Since its inception, Radius has focused on building the most robust B2B data resource available: the Radius Business GraphSM, which combines 50 billion dynamic signals on over 20 million U.S. businesses. With the business landscape becoming increasingly dynamic, the ability to accurately capture nuances and react to customer behavior is even more important. Radius found that what has been holding back B2B data is the lack of a source of truth. Radius also realized that creating a truly accurate B2B data source can't be accomplished on the data vendor or marketing software side alone. Direct input from customers was required, so Radius started exploring a proven concept among leading B2C companies: network effects.
Network effects, in which the value of a product or service increases for all users with each new user that joins and contributes to the platform, is a key driver of success for numerous B2C companies. Much like Facebook built its social graph with deep consumer behavior and interest data and provided B2C marketers with unparalleled targeting opportunities, Radius realized the same can be achieved for B2B marketers by building a business graph with robust company and contact data plus businesses interaction data from network participants. But network effects alone can't create a rich business graph. It requires a strong data foundation and state-of-the art data science to translate data into product improvements and business value for customers. With its already robust Business Graph and predictive marketing platform, Radius is uniquely positioned to transform customer network effects into immediate data quality gains and tangible marketing ROI for its customers.
Since Radius began activating its customer network, it's started seeing significant data quality gains, specifically improvements in data accuracy, comprehensiveness and freshness. These improvements in data quality are only the first of many benefits. With the virtuous cycle of improvement and value creation that network effects enable, data quality gains that result from having more of the right data faster immediately translate into customer value, including deeper customer insights, more precise marketing recommendations and greater ROI. In fact, a 5 percent increase in data quality can boost marketing campaign ROI by 10 percent or more.
"Network effects have long been a driver of business value and innovation across many industries, particularly for B2C companies," said Darian Shirazi, CEO of Radius. "At Radius we are pushing the envelope on what B2B companies can come to expect from data. Now, leveraging customer network effects opens the door to further transform B2B data and develop new marketing innovations. By tapping into our predictive expertise and already robust data set, customer network effects can help marketers make smarter, faster decisions that drive revenue and growth."
In its report, Radius reveals the significant impact customer network effects have been having on both B2B data quality and impact to marketers:
- Accuracy: With customer network effects and the additional points of validation they provide, accuracy of select key business and contact attributes have been increasing to over 95 percent.
- Comprehensiveness: CRM fill rates are notoriously low and data vendors often find inconsistencies among data points for a single attribute. Customer network effects are helping marketers get closer to having a 360 degree view of target accounts and contacts.
- Freshness: As data flows in from Radius' customer network, the latest business and contact information is refreshed up to 20x faster than with traditional, manual methods of data collection and validation.
- Audience reach: Pinpointing B2B buyers across digital channels remains a challenge. Using customer network effects, the B2B audience size on social platforms has grown 3x to 19x depending on the size of the companies targeted.
Customer network effects are already transforming the quality and actionability of B2B data, paving the path for new marketing innovations and unlocking increasingly greater value for B2B marketers.
A full copy of the report is available for download here.
Radius CEO Darian Shirazi will also unveil the findings at this year's Dreamforce 2016 in a session entitled "The Network Effect of B2B Data" Wednesday October 5, 2016 at 11a.m. PT.https://success.salesforce.com/Sessions?eventId=a1Q3000000qQOd9EAG - /session/a2q3A000000sWYVQA2
Radius was founded in 2012 on the premise that finding the best business opportunities is often still much harder than it needs to be. Radius empowers revenue-driven marketing leaders to intuitively move from data to action. Powered by the real-time Radius Business GraphSM, which draws on 50 billion external signals on over 18 million US companies, Radius uses advanced algorithms to unleash the true value of customer relationship management and marketing automation systems to bridge the gap across data, customer insights and execution. Using Radius, companies of all sizes can gain first-mover advantage, saturate market share and grow customer lifetime value. Radius is headquartered in San Francisco. For more information, please visit www.radius.com.
SHIFT Communications for Radius
Logo - http://photos.prnewswire.com/prnh/20131211/SF31423LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/radius-reports-a-breakthrough-in-b2b-data-quality-and-intelligence-with-customer-network-effects-300335376.html