal systems which they had captured over time, but they also relied very heavily on the third-party signals that we provided. All the data and insights we gathered made it to the Salesforce app that their reps were using before making the calls.
What does the future look like for Lattice Engines?
We are pushing quite hard into Europe this year—we have good traction there and are growing our sales team. In terms of product, our Atlas product was released last year and is gaining adoption rapidly as we have increased the number of integrations including Salesforce, Marketo, Adobe, Google, Eloqua, Facebook, LinkedIn, and Twitter. Atlas is the first B2B Customer Data Platform and is well set up to simplify & enhance how B2B marketers run their operations. This is a major step forward because now,a marketer can create an individualized and consistent experience across all channels.