RingCentral, a cloud-based communications system provider, was seeking a platform that would enable the company to capture as much information on leads as possible, allowing it to gauge which prospects meet its ideal customer profile.
The Challenge
The company shortened its web forms to reduce online friction, but found it increasingly challenging to gain accurate information on the people who were interested in its services.
“When I joined [RingCentral four years ago], it was very difficult for us to ascertain who our biggest customers were,” said David Cowings, Chief Marketing Data Scientist at RingCentral, in an interview with Demand Gen Report.
Additionally, the company struggled with launching campaigns in a timely manner. Hoping to alleviate these issues, RingCentral sought out a method for capturing precise data that would help it serve more relevant information to leads and boost conversion rates.
The Solution
RingCentral performed an analysis to pinpoint a solution with a high match rate and the capability to enrich information in real time. Leadspace, a B2B customer data platform (CDP), met all of the criteria to carry out the company’s data acquisition objectives.
“For most of the other solutions [we vetted], they had their data and that was the only data that was being returned,” said Cowings. “What is great about Leadspace was that it was the best of both worlds, where it actually utilized multiple data sources.”
Leadspace partners with other database providers, extracts their standardized data and combines it with social data that can be gleaned off the internet.
Specifically, after someone fills out a form, Leadspace enriches firmographic information for RingCentral to accurately route its leads and gain additional account insights. This helps RingCentral determine when to send further nurture email communications [and] tailor those towards the individual’s persona.
The Results
RingCentral has structured all of its ABM strategy around Leadspace, as it has provided the company with more functionality, detailed insights and increased efficiency.
“When we started, it would take us months to launch a campaign,” said Cowings. “Now, we can do it within the matter of a week,” said Cowings.
Leadspace also enables RingCentral to see who its biggest customers are by linking together account and lead data to provide the company with full visibility into opportunities at the company level.
“One company might have 50 accounts,” said Cowings. “So, we are able to unify all that information, see where our success metrics are and then begin to more effectively sell into those larger enterprise tech companies.”
RingCentral also plans to pilot ReachForce, a marketing data quality automation solutions provider that was recently acquired by Leadspace. The company is looking to make use of ReachForce’s SmartForms product, a website registration form solution that appends data in real time, to further enhance account data.
“The SmartForms enrichment is definitely a value add point, where you can enrich inbound data and enable people to self-select information, which will have a higher level of accuracy than anything that gets enriched just through non-user interactions,” said Cowings, who also used to be the VP of Product Management at ReachForce.
