A friend of mine recently shared a telling story with me — one B2B marketers and salespeople alike will relate to.
This friend works for a shipping company that owns and operates a number of freight vessels. Another company has been contacting them to offer their products via multiple channels. They’ve been calling, emailing, and running online ads to make their pitch. Nothing out of the ordinary B2B marketing playbook.
Except that this supplier has already been doing business with the shipping company for years. In fact, they’re one of their biggest suppliers. And the fact that the supplier did not check their facts before calling their “prospect” was fairly irritating to say the least.
How did their sales team mess up so badly? One possible explanation is the fact that the customer company recently changed names. This made the existing customer look like a “new” prospect somewhere within their databases. It’s an embarrassing mistake and, as my friend wryly observed, one that could have been avoided with as little as a simple Google search.
If you’re not using site-level matching, you could be making the same mistake
While it’s easy to pin the error to sheer incompetence, any sales reps reading this will know how easy it can be to make this mistake. When you’re inundated with countless leads and under pressure to deliver, it just isn’t possible to manually research the validity of every single lead. If marketing sends you a lead or account, which looks genuinely qualified, how do you have time to research and verify every field in that lead or account record?
Shifting the blame to Marketing isn’t fair either. They’re under the same pressure, only further up the funnel — perhaps even more so given the volumes of leads, accounts and contacts they’re dealing with.
Name changes aren’t the only complication to think about. In fact, your company could be making the exact same mistake right now without even knowing it.
There can be any number of reasons why a “new” account you’re pursuing isn’t new at all, apart from a change in the company’s name. For example, an account could be a subsidiary or franchise of a parent company which operates under a different name. Or your sales team may have been handed a lead from a local or national branch of a larger, multinational company.
Either way, if your business is already dealing with another subsidiary/branch/franchise, the result is a wasteful (not to mention frustrating) squandering of valuable manpower and time. You are wasting the efforts of your sales team.
Account-based marketing (ABM) efforts can seriously stumble if this fundamental challenge is ignored. A subsidiary could look like a parent account if you don’t have the full, necessary view of the company. Basic lead-to-account matching won’t solve the problem, because leads can be matched to the right account, but not the right site within an account.
Site-level matching: the next logical step up from lead-to-account matching
The solution is site-level matching.
Think of site-level matching as the next logical step up from lead-to-account matching. With site-level matching, you are not only matching leads to the right accounts, but also mapping out the account’s entire “family tree,” to discover where exactly your leads fit into the company hierarchy.
To get that kind of valuable, nuanced intelligence, you’ll need a very high-quality data enrichment solution for your marketing and sales databases. There are plenty of data enrichment solutions out there, but if the information they’re providing isn’t granular enough it simply won’t be enough to solve this problem.
For example, Leadspace Audience Management Platform provides an account-based marketing solution that enriches data down to the site-level. In other words, Leadspace appends site-level data to lead and account records.
This ensures that you have the right information before calling your leads and accounts. Maybe you do want to sell to a subsidiary and name-drop that the parent company is already a customer. Or, if the parent company isn’t a customer, perhaps you’d prefer to sell directly to them. Either way, Leadspace provides the most accurate and granular data and sales intelligence you need to position your products to the right leads in the right accounts.
For more on account-based marketing, download our ABM Guide for Modern Marketers e-book below: