When businesses are selling to other businesses, things get pretty interesting. Long sales cycles and large teams mean big investments. If the sale doesn’t go through or the information the sales team was given is wrong, the entire process can derail and end with a waste of time and resources.
Knowing your customer is one of the biggest challenges your sales team is going to face, but if you can have accurate, and more importantly, relevant information, your sales will rise and the amount of time needed to close on them should lower. Many services out there do a good job at compiling data sets, but people aren’t data sets and so many things go into purchasing decisions that a data set simply won’t cover it.
That’s where a company like CaliberMind comes in. By focusing on psychographics, CaliberMind can portrait an accurate picture of potential buyers. We had a chance to talk with Raviv Turner of CaliberMind to find out more about the company, the inspiration behind it, and how psychographics are used to best deliver results. Check it out below!
Care to introduce yourself and your role at CaliberMind?
Raviv Turner, Co-Founder & CEO at CaliberMind. I’ve spent the last 10 years leading product design and development for high-growth B2B SaaS companies, I’m customer insights obsessed and founded CaliberMind last year to better understand B2B buyers on a personal, emotional and cognitive level.
So what is CaliberMind, in just a couple of sentences?
CaliberMind analyzes human language and behaviour from CRM emails, recorded sales conversations, marketing automation data as well as from social networks to uncover B2B buyer needs, motivations, personality and even decision making style. It then recommends communication, and subscribes content that accelerates B2B deals.
What inspired the creation of the company?
B2B marketing is everything but human-centric, we tend to talk about leads, accounts, opportunities but by the end of the day, people buy from people. It’s no wonder then that the conversion from lead to revenue hasn’t changed much in the last few years. The best marketers with best technology only manage to convert just 8-9% of the leads to revenue.
B2B sales cycles tend to be long and complex. The average sales cycle from lead to revenue for a high growth IT company is 508 days! With 5-15 people involved in the deal (Source: SiriusDecisions). CaliberMind was founded based on the idea that if we can better understand the people in the deal – how they think, what needs, motivations, pain points and personality they have, how they make decisions – we then can humanize the buying experience, optimize communication and shorten the buying cycle.
A lot of CaliberMind’s focus is on psychographics, care to explain that in further detail?
B2B marketers are used to thinking in terms of demographics – segmenting prospects by age, generational cohort, gender, job title / occupation, seniority, company size, industry, number of employees, etc. But in today’s B2B marketplace, it’s just as important to understand the psychographics of your target audience, or rather how they they think and why they are buying.
Psychographic factors include attitude, interests, opinions, and pain points. This information allows marketers to gain deep insights about the target audience that help them to better comprehend the market, understand the drivers behind purchase intent, and provide more relevant and engaging content.
Are many other companies using psychographics to build customer/user profiles?
Yes, a recent study reveals that firms that use psychographics find it the most effective segmentation dimension resulting in a 24% increase in business performance! but using psychographics to build customer/user profiles requires expensive market research. B2B marketing agencies charge $120,000 on average to conduct research and build Powerpoint buyer personas which are siloed, static and not actionable.
CaliberMind can automate all of this for a fraction of the cost, building data-driven personas which are dynamic and actionable, then recommending content throughout the entire buyer journey.
What kind of businesses/services can benefit from CaliberMind?
Businesses that sell to other businesses with high consideration products or services (think IT systems, storage, servers, equipment, commercial real estate, etc.) with long sales cycles and few people involved in the deal. CaliberMind is currently built on top of Salesforce and can integrate with marketing automation platforms.
With CaliberMind’s ability to integrate with many existing platforms, it makes getting them set up nearly painless. This comes as a huge advantage and doesn’t require these large businesses to change hardly anything before implementing a CaliberMind strategy into their sales teams.
We’d like to thank Raviv for taking the time to answer some of our questions, if you’d like to find out more about the team behind CaliberMind, check them out here.
This post is part of our contributor series. It is written and published independently of TNW.
This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW.