We’ve learned from the Pareto Principle, or the 80/20 rule, that the majority of our business will come from a small percentage of our customer base. At EverString, we’re constantly feeding our new customers and leads into our AI system so it’s constantly relearning and looking at new variables for what does and does not constitute a good potential account for us. This helps us determine the Fit of each potential lead that comes our way and begins to bring into focus those companies who are ready to buy.
The more data we feed into the system, the better the algorithm works. The better it works, the better our results. And the better our results, the shorter and more profitable our sales funnel is.
Some of the benefits of this method include:
- We have a much leaner database than other companies of our size. We’re not adding large accounts with a low Fit score, because they would never be able to buy from us. We’re not sharing accounts like that to our sales or marketing teams so they’ll instead focus on the accounts that are actually good for our business.
- That means that even though we’re selling to a smaller number of leads and contacts, we’re getting higher engagement and closing rates, because they’re leads our sales team can actually work with.
As a result, we’re able to cut costs for our CRM system, marketing automation system, and other marketing technology prices, based on the number of records we store inside our database.[Related] How we built a platinum ABM stack at EverString
All of these systems work together to help lay a sturdy foundation so the sales and marketing teams can work best together. Since the lists are so streamlined, it doesn’t make sense to constantly scramble for new leads to bring in, which is the standard operating procedure for most businesses.
The norm now is to bring as many leads into the top of the sales funnel as humanly possible, engage them with as many marketing programs as they can absorb, and then the ones who choose to engage obviously like your product or service. Those are the ones that you need to sell to.
However, that’s not the SOP with some data collection companies. The ones that offer huge datasets of contact information often have problems with data accuracy and coverage. They charge more based on the number of records that exist within their systems. These companies want you to add as many of their leads to the top of your sales funnel as humanly possible because they can charge more as you add more, even if they don’t pan out as a closed sale.
But what they don’t account for is the number of companies that are actually a good fit for your organization, or have the need for the product or service you offer. For example, just because someone read one of your e-books or downloaded one of your white papers doesn’t mean they’re a good fit for your business. Maybe they were just curious about the topic, but are too small to actually buy your product. So you shouldn’t spend your time chasing them.
One of the only ways to find this out is to call them, ask questions, maybe spend a few weeks trying to schedule a sales call, only to find out they’re not a good Fit and have no Intent to buy from you. That’s a big waste of time and will end up costing you more sales and opportunities in the long run.
This is why accurate data, as generated and confirmed by AI, makes all the difference in the world to a company’s sales success. And it’s where EverString excels.
EverString has developed an AI system that mimics the decision-making skills of human researchers in its data collection, and that information is then confirmed by humans so it’s the most up-to-date and accurate contact information.
By using the EverString platform, you can find accounts similar to the ones where you had success, and avoid the companies where you’re likely to fail. If you want to learn how to put that system to work for you, ask to see how we collect and verify contact information.