If your goal is to maximize revenue for your company, the best thing you can do is provide your revenue teams with a consistent flow of leads that match your Ideal Customer Profile (ICP). Companies that fit your ICP will have a real need for your product, higher win rates, faster deal velocity, and are more likely to renew or upgrade year after year.
When done right, account scoring is a great way to ensure your revenue teams are focused on the accounts that will generate the most revenue for your company. Aligning your sales and marketing outreach on accounts that match your ICP is a proven way to build pipeline faster and more effectively.
Whether you have a single ICP or multiple variations to support your product portfolio, your ICP should serve as the foundation for your account scoring model or models. In fact, companies who focus their efforts on accounts that match their ICP have a 68% higher account win rate. To achieve a similar success rate, however, you’ll need to do four things.
1. Use an Advanced, Data-Driven ICP
Companies who use an advanced, data-driven ICP definition as the basis of their scoring model are going to fare much better in their outreach than a company using a more traditional and basic definition. Simply put, an advanced ICP includes the detailed criteria your revenue teams need to target and engage with much more specificity and achieve better results. The table below shows the difference between the attributes chosen for a Basic ICP and an Advanced ICP.
|Basic ICP||Advanced ICP|
|Industry: Financial||Industry: Financial|
|Size: 1000 employees||Size: 1000 employees|
|Revenue: $100MM||Revenue: $100MM|
|Key Software Installed: Oracle NetSuite ERP|
|Upgrade: NetSuite Bronto|
|Cloud Strategy: Multi-cloud|
|Spend on ERP: $5M/year|
The problem with a Basic ICP is that it’s really too broad to be actionable. For example, if you were to run a search for accounts matching these criteria might find thousands, or even tens of thousands, of companies that fit this profile. But you wouldn’t have enough resources or information to effectively engage those companies with a relevant message addressing their pain points and how your solution solves them, or prioritize which companies should be focused on first.
Using an advanced ICP in your search, you can get laser-focused on the accounts that fit your true ideal customer profile. The intelligence you have on these prospects goes way beyond basic firmographics to provide a much more detailed picture about what makes these accounts a perfect fit for your solution. With this level of detail built into a scoring model, sales and marketing teams can target the right accounts and reach out to them with a message that’s hyper relevant – greatly increasing their chances of success.
2. Enrich Your Accounts with Tech Intelligence
Technology Intelligence allows growing businesses to identify accounts that are 50% more likely to convert into close/won revenue. By enriching your accounts with detailed tech intelligence, you can identify what technology products your accounts have installed, how much they spend on them, and when their contracts are up for renewal.
Using tech intelligence in your scoring model, helps your team answer critical questions such as:
What does an account’s technology footprint look like?
☑ What competitors do they have installed?
☑ Do they have the product you enhance with your complementary solution?
☑ Do they have products from partners that you work well with?
☑ What business strategies do my target accounts use? (ABM, multi-cloud, AI, open source, etc.)
What do they spend on different categories of IT relative to their peers?
*We track over 130 categories
Do they have an IT Service contract?
☑ Which vendor services their contract?
☑ Is the vendor a company you have worked with in the past to land big wins?
☑ What are the contract terms and when is it up for renewal?
When you can quickly answer these types of questions, you have what you need to score your accounts in a way that allows you to achieve your most important business goals.
3. Understand Your Business Goals
While your account scoring model should be based on your ICP, your business goals will also play a large part in how you create or adjust your model. For example, are you looking to take market share from a competitor? Do you want to identify best fit accounts for your ABM campaign? Do you want to quickly jump on opportunities arising from news-driven events? Are you looking to find the best up-sell or cross-sell prospects?
Here are a few of the most successful lead scoring and prioritization use cases that have helped our customers answer these and many other other questions:
|Use Case||Goals||Scoring Action|
|Competitive Displacement||– Take customers away from competitors||– Boost scoring for accounts that use products you compete well against so you can prioritize these prospects for relevant outreach|
|Complementary Campaigns||– Reach prospects using a product your solution enhances and turn them into customers||– Boost scoring on accounts using products you enhance and integrate well with and prioritize these prospects for outreach|
|ABM Campaigns||– Align sales and marketing on best fit accounts for outreach||– Develop scoring and targeting strategies based on the technologies a company is currently using and how much they are spending in your area of business|
|Upsell/Cross-sell||– Convert legacy product users into customers|
– Upgrade existing customers to newer solutions they need to achieve their business goals
|– Adjust scoring for accounts using legacy products or customers who would be better served by a newer solution, so that they are prioritized by your sales and marketing teams|
|News-driven Campaigns||– Use news, such as a bad review on a competitor product or EOL notification, to convert users of these products into customers||– Act on news in a timely manner by quickly prioritizing accounts that you could contact with a relevant offer|
Account scoring can also be used to quickly react to changing economic conditions. For example, when COVID-19 impacted markets, many of our customers offering cloud solutions wanted to know what accounts were likely to need help transitioning to remote working and could therefore have an immediate need for their product.
Having detailed product installation and IT spend information allowed cloud customers to adjust their scoring models to prioritize accounts with a specific need for cloud solutions and also the necessary budget to purchase them.
4. Automate the Process
The main purpose of account scoring is to make account prioritization automatic so that your sales and marketing teams know which accounts they should be targeting in their outreach and why. If you’ve collectively gone through the exercise to develop an advanced ICP based on tech intelligence, you’ve already done a lot of the heavy lifting when it comes to building consensus for your scoring model.
Account scoring turns your ICP into something actionable. It also enables you to make adjustments as needed, based on your business goals, changing market conditions and feedback from your revenue teams.
Once stakeholders agree to a scoring model, adding it to your CRM, MAP or sales engagement platform applies its logic to all your accounts and automates account prioritization for your entire organization. This is a powerful way to drive efficiency, ensure sales and marketing alignment, and grow revenue faster no matter what happens in the marketplace.
Why You Need Tech Intelligence from HG Insights
Technology intelligence from HG Insights gives you a unique and transformative understanding of which accounts have the highest propensity to buy and the greatest revenue potential. With technology intelligence, your sales and marketing teams can:
- Bring clarity and detail to your Ideal Customer Profile
- Identify, prioritize, and engage the accounts with the greatest revenue potential
- Avoid wasting valuable resources on the wrong accounts
- Better address the market through more targeted messaging
Let us show you how to use the most comprehensive technology intelligence in the industry to keep your revenue teams targeted on the right accounts.