LLian Solutions has developed a machine learning tool to help them identify relevant companies they could work with but did not already know about. LLian Solutions used their algorithm (called LLian) to identify marketing agencies in the UK because they knew that for 38% of UK agencies, their number one challenge was winning new business (Source: The WOW Company’s Agency Benchmarking Report 2018).
In Press is a specialist PR and marketing agency for the scientific, industrial and manufacturing sectors.
The company’s goal was to make its telemarketing activity to acquire new UK industrial weighing clients more efficient.
In order to identify prospects, In Press would gather company names from online directories, attend exhibitions and add the exhibitor list to a CRM database. There were seven follow-up calls to assess interest and then an ongoing email campaign follow-up. This was very time consuming, used a lot of company resources and the results were a very low conversion rate.
In Press worked with AdBourn’s proprietary tool to search out other industrial weighing companies similar to those In Press had worked with in the past.
An initial list of weighing companies websites was given to AdBourn to use as a training set. Its software service, Lian, was used to search the content of 5 million websites looking for lookalikes to the weighing companies list provided.
In Press was given an initial list of 50 weighing companies to evaluate. The results were that 31 (62%) of the names were new (In Press was not already aware of them); 4 (8%) were already known; and 15 (30%) were False Positives (the machine learning algorithm marked them as True but the client marked them as False).
The system learns to do better if given feedback from previous runs. The second iteration gave 102 companies to evaluate. The results were: 51 (50%) were marked as new; 14 (14%) were already known; and 26 (25%) were False Positives.
On the third iteration there were 187 companies. 143 (77%) were marked as new and relevant; and 29 (16%) as False Positive. The False Positive rate had fallen from 30% to 16%.
In Press said that it had got more targeted relevant leads in each run; and that its telemarketing activity was more efficient because there was less wasted marketing activity on False Positives and that this, in turn, led to spending less money acquiring new clients.
If you are one of the 38% of UK marketing agencies for whom winning new business is your number one challenge for 2018, then please call Chris on 01488 674203 to see how you can find relevant prospects you do not already know and then reduce your cost in acquiring new clients.