Our customers tell us that their most important asset is their data. We are no different and, as a marketer, I am always looking at ways in which I can “do more with less” and drive greater efficiency. Master Data Management (MDM) is a critical component of our infrastructure which is having a significant positive effect on our internal efficiency. MDM is a solution that helps deliver a single view of a customer across different operational systems on-premise or in the cloud – including the relationships that the customer has with other people and the products they have purchased. However, we also use it for another reason – to improve our lead processing efficiency.
My marketing strategy is quite simple – I want people to think of Informatica and to come to our web-site. In fact, I like to think of marketing as the early warning system for sales. I believe within the B2B market that anyone looking to buy an enterprise product will, at some point, go online and research. My marketing job is to ensure that they think of Informatica when they do that research. This strategy was re-iterated by discussions at two recent Marketing & Enablement conferences I attended (and which were the subject of my recent blog entitled “Convergence: Customer Success aligns Sales, Marketing and Enablement”). When employees at Informatica ask me why we focus on “social” I tell them it is precisely for this reason – engaging with potential prospects who research online prior to starting sales cycles.
When a lead arrives at my door, I then want to deliver the leads to the right salesperson as quickly as possible to ensure that they are followed-up quickly and efficiently. I read with interest an article on “the state of demand generation” in which it suggests that Best practice companies will typically close 14 deals out of 1,000 inquiries. One critical element of that process is to get qualified leads into the hands of a salesrep as quickly as possible – after all, as my colleague Paul Hoffman tells me every day “time kills all deals”. I have a similar saying for marketing, “time kills all leads!”. This is where MDM comes in.
Anyone who engages with us becomes a lead in Eloqua. That lead then flows into salesforce.com where it appears as a lead in the lead queue. As is typical with pretty much any organization we have people who focus on following up those leads one-by-one, day-by-day, week-by-week.
However, with MDM something magical happens. We have an MDM hub that receives regular feeds from Dun & Bradstreet (a great partner of ours who has embedded our cloud integration service into their data service). Any lead coming in pauses briefly to be matched within the MDM hub and is then allocated directly against the relevant account in Salesforce.com and appears under that account. If you are a salesforce.com customer, you will know that this is amazing and not the default way in which leads are processed! Now the sales rep immediately sees the leads against their account inside salesforce.com and can choose to take ownership immediately, or leave it to others in the team to process. In addition, this process automatically aggregates the leads to allow a salesrep to be able to see all activity for all leads relating to their account!
Master Data Management is having a profound effect on our internal efficiency in delivering leads immediately to the person who matters most in our company – the sales rep who is responsible for that account.
If you would like to know more about how we do this, then please join us at Informatica World in May. We’ll be discussing this and other ways in which we are using data to drive greater pipeline from marketing to sales.