Client and prospect profiling is the process of creating detailed profiles of customers and potential customers that businesses can use to understand preferences, predict buying patterns, and target marketing and sales efforts for higher campaign success rates.
How we help you achieve these goals? By having our AI solution segment current clients and identify potential ones that fit a company's products or services.
Making the sale in today’s sales landscape requires you to find the best solution for the customer's needs, both in B2C and B2B. To do that, it's important to truly understand your customers. This helps sales teams work more efficiently and avoid wasting time on leads that won't go anywhere.
A great example is how we helped Randstad's sales team adopt a data-driven approach - resulting in an increase in hit rate from a historical 25% to 70%, with their sales team spending 70% of their time with the right clients.
Improve your sales efforts by understanding the preferences, behaviors, and demographics of current customers, allowing you to create tailored campaigns for specific segments and increasing their effectiveness.
Moreover, by identifying high-value customers and those who may leave, your business can take steps to keep them happy and save money on acquiring new customers, which is usually more expensive.
Creating a complete profile of a client or prospect involves gathering various information about them, including demographics and professional details.
However, it's essential to balance this by considering what information is readily available, like purchase history or industry activity. This helps your business take a practical approach that maximizes insights while minimizing technical effort.
To turn client and prospect profiles into something useful, it's important to have clear goals in mind. This means figuring out what you want to do with the information you collect, like identifying which customers might stop using your product or adjusting how you target potential ones.
Once you have these goals in place, you can use metrics to help you make decisions and take action based on the insights you've gathered.
Once you know what data you need to achieve your goals, you still need to gather and organize that data. However, you need to make sure the data is complete, up-to-date, accurate, and consistent.
You also need to keep in mind that incorporating multiple external data sources with different types of information can be a bit of a technical puzzle to solve. However, with the right approach and tools, it leads to more comprehensive undertanding of the data and valuable insights.
Profiling clients and potential customers is a complex task. There are many different methods and technical frameworks available, but choosing the right approach and tailoring it to your company's specific business context, available data, and strategic goals can be challenging.
Nonetheless, with careful consideration, you can create a profile that meets your business’ needs and resonates with your audience.
A matching or recommendation engine typically consists of multiple building blocks such as:
To build a client/prospect profile, we must identify available data, gather more data, and determine how to use it.
To create a comprehensive overview, we gather and organize all the necessary data.
Getting data into the right format is important to make it accessible and useful for different purposes.
Choosing the correct modeling framework and tailoring it to our objectives is vital to make the most out of the data.
Using insights and getting the right people on board with the proposed solution is necessary to achieve our goals.
We objectively evaluate whether profiling is delivering the desired results and make adjustments as needed.