Nothing Happens in a Vacuum: The Race Is on To Solve a Real Problem for B2B Enterprises
This is not a blink-and-you’ll-miss it moment. If you’re in the business of selling to other businesses, you’ve likely noticed the bustle of investment activity surrounding companies that help clients manage customer data and engagement across the B2B customer journey.
- ABM vendor Demandbase expanded with the recent acquisitions of Engagio, DemandMatrix, and InsideView.
- 6sense, another ABM platform, raised $125 million at a valuation of $2.1 billion earlier this year.
- Data vendor ZoomInfo has nearly doubled its market cap to $15.5 billion since going public in June 2020 with a market cap of $8 billion.
- Dun & Bradstreet, another data vendor, went public in July 2020 at a market cap of $9B.
Here at Leadspace, we recently raised $46 million (led by JVP) to fuel our growth and answer the widespread call to improve the B2B customer experience.
All this activity isn’t occurring in a vacuum. It’s a reflection of the growing demand for solutions that address a challenge that plagues every B2B enterprise—the need for high quality, usable data to engage the right customers in the right way at the right time and place.
Responding to an Experian survey, businesses indicated poor data quality:
- Damages the reliability of analytics (36%).
- Negatively affects customer experience (32%).
- Harmfully impacts reputation and customer trust (32%).
In the wake of the pandemic, the sense of urgency to solve this problem is even greater with a shift towards digital initiatives and all eyes on sales and marketing to find ways to adapt quickly, make better use of resources, and do more with less.
In response to the Experian survey, 72% of businesses said this digital acceleration has made them more reliant on data and data insights while 77% said investing in data management initiatives now will help them better weather the next crisis.
Poor Data Quality Can Really Hurt Your Sales & Marketing Efforts – That’s Not News. But Is Another Technology Solution Really Going To Help?
Having a stockpile of the top tools isn’t enough if you’re missing the central screw that keeps all customer data organized and connected. This is why B2B enterprises with a suite of best-in-class CRM, MAP, and ABM technologies are finding they still lack the full, up-to-date picture of the customer that’s key for effective customer engagement.
Even businesses with a seemingly comprehensive martech stack are encountering these issues:
- Closed systems that don’t talk to each other and can only handle certain types of data.
- Customer data that is dated, incomplete, duplicative, contradictory, or varies depending on where it’s accessed.
- System “dead ends” that restrict information sharing and activation to certain channels.
All this puts a serious damper on your ability to successfully engage customers and win business. To sum it up, poor data quality creates a fragmented experience for sales and marketing teams, ultimately resulting in a disconnected experience for the customer.
You Can’t Expect 20/20 Vision Wearing Someone Else’s Glasses
The myriad of platforms and apps, while each helpful in their own right, means your customer data is dispersed across multiple systems. These systems present the view of the customer through their own lens. For example, you might have a top tier data enrichment program for inbound leads but when someone submits a web form, your system isn’t able to identify whether they’re a current customer or a new prospect. This leads to existing clients getting errantly routed into your lead qualification and SDR sales motions.
Enrichment is critical to an efficient inbound engine but if you’re unable to connect an inbound client inquiry with the account details in their contact record, you’ve got a blind spot. Having a sophisticated martech stack doesn’t always equate to easy access and pulling of the data you need to get optimal results from customer engagements.
This Is Where a Customer Data Platform (CDP) Comes in
CDPs are designed to play a complementary role in your martech stack, helping you maximize resources and make better use of your valuable toolset. CDPs connect all your systems, mapping the constellation of data points to form complete customer profiles that allow for segmentation and activation across any channel. A unified system of intelligence improves the performance of your technology investments and delivers a better overall experience across the universe of customer interactions.
Leadspace, a Unified Customer Intelligence Platform
Customer data platforms are incredible tools but the CDP category is simply too restricting to encompass all Leadspace has to offer. This is why you’ll begin seeing us refer to our solution as a Unified Customer Intelligence Platform.
From data ingestion all the way to program activation, we can unite your data and your teams around a shared understanding of the customer, to deliver a unified customer experience.
- Unify, unify, unify! Get all your data in one place – Leadspace can ingest any data type regardless of format a.k.a. it’s data-agnostic. You aren’t limited to structured data sets that follow a specific format but can bring in unstructured data from a variety of sources. Because the platform can ingest and seamlessly layer 1st party and 3rd party data in real time, you can easily merge data from contact records in your MAP, CRM, and other platforms with data from outside sources.
- Revolutionize how you look at customers with a unified, 3D customer profile that’s enriched with AI and data science – Leadspace stitches together several data points to form a lens that can be adjusted for your specific needs. This profile doesn’t just reflect basic contact information. Leadspace adds relevant firmographic and relational details so you can easily identify if the lead is an existing customer, which individuals are key decision-makers (i.e., part of the buying team) and how they are situated within the larger organization (from a sales and marketing perspective, going beyond the financial and legal structure of the account). This gives you access to a living, breathing profile that evolves over time so you can better define and target your ideal customers for a range of use cases, from lead management to TAM analysis and territory assignment.
- Activate programs across any channel – Leadspace’s unified customer intelligence platform is channel-agnostic so you can activate your enriched, unified data across any system. This portability alleviates limitations you might face when working within other systems, freeing you to engage with customers how and where you see fit. You aren’t limited to email and display ads, you can execute campaigns and drive initiatives for distinct audience segments wherever you like.
Sales & Marketing and Beyond!
Because Leadspace is able to combine 1st party and 3rd party data and then enrich and update it in real time with AI-powered, custom data models, we give you the unified view you need to engage customers in the most impactful, meaningful way. Whether it’s real-time customer intelligence for lead management, identifying account hierarchies and buying teams for outreach, or activating custom segments across channels, unified customer intelligence streamlines your workflow for effective, personalized engagement at every point in the buyer’s journey.
Going beyond sales and marketing efforts, a single source of truth can eliminate silos across your entire organization by enabling the delivery of a unified customer experience from pre-sales all the way through to client support and billing. With everyone working from the same page, you’ll be able to incorporate a customer-centric approach across teams and functions, including customer support, IT, product development, and service departments.
Customer data is a valuable enterprise asset that is here to stay. So you’d better have a clear vision for how to get it right right now. The market leaders of tomorrow will be the ones that have mastered unified customer intelligence today.