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Lattice Engines, San Mateo, CA

How to EnterCompany: Lattice Engines, San Mateo, CA
Entry Submitted By: SHIFT Communications
Company Description: SHIFT is an integrated communications agency with offices in Boston, NYC and San Francisco, composed of over 100 creative, smart, and sassy brainiacs. We help find, build, and convert the new audiences you need to drive business growth for consumer, technology and media companies, ranging from edgy startups to established brands. In 2013, we were chosen as Small PR Agency of the Year.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Marketing Solution – New

Nomination Title: Lattice Engines: How Marketers Can Score - Literally and Figuratively - With Predictive Lead Scoring

Tell the story about this nominated product or service (up to 525 words). Describe its function, features, benefits, and sales to date:

Many marketers thought that marketing automation would solve their biggest problem: ensuring lead quality. While the advent of marketing automation allowed marketers to start automating campaigns, driving leads through the funnel and measuring results, it fell short on its promise to send higher quality leads to sales. Lead quality is still a primary concern for marketers according to Aberdeen, whose recent survey shows that 41 percent of B2B marketers list ‘lead quality’ as the top challenge within lead management.

Part of the challenge with the traditional lead scoring tools found in marketing automation is that they require marketers to build complex sets of rules based on guesses about what a sales-ready lead might look like. In fact, most lead scoring implementations involve more debates between sales and marketing than actual science about what makes up a good lead. No wonder 94 percent of all marketing qualified leads never close.

That’s why Lattice Engines created Predictive Lead Scoring, a powerful tool that can greatly increase lead acceptance and close rates, bridging the gap between marketing automation and CRM systems. Unlike traditional rules-based scoring or expensive analytics platforms, Lattice takes the complexity and heavy lifting out of the equation.

By combining data already tracked in disparate silos such as marketing automation and CRM systems with powerful big data sources including social media and the web, Predictive Lead Scoring allows companies to stop guessing and start relying on the science of predictive analytics to find their most sales-ready leads.

Predictive Lead Scoring creates a model that identifies the shared attributes of high quality leads and continually scores leads as these attributes change or as new leads enter the marketing funnel. It ensures that the most sales-ready leads are passed to CRM, while the rest can be nurtured by marketing until they’re ready to buy. This means that marketers spends less time managing complex rule-based models and more time building campaigns, nurturing leads and sending sales the highest quality prospects, helping to amend the age-old marketing and sales divide.

MindJet, a leader in collaboration software, had an excess of leads and found itself looking for a way to separate the signal from the noise. They turned to Lattice, who was able to model more than one thousand attributes that had been hiding in plain sight.

The result? Lattice was able to determine that more than half of MindJet’s leads were closed only three percent of the time, meaning marketing was sending the sales team leads very unlikely to close. With Lattice’s Predictive Lead Scoring, MindJet’s marketing team knows the leads’ likelihood of closing, allowing them to focus their efforts on the most valuable prospects. MindJet is now able to deliver the best leads to its sales team and ensure 100 percent coverage for the leads that are most likely to convert to revenue.

 

Provide a brief (up to 125 words) biography about the leader(s) of the team that developed this nominated product or service:

Prior to founding Lattice Engines in 2006, Shashi Upadhyay was a partner at McKinsey & Company, where he advised Fortune 500 clients on improving their productivity. Constantly solving the same issues, Shashi decided to productize his expertise, resulting in Lattice’s flagship product – the salesPRISM analytics platform. Shashi holds an undergraduate degree from the Indian Institute of Technology and a Ph.D. in Physics from Cornell University. He has been included in BtoB Magazine’s Who’s Who list, as well as the Sales Lead Management Association’s Top 50 Most Influential People in Sales Lead Management.