“Explain how you identify prospects, without just saying AI”
Posted: 10 November 2017 | By Charlie Moloney
It’s the question that any non-technical person trying to speak about artificial intelligence (AI) dreads to hear.
Once ‘AI’ is taken out of your vocabulary, it becomes surprisingly difficult to wax lyrical on the subject of these technologies unless you really know your stuff.
And it was this nightmare question that was really asked in a live webinar I hosted last week.
Fortunately, presenting the webinar with me was Falon Fatemi, a bonafide Silicon Valley entrepreneur and CEO who snatched the chance to explain how AI technologies can identify leads for sales and marketers.
If you secretly suspect that Silicon Valley is all jargon, expensive groceries, and a hype bubble waiting to burst, you may think again after hearing what Falon had to say.
Warning, Technical Explanation to follow:
“Let me give an example”, Falon said, “Periscope Data, which is a Node [Falon’s company]customer. They were an inbound organisation to date, and they were trying to figure out how to build their outbound engine”.
“Their ideal customer profile was still undefined. They needed to figure out what that ideal customer profile looked like while trying to identify customers proactively”.
“Our system was able to not only look at the people and companies that they’d been successful at selling to, and actually look at the core attributes of those people and companies using Node’s understanding of them, but we were also able to look at customers of Periscope’s competitors, customers of products that Periscope had an integration with (perhaps Amazon, Redshift), looking for other signals within Node’s graph until it identified, for example, that you have a higher propensity to purchase Periscope Data as a data science, middleware solution”.
“The system essentially generated and explained in human readable language what the ideal customer profile should be for their outbound go-to-market, and that was specific to each segment or product line”.
“One insight that Node identified was that enterprise companies (which at the time [Periscope Data] didn’t have any historical data around) that have a chief analytics officer actually have a 2x higher likelihood, or higher sales velocity, of purchasing Periscope Data than another solution”.
“That core ideal customer profile is factoring in firmographics, technographics, other signals like companies’ growth, or customers of competitors, or actual examples (and even looking at look-a-likes) of existing customers that the organisation has already been successful at selling to”.
We sort of sum up this explanation and simplify the complexity of the underlying system with the Sales Velocity Formula, the objective of which is to drive more revenue per unit of time.
“That will essentially identify what the rest of the market opportunity looks like, as well as how they should prioritise their execution, up to the specific people and companies within each one of those segments, some of which are already in their Salesforce but many of them aren’t”.
“Node will just ensure that the organisation across sales and marketing is focused on those optimal set of people and companies at all times that will drive more revenue per unit of time”.
“So we sort of sum up this explanation and simplify the complexity of the underlying system with the Sales Velocity Formula, the objective of which is to drive more revenue per unit of time. That’s what we use to essentially explain all of the reasons behind our recommendation”.
“Node’s not a black box, you’ll know why it’s recommending that you go after Hootsuite for example, and if it’s a higher deal size potential, higher win rate potential, or for another reason, it will also surface what those signals are”.
That was only a few minutes (Falon can talk pretty fast!) of an hour long webinar. I was satisfied that this question had been answered, but you may not be.
If you want to get more detailed information about how AI is being used in sales, marketing, and beyond then listen to the full webinar here: http://www.access-ai.com/videos/5248/falon-fatemi-fixed-web-sales-marketing-webinar/