In our most recent Master Class, we partnered with TCV, a growth equity firm that provides management teams of growth stage companies with data-driven insights and sector expertise, to deliver a best practices session on propensity modeling for business.
In the session, our EVP of Strategy, Tim Royston-Webb, and Jessiah Straw, an associate at TCV, covered the following topics:
- What is propensity modeling
- Key benefits and why it’s important to growing your business
- Best criteria for developing a successful propensity model
- Building an automated process for continuously prioritizing your best fit accounts
- Creating more profitable and balanced sales territories
- Fine-tuning your outreach for better results and aligning your Sales and Marketing teams
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- Watch Master Class now or review some more of the highlights below.
Master Class Highlights
- Choosing the right framework for prioritizing accounts
Knowing how to distill a prospect or customer’s potential to a scorecard allows your revenue teams to efficiently prioritize their accounts. There are two frameworks – Best Fit Model, and Signal Model – you can use to prioritize your accounts. Learn the pros and cons of each approach and how to choose the right one for your data environment.
- What data should you select to develop a successful propensity model
There is a lot of data you can use to develop a successful propensity model: firmographic, technographic, IT spend budget, contract information, intent, etc.. Learn the different types of criteria you can use and, most importantly, what makes the most sense for your organization.
- How to continuously prioritize your best fit accounts
Automating your propensity model and integrating it into existing systems is a critical component of turning account prioritization into a process that continuously drives value. Before you automate however, there are a few factors to consider, such as your GTM strategy, what data to enrich in your CRM, and applying a scoring methodology to prospects, among other things.
- See what a scoring model looks like in practice
Once you’ve gone through the effort of developing a scoring model to prioritize your accounts, you need a way to implement it and communicate your scoring methodology to your entire sales team. What that looks like in practice varies from company to company, but we have an example that you can use as a starting point.
- Create more profitable and balanced sales territories
See the three steps you need to take to not only score your accounts, but also make sure your best accounts are spread out equally amongst your sales territories. This helps lower attrition and keeps your sales team motivated.
- Align your sales and marketing teams
Learn how you can use firmographic, technographic, and intent detail to produce collateral, bolster enablement, focus sales plays and inform campaign messaging.
These are just some of the topics we covered during our Master Class. To learn more about propensity modeling and how you can use it to drive revenue more efficiently in your own organization, check out our master class and associated resources here for yourself.