Editors’ Choice for Innovation
Latest release dates:
Originally released 2011; latest release May 2016 for desktop and mobile
What it does
Lattice Engines is a lead scoring and predictive analytics tool to help sales and marketing teams better identify new customers and maintain existing client relationships. By scanning public databases, webpages and social networks and combining that with customers' own internal customer data, Lattice identifies buying signals that help companies zero in on better sales prospects, close deals faster and create higher-revenue deals.
According to data from Sirius Decisions, poor-quality leads can make up as much as 30% of a database, which gets in the way of closing deals. By combining data to identify new customers and understand existing ones, Lattice Engines can help prioritize sales reps' time so they can focus on these higher-priority leads. For example, Lattice might develop predictive analytics algorithms for a networking company like Juniper Networks seeking new customers. These algorithms might focus on whether the company has recently moved into a new building, hired a new CIO or other indications that a company is in startup mode. These factors may encourage a company like Juniper Networks or Cisco to reach out to see whether it needs new networking gear.
In addition to scouting new prospects that sales reps might not identify on their own, Lattice also focuses on ways to nurture existing customers through upselling techniques. For example, if a company purchases hardware services from a consultancy, that consultancy might use Lattice to identify networking gear or other applications that might augment this company's spend.
Why it matters
Traditionally, sales processes are time-consuming and inefficient. Sales reps often have to cast a wide net and contact numerous prospects that have little interest in a purchase. Tools like Lattice help to hone the sales process and help reps zero in on higher-value prospects and upselling opportunities by identifying buying signals that are true predictors of a customer's place in the buying cycle. These tools can also help guide sales conversations with prospects that are persuasive and informed, where reps have a sense of the particularities of the company, from IT infrastructure to business operations to staffing issues.
"It's the context of the conversation to be more informed when the seller calls them," Marina Schubow, senior manager, business and marketing analytics at CDW Corp., a technology provider based in Natick, Mass., said.
Real-time scoring and breadth of signal analysis. Lattice Engines combs 30,000 "signals" that may be factors in a company's buying decision. This breadth of data sources allows Lattice to explore a variety of triggers that may indicate a buying decision is close.
Lattice also scores buying signals in real time to give companies up-to-date information on triggers.
Integration between third-party and internal data. Another calling card of Lattice is its ability to combine a variety of data sources, from CRM data to marketing automation sources to Dun & Bradstreet-type information.
Self-service modeling. Lattice is about giving companies the data in digestible dashboards and with additional talking points so that they can draw data insights themselves, without the help of data scientists. Lattice also supplements its data with a sort of pitch summary for sales reps to help shape the conversation and provide context for the sale. Schubow said that this context can include other pieces of information about the company prospect that may help make a buying decision persuasive.
Multichannel integration. One area where Lattice Engines hopes to build its presence is in multichannel interaction. Lattice wants to bring multiple channels together, where Lattice could make predictive recommendations about audiences to target, then this data would flow directly into an ad exchange or data management platform to drive more targeted ads at the right point in a customer's buyer journey, Nipul Chockshi, head product marketing at Lattice Engines, said.
What users say
For CDW, Lattice Engines not only identifies new customers that are ready to buy, but Lattice's data fleshes out the picture for sales reps so that they can have a more informed conversation with potential buyers.
"While it was interesting that we qualified a customer, the real value was in having information that a prospect has standardized on Cisco or [Hewlett Packard Enterprise]," Schubow said. "A rep can use that in conversation. Now they know how to call those customers and how to use that detail."
As a result, CDW has undergone a major uptick in volume of sales and in the dollar value of its deals. "Over the duration of our pilots, we saw 3x increase in response rate over traditional business rule-based plays and 10x in revenue per customer relative to traditional business rules," Schubow said.
Pricing starts at $40,000 per year and increases based on the number of data sources and sales users.
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