Lattice Engines announced the latest release of its Big Data analytics platform, Lattice salesPRISM. Lattice salesPRISM features new capabilities that turn social insights into laser-accurate leads for sales and marketing by combining social data with the predictive power of Big Data.
The Challenge of Uncovering Buyer Intent in Social Selling
Social data is a tremendous asset to sales and marketing. Data collected in a survey from Gartner’s 2012 “Magic Quadrant for CRM Lead Management” indicated that 57 percent of executives who responded identified social and social sites as a high-priority lead management channel (Source: Gartner,“B2B Sales Leaders Need to Pay Attention to Social for CRM Now or Drown Later,” January 30, 2013).
Despite its potential, the success of using social data to uncover useful information has been limited. Sales reps are researching up to 15 different external data sources to find prospect information (CSO Insights), and are spending nearly a day a week on prospect research (Aberdeen). They may find information on a prospect, but without context or the benefit of how that information has changed over time, it can waste valuable time and often provide limited or even misleading insights.
Turning Social Information into Actionable Leads
The new release of Lattice salesPRISM greatly expands the cloud-based platform’s use of social information. Unlike CRM systems that provide a “snapshot in time” or static prospect databases, salesPRISM continually monitors social data allowing for a comprehensive understanding of trending activities such as posts, job listings or firmographic data. By combining it with other Big Data and proprietary data sources and applying predictive analytics, salesPRISM directs sales and marketing to the leads with the greatest propensity to buy.
Comments on the News
• “Tapping into social data to uncover information about prospects isn’t new, however the challenge is that obtaining information that’s actually relevant to buying behavior is like searching for a needle in a haystack,” said Denis Pombriant, managing principal, Beagle Research. “Predictive analytics give context and meaning to Big Data so that companies can capture the information they need to better serve customers and focus their marketing and sales efforts.”
• “Social sentiment is of limited value to sales, or even worse, misleading on its own,” said Shashi Upadhyay, CEO of Lattice Engines. “The days of sales reps wading through volumes of social information and coming away with just sentiment are over. Knowing a prospect’s social activity over time and how it relates to other occurrences is what delivers actionable leads.”
Lattice salesPRISM – Key Features
• Sales and marketing-relevant social information – The Lattice Social Activity Index makes social information meaningful by collecting and reporting on changes in social activity over time, such as hiring activity or post activity. The Index not only includes social presence, but recency and frequency to determine which companies are most socially active over time.
• Sales and Marketing Alignment using Predictive Analytics – salesPRISM aligns sales and marketing by providing a common view of a customer’s likelihood to buy and of which leads should be passed back to marketing for further nurturing using advanced, predictive analytics.
• Laser accurate leads through the combination of Big Data and social data – salesPRISM combines internal and external Big Data, including social and proprietary data sources to derive laser accurate and complete prospect profiles, including office locations, international presence and new hires.
The Lattice salesPRISM Big Data analytics platform is available today. The Lattice Social Activity Index feature will be available in the third quarter of this year.