Free ebook: Journey to ROI from Predictive Marketing and Selling

redictive marketing and selling can provide an enormous upside for enterprises. By supplying insights into customer and prospect buying patterns and signals it enables companies to organize go-to-market priorities, align marketing campaigns to the needs of most attractive prospects, and align sales reps to high-likelihood high-value customers and prospects. As a result, enterprises that have successfully deployed predictive marketing and sales solutions were able to achieve a sustainable >15:1 annual return on investment on their programs driven by revenue lift, competitive wins, increased customer lifetime value, category expansions, and improved retention rates. The magnitude of the impact grows with the size of company’s customer and prospect base and product portfolio as predictive solutions help marketing and sales reps navigate the complexity and dynamically identify and capture growth opportunities. In other words, predictive solutions help simplify sales and marketing, in a smart way. Lattice’s work with leading enterprises across several industries shows that, like with any other high impact initiative, realizing the full potential of a predictive program requires thoughtful preparation and effective change management. Our latest whitepaper, Journey to ROI from Predictive Marketing and Selling, features best practices based on our customers’ success to help you tackle change management within your organization. Beyond the basic change management roadblocks that often need to be overcome, such as lack of overall vision and alignment, resistance to change, competing priorities and insufficient resources, there are plenty of other mistakes, specific to the predictive domain, that enterprises might make when designing predictive recommendations and distributing them to their sales and marketing teams. We discussed this topic with our large enterprise customers and asked what makes a predictive program a success. The output is four areas in which focused and coordinated predictive program management can lead to realization of substantial value for enterprises in the form of increased revenues and margins. Getting buy-in into predictive programs Designing a portfolio of predictive campaigns Driving adoption and thorough execution of predictive campaigns Evaluating predictive campaigns and measuring impact from the program Read more in our latest whitepaper, Journey to ROI from Predictive Marketing and Selling.

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JOURNEY TO ROI FROM PREDICTIVE MARKETING AND SELLING PROGRAM By: Irina Egorova, head of value realization MAKING PREDICTIVE MARKETING AND SELLING WORK IN LARGE ENTERPRISES Predictive marketing and selling can provide an enormous upside for enterprises. By supplying insights into customer and prospect buying patterns and signals it enables companies to organize go-to-market priorities, align marketing campaigns to the needs of most attractive prospects, and align sales reps to high-likelihood high-value customers and prospects. As a result, enterprises that have successfully deployed predictive marketing and sales solutions were able to achieve a sustainable >15:1 annual return on investment on their programs driven by revenue lift, competitive wins, increased customer lifetime value,m category expansions, and improved retention rates. The magnitude of the impact grows with the size of company’s customer and prospect base and product portfolio as predictive solutions help marketing and sales reps navigate the complexity and dynamically identify and capture growth opportunities. In other words, predictive solutions help simplify sales and marketing, in a smart way. Lattice’s work with leading enterprises across several industries shows that, like with any o their high impact initiative, realizing the full potential of a predictive program requires thoughtful preparation and effective change management. Beyond the basic change management roadblocks that often need to be overcome, such as lack of overall vision and alignment, resistance to change, competing priorities and insufficient resources, there are plenty of other mistakes, specific to the predictive domain, that enterprises might make when designing predictive recommendations and distributing them to their sales and marketing teams. We discussed this topic with our large enterprise customers and asked what makes a predictive program a success. There are four areas in which focused and coordinated predictive program management can lead to realization of substantial value for enterprises in the form of increased revenues and margins. Obtaining organization’s buy-in into predictive programs Designing a portfolio of predictive campaigns Driving adoption and thorough execution of predictive campaigns Evaluating predictive campaigns and measuring impact from the program 1. Obtaining organization’s buy-in into predictive programs The first of our practical tips and tactics deal with buy-in. In order to realize the full value of predictive, your company must be fullly bought into the concept of predictive marketing and selling. Most of our customers emphasize the importance of buy-in into the program. Without buy-in there is a risk that predictive solution will be perceived as another burdensome tool pushed on the sales team. Best-in-class organizations introduce holistic cascading communication to drive broader buy-in. Their goal is to make sure that all levels of sales organizations are committed to the program. You should be prepared for an iterative approach and budget enough time for it as achieving commitment may take multiple conversations at different levels of the enterprise: •Sales leadership (e.g. VPs/senior directors) need to own the program and clearly understand the value it can bring and explain this to directors •Directors need to coach front lin managers •Managers need to sit down withindividual sales reps and accountmanagers One effective technique that our successful customers used is creating a dedicated training program for sales managers or team leaders. Predictive program leads should be spending time with their sales managers onsite, providing hands-on guidance and getting their buy-in as sales managers will be ultimately responsible for training and coaching of individual sales reps. Contrary to what one might expect, the key element of this training program should not be a comprehensive how-to guide for a predictive tool but rather a good discussion on why predictive methods are important for the company and how they fit into sales team’s culture and ways of working. Since a transition to predictive selling impacts the entire selling stroke, inserting data- driven habits into day-to-day execution is going to be one of the key areas of focus for your team leaders in the beginning of a predictive journey – explaining this and getting them onboard is key.Another method that helped our customers drive buy-in is simply broadcasting wins to the whole organization. This is especially important in the beginning of the program when buy-in is not broad enough. You may consider using a mix of multiple communication channels (e.g. company and team meetings, enterprise portals and communication platforms) to cover a larger audience. Sales team leaders at one of our customers use Salesforce Chatter to p ublish updates about wins from its predictive program on weekly basis. H ere is an example post from our customer (shortened and sanitized): 2. Designing a portfolio of predictive campaigns Now when there is excitement in sales organization about a predictive program, one needs to start working on a portfolio of predictive campaigns. A campaign is a focused scenario designed to enable sales reps to identify and engage relevant targets for a particular offering. In the Lattice solution every campaign has an underlying predictive model that identifies the highest propensity targets for this specific campaign based on the purchase history and various buying signals. So, what is the best way to design and manage such portfolio to make it most effective and impactful? Best-in-class organizations are starting with establishing a “campaign council”. Typically it’s a cross-functional committee making key decisions about the campaign portfolio and acting as a sounding board for future improvements. It’s important to ensure that the “campaign council” is aligned with the organizational structure and decision-making process of your company. You need to have proper representation of teams working on strategic topics (e.g. deciding on which markets to pursue), as well as teams focused on the operationalization and execution of campaigns. To emphasize the importance of both strategic and operational aspects, one of our customers decided to form two committees instead of one: “steering committee” – to define direction and take key decisions; and “campaign council” – to focus on execution planning. Regardless of the structure, you need to ensure broad cross-functional representation and include functions across all touch points of a campaign– e.g. sales, marketing, e-commerce, product management and corporate communications. Ideally, all these parties should be in the same room and engaged in the discussion about predictive campaigns.Typically campaign councils are held every quarter. Councils need to follow clear criteria to evaluate predictive campaigns. For example, one of our customers evaluates existing campaigns based on their past performance, expected value in the future and feedback from the field.... You won $..M last week. Unbelieveable!I know you feel a difference with the predictive program. You can obviously see the numbers and see how many reps are using this tool with amazing results. Help other reps by sharing your Predictive program success stories in the Chatter group. I’ve attached the wins from last week in a spreadsheet. You will be hearing about new campaigns and changes to exsiting campaigns shotly. We use the campaign transition feedback to build the responsive tool with the best data. We are working to give you the best pre-call data right at your fingertips, but as always, your feedback is the most important element. Thanks for your continued support!