Defining your ideal customer profile requires high volume data analysis and is historically reliant on static firmographic information, such as industry and location. Account scoring and prioritization streamlines this process and helps drive more business to the right customers.
At our Account Scoring and Prioritization Meetup, Laura Kornacka of FinancialForce and Joe Caprio of Chorus.ai described the process for building an account scoring model and how to best prioritize relevant accounts. Recounting past challenges and recognizing successful adjustments, both panelists highlighted the need for enriched account data and a collaborative targeting strategy.
The Power of Company Signals
Static information has long been the way to gauge an account's propensity to buy. However, firmographic data provides only a snapshot of information at a single point in time. It doesn't take into consideration the behavior of an account and how this behavior fluctuates over time.
Caprio recognized this and said "the biggest thing that's missing is either intent data or signal data." Account behavior is constantly changing, and you need to interpret these signals (new executive hires, acquisitions, etc.) in real time to track an account's increased (or decreased) likelihood to buy.
Combining traditional account data with signal data significantly strengthens your account score and allows you to prioritize important accounts. Caprio described witnessing this change, "when we started layering on intent data and signal data, then all of a sudden our account score got really accurate and really powerful."
"We collect intent data from G2 Crowd about your reviews and your competitors' reviews, then we collect signal data from DataFox about who's raising money, who's making key hires, who's exhibiting the traits of your buyers, and then we use Outreach to have very specific sequences based on those different lead types." - Joe Caprio, VP of Sales at Chorus.ai
Receiving automated, relevant company signals helps you find qualified prospects faster, and ensures that your sales team is focusing on the right accounts at exactly the right time.
Crafting A Credible Account Score
An account score is only as good as the associated scoring criteria. When Martin asked who has a good understanding of their ideal customer profile, only about ⅓ of the audience raised their hands. Looking at the traits of past customers is an easy way to benchmark exactly what criteria to evaluate first. Then, layering signal data on top allows you to control the prioritization of your accounts. Kornacka challenged the audience to regularly refine their ICP, citing that it should evolve with the growth of your company and needs to encompass newly acquired customers.
As the conversation circled around whose responsibility it is to define a scoring model, both Caprio and Kornacka stressed the collaborative nature of account scoring. While an operations team may own the project, any stakeholder driving traffic to your business should be identifying appropriate scoring criteria. Involvement from primarily your sales and marketing team creates a cohesive understanding of the account score. This enables marketing to run targeted campaigns, and helps sales prospect relevant customers.
An account score that measures firmographic data as well as signal data shows you not only if an account is a good fit, but also if the account is ready to buy. This indication helps evaluate exactly when to start targeting accounts so that they have a high propensity to buy and are willing to start a conversation with your sales team.
Relying on such a comprehensive evaluation of accounts empowers marketing and sales ops to accurately prioritize accounts. "A really big takeaway for us from account scoring is that it changed the entire way that we funnel leads into our BDRs," said Kornacka. Understanding exactly when an account is ready to buy allows your sales team to prospect smarter.
Listen to the full recording of our meetup...