How DocuSign Boosted Conversions with Predictive Lead Scoring #SDSummit
Earlier today, one of our favorite marketing nerds, Ryan Schwartz of DocuSign joined Brian Kardon of Lattice to share their journey to predictive marketing at the SiriusDecisions Summit.
Brian kicked off the talk discussing the transition of marketing from the arts and crafts department to modern marketing to predictive marketing. Much like the companies and apps we know and love as consumers (think: Amazon, Uber, Netflix, Pandora and more) are built on data. In fact the power of predictive analytics and recommendations drove over 35 percent of Amazon’s business last year. Just like Internet giants, B2B companies are now harnessing all of the available data to predict smarter recommendations about who is likely to buy next.
DocuSign is a global leader in digital transaction management and the world’s leading provider of eSignature management. The company has a massive market because virtually anyone who signs a document is a prospect and is a quintessential example of a company that faces the curse of abundance. Its database grows about 135,000 new leads a quarter from businesses of all shapes and sizes, and to top it off, it has a small inside sales team of 25 reps. Even though the team was a savvy and sophisticated user of marketing automation, lack of insight into the data and universal indicators about their varied prospect base led to a real confidence concern in their traditional rules-based lead scoring approach. The sales team relied on intuition to help prioritize their selling efforts.
With Lattice, DocuSign was able to connect data from Salesforce and Eloqua, which included product usage data
along with standard firmographic and behavior data, with thousands of buying signals from the Web, social and more in the Lattice Data Cloud. With rules-based lead scoring, DocuSign was previously assigning a value of A-D to its leads. Now, it is scoring based on a decile approach. By increasing the number of score indicators from four to 10, DocuSign has a smarter lead score that is more prescriptive of buyer intent. The application identifies the leads with the greatest likelihood of purchasing, and the highest scored leads are directly passed to the inside sales team so they can focus on closing business. Leads with a lower-ranking score are kept within marketing automation for additional nurturing.
To date, DocuSign is realizing a 38 percent lift in SQL production, with the same amount of leads and sales reps, resulting in a 131X ROI. Here’s a high level look at the formula used to calculate the ROI:
Key Lessons from the DocuSign Marketing Nerds: Things to Consider When Using Predictive Scoring
Benchmark your success. It’s important to know where you are starting from with any type of predictive marketing effort. Based on his experience, Ryan shared advice on benchmarking. Specifically, track the original rules-based scores, predictive scores, current scores and last score data to monitor the progression of the model. This way you’ll be able to build more confidence in the model and be able to identify what’s working and what is not.
Partner with sales management to build trust in the predictive score and realign the sales team and
process. By meeting with sales management early on in the process, the DocuSign marketing team was able to build trust in the new sales approach. It took a bit of focus to shift from intuition selling to predictive selling. Comparing the original scores ability to convert to the Lattice scores indicated that the predictive scores were more accurate in predicting conversions. DocuSign conducted a pilot with a subset of its sales team to show the impact that predictive scoring can have. Beyond that, training was easy since DocuSign is only passing one field to Salesforce – the Lattice Predictive Lead Score.
Remember security. DocuSign holds itself to the highest security ratings, similar to banks and financial institutions. It’s important to do the necessary homework to ensure your data is safe. When DocuSign was evaluating solutions, it conducted a three-month vigorous test to ensure security.
Continual validation. DocuSign consistently reviews the model and various stages of the funnel to ensure it is getting the best results.
Start small and expand over time. Since DocuSign’s target audience is broad and very varied, it made sense to focus the predictive scoring efforts on one persona to start. The team is now rolling the predictive scoring models out to the other personas.
If you are attending the Summit this week, be sure to stop by Booth 26 to say hi to the Lattice #MKTGnerd herd and enter to win our contest to win Google Glass.