Feature
San Mateo, Calif.-based Lattice Engines launched a new predictive analytics platform to help marketers optimize customer-related workflows.
The announcement — just two days after Bluecore, a data marketing platform for e-commerce brands, released a new predictive analytics offering of its own — reflects strong marketing industry interest in predictive analytics.
Automatic Lead Scoring
Lattice claimed in a statement that its new Predictive Insight Platform unifies real-time lead scoring, self-service predictive modeling and native integrations into marketing automation and customer relationship management systems.
Nipul Chokshi, the company's head of product marketing, said the new platform is the only enterprise-grade marketing platform that features real-time contact and account scoring, rapid self-service modeling, and native applications for Marketo, Eloqua and Salesforce.
“We’ve learned a lot from our customers. What they’ve taught us is that B2B companies are looking to make their marketing and sales more efficient and more effective. This has manifested into the account-based marketing and account-based sales development movements,” he told CMSWire.
“B2B companies are looking to go 'account-based everything' because they think that’s the best way they’ll achieve alignment between sales and marketing, with sales and marketing agreeing on which accounts to target for greater conversion rates.”
Lattice Engine’s Machine Learning
Founded in 2006, Lattice provides marketing and sales applications that predict who will buy, what they are likely to buy, and when they are likely to buy by applying machine-learning to billions of buying signals gathered from the web.
Over the years it has generated $64.7 million in funding, the most recent last June when it raised $28 million in a Series D round lead by New Enterprise Associates
Chokshi says there are more than 2,000 marketing technologies available today, all offering insights into a different piece of a prospect’s profile. The result is that customers are seeking fewer solutions that do more and integrate seamlessly with the insights they already have.
“Integration is the new king, and we’re bound to see consolidation in the industry because of it,” he said.
Predictive Insight Platform
Once installed, Lattice Predictive Insight Platform enables marketing teams of any skill level to create predictive segments and models based on data for both traditional and account-based marketing (ABM) programs.
With it, the scoring of contacts and accounts can be carried out almost instantaneously so marketing and sales teams can take immediate action, the company said.
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It also operates at enterprise scale, creating thousands of models per day as well as offering integration with existing infrastructure and other major platforms with a bunch of native apps for secure data communication between apps.
“The platform enables B2B sales and marketing to become more efficient and effective. For example, Marketing can use predictive analytics and data to build rich segments that allow for more targeted campaigns. Marketing can use predictive analytics and data to uncover insights about their buyers and create more relevant content tapping into the 80 percent of all created content that goes unused,” Chokshi said.
Key features include:
- Contact and account-level prediction: Enables marketers to create predicative for contacts and accounts without data scientists
- Real-time scoring engine: Real-time scoring engine enables the prioritization of accounts along two dimensions simultaneously: account fit (how likely is the company to do business with me) and behavior (how engaged or how far along the buying cycle is the lead)
- Contact enrichment: Lattice enables users to identify and build their contact database based on job title, function and other criteria for all key buyers at target accounts. Marketers can then nurture each of these contacts until the account is ready for sales engagement
- Predictive prospecting: Enriches marketing automation and CRM with data about target accounts
It also gives a 360-degree view of enterprise leads and target accounts, providing sales with additional context around leads and accounts for follow-up.
Beyond Lead Scoring
Chokshi said the objective is to go beyond lead scoring.
“If you want to go beyond, however, you need the data underneath the score. You can use that data to actually execute more personalized campaigns,” he said.
“Marketing has been seduced and inundated with data. It needs a platform to make sense of it and put it to work in the form of higher converting campaigns, more effective content and greater ROI on channels.”
Over the coming months Lattice will be looking at other ways to develop Predictive Insight, but the focus will remain on "actionability."
“This means developing further capabilities that will let enterprises put predictive analytics and data to work through more automated segmentation and marketing and sales ecosystem integrations," Chokshi said.
