I enjoy wine. I like it a lot. If I had to say why, I’d probably say it’s because wine connects me to a region’s culture, history, and geography. I get to experience the art and craft of particular individuals who are dedicated and passionate about its production—not to mention it’s particularly delicious, especially with food.
My wife and I have 200+ bottles at home (never refusing an offer from those who wish to help us drink them!) from about five regions. I’m the guy who brings a bottle of wine over to a friend’s house for an evening gathering, or who will bring a bottle to a restaurant. This typically means my friends regard me as ‘that guy’ who is a ‘wine expert’. But beyond my enthusiasm and the enjoyment that I derive from drinking and sharing wine with people, I’m not really in a position to become a Sommelier anytime soon.
What Does Wine Have to do with Predictive Marketing?
Maybe wine has nothing to do with predictive marketing, but the experts who analyze wines, those we call Master Sommeliers, just might. Master Sommeliers analyze tens of thousands of different grapes, and the unique components of wine to identify which wine should go with each dish. Just as predictive marketing analyzes hundreds of thousands of signals to help you identify the accounts that are right for your business.
Great Sommeliers are hard to come by. There are about 230 in the world, with the Court of Master Sommeliers only adding 5-7 per year on average. With the 10,000 grape varietals that go into the 36 billion bottles of wine that are sold each year, it’s a pretty monumental undertaking to be able to identify even a small set of these with accuracy. After years of training and tasting, for a given wine, this person is now able to analyze many of its distinct components (acidity, tannic structure, alcohol & sugar level, body etc.,) and be able to identify grapes, country, region, age and possibly even the exact producer. Sure sounds similar to being able to identify and differentiate signals!
Predictive Marketing, Master Sommelier of Accounts
Predictive marketing software is your Master Sommelier of all the accounts in your entire market. There are six million companies in the US with a website. How can you accurately determine which one of these you should go out and market and sell to?
A good predictive marketing tool analyzes three types of signals to determine whether or not you should go after a particular prospect. These signals are; fit, engagement, and intent. Without looking at all three, you will not get a master point of view of your accounts. Just looking at engagement for example, that would be like telling you that you should drink a pinot noir from the Burgundy region with your salmon just because you had a bottle from that region last night. The Sommelier has no idea whether you liked it or not, or if someone else had picked that bottle for you. In a nutshell, we’d need more information. Information like, what was the dish you had the previous night? Does this fit generally with your choice of wine or what is in your cellar? Were you considering this particular wine before the sommelier came over to discuss wine with you? The sommelier needs to know all of these things to make an accurate recommendation.
With its advanced data science, predictive marketing can help identify all of those unique ‘flavor’ components and characteristics to identify which are the best accounts for your business. With the ability to clearly differentiate thousands upon thousands of signals across millions of accounts, predictive marketing can identify the companies that match your palate.
I’d be happy to help you choose wines for your next party, but if you want an even better opinion, ask a Master Sommelier. If your business seeks to truly understand its total addressable market and to identify the accounts that are most likely to convert, talk to a predictive marketing solution.