SAN MATEO, Calif., May 22, 2014 /PRNewswire/ -- Today Lattice Engines announced new technology that makes it possible to use the power of predictive analytics across the entire customer lifecycle – from lead scoring and segmentation to sales enablement and now cross selling and retention.
Lattice for Cross-sell and Retention now enables marketers to predict which customers and products are the best upsell and cross-sell opportunities to increase share of wallet and drive customer retention or renewal. Combined with Lattice's marketing and sales applications, customers are now able to use predictive applications to optimize revenue opportunities at every stage of the customer lifecycle.
Comments on the News
- "Using the power of predictive analytics, we now know the top predictors for the accounts most likely to convert and which marketing campaigns to apply," said Meagen Eisenberg, vice president of demand generation at DocuSign. "As a result, we're experiencing a four times lift in conversions of marketing campaigns within one of our key industry verticals, driving impact where it matters most."
- "Marketing is leaving significant money on the table by not applying enough discipline and focus on customer upsell and cross sell opportunities, which make up 50 percent or more of revenue opportunity for the average b-to-b company," said Jay Gaines, vice president and group director, Demand, SiriusDecisions. "By using predictive technologies to more accurately identify opportunity within existing customer accounts, marketing can help to source a much larger share of total company revenue."
- "The democratization of advanced data science provides an unprecedented opportunity for marketers at companies of any size to have a direct impact on revenue growth," said Shashi Upadhyay, CEO of Lattice. "Marketers can now predict – instead of guess - who their best prospects are across the entire marketing process, increasing conversion rates along the way."
Using the Power of Prediction to Uncover Hidden Revenue Opportunities
Marketing automation technology has revolutionized how marketers reach and attract new prospects and drive them through the revenue funnel. However, few marketing teams have applied the same type of rigor for actually retaining and expanding existing customer relationships.
The probability of selling to an existing customer is 60 to 70 percent, while the probability of selling to a new customer is only five to 20 percent (Marketing Metrics). Yet, only 12 percent of current marketing spend is spent on customer retention (McKinsey).
Lattice for Cross-sell and Retention arms marketing and sales with the right combination of targets and products to unlock the full revenue potential of each customer. By combining customer contact and account level attributes, marketers can get a complete view of the customer and apply predictive analytics to identify not only the best opportunities for upsell or cross-sell, but even prescribe which products or services represent the best fit.
Highlights of Lattice for Cross-sell and Retention:
- Generates predictions that allow marketers to apply the right offers or campaigns to prospects, while sales can follow up on customers that represent the greatest revenue opportunity;
- Democratizes the use of predictive analytics by making it possible for marketers to build and launch predictive models in minutes, as opposed to weeks or months;
- Adds thousands of additional external buying signals marketers simply could not store in marketing automation today;
- Provides a familiar, consumer-inspired user experience similar to the marketing automation tools that marketers are already accustomed to.
Learn more at SiriusDecisions Summit 2014
- Customer DocuSign is presenting on how they have boosted conversion rates by 35 percent using Lattice. Learn more here.
- Lattice is a Platinum sponsor and can be found at booth #26.
About Lattice Engines
Lattice is pioneering the predictive applications market for marketing and sales. Lattice helps companies grow revenue across the entire customer lifecycle with data-driven marketing and sales applications that make complex data science easy to use. By combining thousands of relevant buying signals with advanced predictive analytics in a suite of secure cloud applications, Lattice helps companies of all sizes to stop guessing and start relying on predictive insights to increase conversion rates and deal sizes by more than three times. Lattice is backed by NEA and Sequoia Capital with headquarters in San Mateo, CA. Learn more at www.lattice-engines.com and follow @Lattice_Engines.
SOURCE Lattice Engines