UPDATED 13:17 EDT / MAY 26 2016

NEWS

Lattice Engines says it knows when prospects are ready to buy

Predictive marketing software provider Lattice Engines Inc. is bidding for the hearts and minds of business-to-business marketers with a new platform that predicts whether prospects are ready to buy and when. It then routes that information to the appropriate sales representatives in seconds.

The Lattice Predictive Insight Platform unifies real-time lead scoring and self-service predictive modeling alongside native integration with popular marketing automation and customer relationship management (CRM) systems. Marketing teams can use it to create predictive segments and models based on data for both traditional and account-based marketing (ABM) programs. ABM is a hot new tactic in which marketing and sales organizations dig deeply into a limited number of accounts to unearth new opportunities. Scoring of contacts and accounts occurs within seconds so marketing and sales teams can take immediate action.

Near-real-time scoring is a major new capability, said Shashi Upadhyay, CEO of Lattice Engines. Marketers typically gather leads brought in from sources like registration forms and email subscriptions and score them for follow-up hours or days later. With the new release of Lattice, “The moment a prospect fills in the form it is prioritized in terms of likelihood to buy and routed to a sales rep,” Upadhyay said. “A day of delay is too much.”

Lattice Engines, which has raised $75 million, including a $28 million round last spring, is one of many firms attempting to cash in on the scramble by marketers to apply big data tactics to improving customer segmentation and personalizing interactions. The company aggregates data on about 150 million businesses and 250 million professionals worldwide and combines it with profile information provided by its customers. It looks for behavioral patterns that indicate likelihood to buy as expressed by a prospect’s online activities.

“We have a simple model-building interface: Give the system 50 examples of where you’ve had success and the engine will predict which customers are most likely to be successful prospects,” Upadhyay said. Marketers can then use this information to target their spending more precisely and to reduce sales time lost to chasing bad leads.

Lattice’s real-time scoring engine enables priorities to be assigned along two dimensions simultaneously: account fit (likelihood that the company will become a customer) and behavior (engagement level or buying cycle stage of the lead). The company claims to have patented technology that can unravel the complex B2B buying process in which International Data Corp. estimates 17 people are involved on average. It provides a variety of dashboards that customers can use to further fine-tune parameters by tweaking variables and assessing impact on buying behavior.

Outputs from the company’s analytics engine can be integrated with software from Salesforce.com Inc., Marketo Inc. and Oracle’s Eloqua Inc. Sales can get an at-a-glance view of an account’s purchase history, buying intent, complementary and competitive technologies and relevant contacts for outreach. “Most of our users live in Salesforce or Marketo, so we built completely native apps,” Upadhyay said. “You can live entirely in the app that you choose.”

Enterprise pricing starts at $40,000 and increases depending on the volume of data used and other variables.


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