Businesses across the board are constantly looking for new ways to win over customers.
But proving relevance — and more importantly, need — for a product or service (especially amid economic uncertainty or in an over-saturated market) often requires a herculean effort. And with that, identifying and targeting the right prospects becomes increasingly crucial.
For sales and marketing teams, the customer acquisition challenge is magnified across the small business sector, often due to the limited data available on SMBs, making outreach efforts increasingly difficult for those trying to score small business clients. For example, not knowing whether a company earns $10K in revenue versus $10M in revenue could lead to incorrectly targeted, impersonal sales and marketing efforts — and ultimately result in a loss of business.
Having a more complete understanding of prospects, though, can change the playing field for companies looking to capitalize. Below, we dig into how sales and marketing teams can use Enigma data to level-up their efforts and more effectively target and acquire customers.
For a full deep-dive on this topic with our product experts, check out this webinar.
How sales and marketing teams can leverage Enigma data to win over prospects
Marketing to SMBs across industries is expensive, difficult, and time-consuming — and many organizations have fallen short of securing the right prospects to help grow their top line. As conversion rates continue to plummet across industries, marketing tactics need to expand beyond a one-size-fits-all approach and become more personalized than ever before.
Enigma has intelligence on every SMB across the United States, and part of what makes the dataset so useful is the inclusion of third-party data — like real-world revenue numbers not based on models — that, when paired with other data points, paints a comprehensive view of an SMB.
This means that for any US-based SMB accepting card revenues, Enigma can share transaction-level intelligence including, but not limited to:
With more granular data, companies can target SMBs more effectively and win on the most ideal prospects within a given market. For example, trigger- and event-based marketing becomes more possible as sales and marketing teams have a more complete picture of SMBs.
Imagine a small business’s online card revenue hit $1M dollars for the first time. For some of our credit card customers, this is the difference between an SMB being eligible for a typical consumer card versus being eligible for a charge card — and with Enigma data, that distinction can be made and action can be taken once the milestone is hit.
In another scenario, a customer can benefit from knowing when an SMB in their target market has seen consecutive monthly growth. With this knowledge, a company can send out relevant incentives that otherwise may not be applicable to those with inconsistent growth patterns — and instead of misdirected, generalized marketing efforts, businesses receive hyper-personalized and relevant offerings that match their achievements.
Success story: How Enigma powered FMCG outcomes with real-world revenue data
FMCG, a Deluxe company, works with a number of financial institutions, including many regional and super-regional banks. The company had previously employed data providers to help 4 of their banking clients increase account creation across 3 major divisions:
Unsatisfied with initial conversion outcomes (attributed to inaccurate revenue data sources), FMCG looked to the use of our real-world revenue data to get the job done. The firm believed that by using Enigma data, it could more precisely target and segment businesses based on revenues and processing volumes, and thus improve outbound marketing efforts given the more personalized approach.
As a result, all banks involved saw more than 150% growth in new accounts created across their merchant services divisions. In one case, a super-regional bank saw a 295% lift. (Read the full case study here).
This is just one specific example of how Enigma has enabled sales and marketing success — but we’ve got plenty more to share. Read about how our data has helped salon software leader Phorest achieve similar outcomes, or reach out to our team to hear firsthand how our data is positively impacting clients across the board.