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Time is money | IT business

Time to monetization is a fundamental metric for go-to-market teams, but most businesses lack the ability to track where the first demand for an account originated. For Steffen Hedebrandt, CMO and co-founder of revenue attribution platform Dreamdata, the way forward is an actionable analysis of his complete B2B customer-to-his journey.

“The Dreamdata platform is fundamentally set up to understand every touch that happens across every account, from the first touch to the sales funnel,” says Hedebrandt. “With this information, we can do more of what works and less of what doesn’t.”

Hedebrandt will be attending ITWC’s CMO Fawn Annan in November 2022 for an episode of CMO Talks, a podcast series curated by the ITWC, where he enthusiastically spoke about the importance of knowing the true time to revenue. I was. technology. A lively session began with advice on how to focus your marketing dollars. This strategy has taken Dreamdata from a young startup in Copenhagen to a leader in his category of customer journey analytics software in just three years.

Identifying Strategic Polaris

“I encourage any company to identify the ideal customer profile for their product so that it really becomes the strategic North Star for the entire organization,” says Hedebrandt. “This means that marketing seeks to generate demand from these types of people, sales seeks to sell only to these types of prospects, and product teams seek to serve those identified as ideal customers. We just build the product.”

Moving on to discussing Dreamdata’s revenue model, Hedebrandt announced that the company will soon launch a free product that potential customers can start paying for when they see value. The overall idea is that the user buys a license that can be used by everyone in the organization instead of being owned by only her.

defiant misunderstanding

In response to Annan’s question about how well companies understand where they start trading, Hedebrandt referenced some of the B2B market entry benchmarks in a recent Dreamdata report. is that people don’t know what they don’t know,” he said. “Salespeople sign contracts and work with accounts, but in reality, this is a much more complicated journey and a much longer journey than people usually expect.”

According to Hedebrandt, most companies measure the customer journey from the moment a customer hits their system to the moment they earn an account. However, Dreamdata’s reporting benchmark paints a very different picture by tracking the time customers spend in the research phase before the company gets off the ground. “If you think the sales journey is 90 days for him when in reality he is 180 days, that’s really important in terms of how you build budgets and reverse engineer sales goals,” he said. explained.

additional insight

A more accurate view of time to monetization also sheds light on the touches needed to close a deal. There are approximately 32 benchmarks for each new deal and does not include untracked events such as chats on LinkedIn, casual phone conversations, or conversations on Facebook. meeting.

The Dreamdata benchmark also challenges traditional notions of how many stakeholders are involved in the customer journey. Research has fixed this number at two, but that’s just the tip of the iceberg, Hedebrandt said. In his view, a lack of understanding of the number of parties involved and their roles in the company can lead to lost deals.

Measure maximum impact

The episode ended with a final word from Hedebrandt on the importance of spending time on something known to generate revenue for the company. “Don’t develop new product features if no one is willing to pay for them. Don’t run ads that don’t offer a return or chase people who don’t buy,” he warned.

The trick, of course, is knowing which products aren’t wanted, which ads aren’t working, and who are less likely to close deals. This is where Dreamdata comes in to help.

Time is money | IT business

Source link Time is money | IT business

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