- SEGMENTATION STRATEGIES
MarketSource Improves Contact, Response Rates By 50% With Enhanced Data Intelligence, Segmentation
When its database of contacts became stagnant, MarketSource, an Allegis Group company that designs and delivers go-to-market services, including assisted or outsourced sales, training, advocacy and marketing solutions, needed a solution to gain complete, updated data on its total addressable market (TAM) across the U.S.
The company’s revenue generation process revolves around educating prospects about outsourced sales services. With an ABM approach, MarketSource assigns its business development team a specific set of tiered, target accounts.
“We focused on the strategic accounts and then the types of industries that we wanted to look for,” said Iesha Bey, Marketing Manager for MarketSource, in an interview with ABM In Action. “We were conducting a dual campaign, if you will. One was very ABM-focused with targeted accounts; the other was bringing in net-new business that really matched with how we want to do business. That got a little tough to do because we didn’t have as much structure around it.”
The company turned to the Radius Revenue Platform powered by its data source called the Network of Record to sub-divide its TAM into segments using deep firmographic and intent data and identify the company’s ideal customer profile based on data about previous wins. The initiative revealed new information about the company’s target accounts that MarketSource couldn’t have identified prior.
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Uncovering Areas Of Strength To Zone In On Industry, Revenue Size
Bey noted that the platform allows MarketSource to know what segments of the market the company is strong in, which turned out to be mechanics, machinery and automotive.
“I’m able to use that insight on where we’ve won the most and create more accounts that look like those and serve them up to our teams to go in and use,” said Bey. “They use Radius Connect to just infiltrate those accounts and find the personas that they want, reach out and make those connections.”
According to Bey, the company uncovered the revenue size of target accounts, which also took current rounds of funding into account.
“Where their older revenue numbers might not show that, ours did,” she said. “Having those metrics in our Salesforce incidents helped us to see, ‘OK, we need to broaden our net around revenue.’ We’re very targeted on our industries just because of what we do. We found out that our mechanics, machinery, things of that nature were really strong. In automotive, we’re really strong; so, it just helped us focus.”
This focus also allowed the sales team to change up their scripts and the marketing team to deliver more personalized messaging to target industries on a more human level. “It’s good to just have that information in front of us to help us shake the tree a little bit and get out of our comfort zone and switch it up,” Bey added.
While the company is still in the early days of working with Radius, it’s already seeing impressive results, including:
- 50% increase in contact rates;
- 50% improvement in response rate;
- Faster time to market with the right message to the right people at the right time; and
- Faster time to close for the sales cycle.
“Traditionally, we were in a roughly 10% range of dials to contacts, or emails to responses,” said Michael Racz, Practice Lead at MarketSource. “We’ve doubled that within the first few months of using Radius, which expands our pipeline and opportunities.
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