DueDil KYC for Business

UK business information vendor DueDil partnered with CallCredit Information Group for an enhanced KYC (Know Your Customer) service.  The new API service provides real-time access to company, director, and beneficial ownership data to expedite onboarding and financial compliance.

“This service provides a one-stop-shop for a business’s identification and verification needs,” said Alan Golob, CallCredit Data Solutions Director.  “By combining Callcredit’s data, industry knowledge and first line support capabilities with DueDil’s data and development expertise, we’ve created a service that will fully integrate into a client’s system or work as a standalone tool.  Advancements in regulatory requirements have caused many businesses to reassess their processes and checks, and this solution answers this need.”

DueDil covers forty million European companies across nine countries with plans to expand across all of Europe.

“Compliance is not only a regulatory requirement, it is the heart of every resilient business,” said DueDil CEO Damian Kimmelman.  “This can only be achieved by having a true and comprehensive profile of the customers that you are dealing with. Customers of our new service will have the comfort of knowing that they can make KYC checks in a simple, automated way through a platform which is underpinned by one of Europe’s largest company information sources.  Enhanced due diligence checks should form part of a balanced risk-based approach and can help organisations assess customers and meet regulatory requirements.”

Quora: How do I do marketing using LinkedIn?

Here is how I answered the following question on Quora: “How do I do marketing using LinkedIn?”

I would use LinkedIn in the following ways to promote my company:

  • LinkedIn has a set of marketing services which allow you to build targeted campaigns by both firmographic (size, industry, location) and biographic variables. This is probably the most granular B2B advertising tool out there. The Campaign Manager also provides a set of analytics around viewing and impressions. Pricing is either CPC or CPM (impressions or clicks). Here is a quick description of their advertising formats: 
LinkedIn Marketing Formats
LinkedIn Marketing Formats
  • LinkedIn can be used to promote your own content as posts, whether it be white papers, product descriptions, case studies, blogs, or articles. If you mention a partner or customer, make sure to link to them and have their marketing departments like the content. Where possible, include some copy from the content or description of the content along with a visual (LinkedIn will grab a visual from the source if there is one available).

    Do not overly self-promote. Your content should lean towards thought leadership not corporate promotion. Of course, if you launch a new product, write about it. But LinkedIn is not the place for deep feature dives or long discussions of your value proposition. And please, not another What does [this character from Game of Thrones] teach us about [some aspect of business]. This type of coattail riding is generally full of clichés and stretched analogies. Originality, Professionalism, and Readability are key on LinkedIn (a good graphic and headline don’t hurt).

  • LinkedIn supports its own set of articles, but I’ve had more luck blogging on my site and then writing posts that link to my blog. You should test both approaches to determine whether LinkedIn articles work for your company.

  • Have your employees like content so that it is seen by your prospects and customers in their feed. 
  • Fill out your company profile. Many vendors rehash their website and Facebook profiles, but I would try to differentiate the copy between these three sites. For B2B companies, the website should be corporate, Facebook a bit cheeky, and LinkedIn professional, but lighter than your website. Keep in mind that LinkedIn is used by both prospective employees and customers so you want to be speaking to multiple readers. 
  • Evaluate Sales Navigator for your sales reps. This service does not allow you to download lists of companies and contacts, but it allows you to build and maintain lists of accounts and leads which are stored in Navigator (these lists can be built individually, via prospecting, or via CRM downloads). Sales Navigator also supports CRM viewing of company and contact profiles, InMails (direct messages with prospects outside of your current connections) and PointDrive, a custom website link that allows sales reps to forward attachments (collateral, price documents, videos, PowerPoints) as embedded content with descriptions. PointDrive provides analytics on what content has been consumed and tracks whether the document has been forwarded to others. 

Keep in mind that LinkedIn’s audience skews older and more professional than Twitter and Facebook.

 

The TLAs (3-Letter Acronyms) of ABM

"ABM: Taming the Alphabet" slide courtesy of InsideView
“ABM: Taming the Alphabet” slide courtesy of InsideView

As with many other technologies and business processes, sales is subject to its set of TLAs (three letter acronyms) such as ICP, TAM, and ABM.  As I regularly reference these terms in my blog, I obtained permission from InsideView to republish their slide on these acronyms.

The Ideal Customer Profile (ICP) is your best customer definition.  It is a hybrid of both company and contact variables.  While it can be as simple as “the Fortune 500,” a true ICP looks at firmographic, biographic, technical, and signal variables.  By technical, I mean industry specific variables such as which platforms are used, how many beds are in the hospital, or whether the company is a direct seller or employs channel sales.  By behavioral, I’m talking about business signals such as funding events, partnerships, and M&A activity (what InsideView calls agents and other vendors call triggers).

Defining your ICP is key to strategic targeting.  Without an agreed upon ICP, sales and marketing will take an ad hoc approach to customer targeting and prioritization.  At best, the lack of an ICP is sub-optimal.  At worst, it results in sales ignoring marketing leads and taking a “we’ll do it ourselves” approach.

The Total Addressable Market (TAM) is the full set of customers, prospects, and net-new accounts that match your ICP.  Of course, some of your customers and prospects will fall outside of your ICP, but it is the net-new accounts that are the most interesting.  Some call these the white-space accounts, but they are basically the companies you should begin nurturing as they represent your best hope of growing revenue.  Likewise, prospects within your TAM should be a high priority while those outside should be triaged.  Finally, the accounts that fall within your TAM should have high retention rates.  They also represent an easy path for cross-selling, upselling, and expanding to other departments, functions, and locations.  You want to go from beachheads (land and expand) to strategic partnerships with these firms so deep company intelligence is required (family trees, org charts, additional contacts, sales triggers, SWOTs, industry research, etc.)

InsideView just announced the launch of their Expert Services group and its TAM service.  I’ll be covering the announcement in a future blog.

Of course, Account Based Marketing (ABM) is the broader strategy that is supported by a focus on your TAM and ICP.  ABM is the set of programs, campaigns, and activities by which B2B companies target their best prospects.  ABM encompasses sales, marketing, customer support, operations, etc.  Once the firm agrees on which accounts are strategic, it can direct its energy towards landing these accounts and ensuring they receive the white glove treatment.  While traditional demand generation and content marketing have focused on lead volume, ABM directs sales and marketing resources towards targeting and expanding business within your TAM.

Implementing ABM encompasses a set of tools and services for identifying the ideal customer profile, sizing the total addressable market, identifying white space target accounts and contacts (i.e. net-new leads), supporting web forms, automating batch and ongoing enrichment of MAPs and CRMs, prioritizing leads, embedding sales intelligence within workflows, event alerting, prioritizing leads, and assisting with lead-to-account mapping, segmentation analysis, and campaign targeting.  Other ABM technologies include programmatic marketing, dynamic website display based upon real-time firmographics (visitor id), predictive analytics, and proactive sales recommendations.  No vendor provides all of these tools today, much less has them integrated into an ABM suite.

 

Intent Data — Why and When?

One of the important recent B2B MarTech innovations is the development of intent data from vendors like Bombora.  As prospects are now using the Internet to self-educate, they are reaching out to a smaller set of pre-screened vendors later in the sales cycle.  But if firms are being stealthy to avoid detection during this initial phase, B2B firms have been looking to uncloak this veil of secrecy and reach out to firms during the initial phase.

One response to anonymity was content marketing which looks to deliver information (and perhaps uncover prospects) during this early phase.  But it is difficult to customize messaging to anonymous individuals.  Thus sprung up visitor id services such as Demandbase that map IP addresses to company firmographics in real-time.  For example, a visitor from a P&C insurance IP address would be shown a website and content that speaks to their industry specific needs.

Firms also engaged in SEO and SEM to drive traffic to vertical content.  While these activities were an improvement, they provided no indication concerning whether the prospect was in the market for a firm’s solutions.

Intent Data Publisher Network and Tracked Activities (Source: Bombora)
Intent Data Publisher Network and Tracked Activities (Source: Bombora)

Firms like Bombora and The Big Willow work with B2B media sites to map site traffic and actions (e.g. downloading white papers, webinar attendance, site searches), to specific companies.  Thus, each IP address has a baseline activity trail which indicates topics of interest.  Intent firms then match B2B media site visitor actions to an intent taxonomy covering thousands of topics.  Of course, larger firms will leave more distinct trails and firms will display heavy footprints around their own industry and target segments.  These patterns are company-specific background noise.  To find the intent signals, intent vendor analytics determine which topics are surging at each company.  For example, If GE has X searches per week on cloud computing, then this activity rate is general background noise.  But if activity spikes to 2X, then there is likely to be some initiative underway at the firm concerning cloud computing.  It is these surges that identify firms to be targeted.  Intent data provides a mechanism for placing calculated bets on which accounts and prospects deserve additional resources.

Keep in mind, this activity remains anonymous.  A cloud computing vendor does not know who at GE is involved in cloud computing initiatives, but they know it is the appropriate time to target GE with stepped up marketing (SEM, email, sales calls, etc.).

Thus, intent data is integrated into predictive marketing platforms such as Lattice Engines, LeadSpace, Mintigo, Everstring, and Radius.

Just this month, Everstring added Bombora’s intent data to their Audience platform.  Surge data is also available for programmatic targeting on platforms such as BlueKai (Oracle), Krux, and Lotame.  Thus, it is possible to target advertising for firms that have shown a surge of interest in a topic.

Like any technology, intent data has its limits.  While it helps identify when to call into an account and topics of interest, it doesn’t identify whom to call and whether there is an actual initiative related to the topic.  Furthermore, intent data does not indicate whether a firm is a good fit (e.g. size, industry, technographics) or how far along they are in the discovery process.

In a blog earlier this month titled “Intent Data is Great. Except When it Isn’t,” Gartner Research Vice President Todd Berkowitz listed the following limitations concerning intent data:

There are a large number of scenarios where intent data and models don’t add nearly as much value (if any).  It’s not because the intent data is inaccurate. It’s because there is simply not enough data available to use directly or to put in models. They include:

  • New and emerging technology categories

  • Certain geographies, industries or other niches

  • Non-technology products

  • Solutions (especially services) that can’t be easily categorized

Thus, intent data works best for well-established technology segments (versus emerging ones).  Just make sure to also look at fitness indicators when building surge-based campaigns.

Addendum

Within 15 minutes of posting this blog, I saw that Bombora was named a 2017 Cool Vendor by Gartner.

“We believe it’s a true milestone to be recognized by Gartner as a Cool Vendor in SaaS for 2017,” said Erik Matlick, founder and CEO of Bombora. “Our customers choose Bombora so that they may access the largest source of B2B intent data for use in their account-based marketing strategies. For us, being a ‘Cool Vendor’ serves as a validation of our ‘everybody wins’ approach to the ecosystem and the impact that our dynamic, quality intent data is having across B2B sales and marketing.”

 

 

 

Mary Meeker: US Technology & Immigration

One of the most avidly anticipated presentations is Mary Meeker’s annual Internet Trends presentation.  This year she had deep dives into India, China, and Healthcare.  The two slides that caught my attention, though, were the importance of immigrants to technology companies.  Specifically, she evaluated the percent of top companies with first or second-generation American founders.

Amongst the top 25 US technology publics by market cap, 60% were founded by a first or second-generation American such as Steve Jobs, Elon Musk, or Sergey Brin.  These fifteen firms employ 1 1/2 million.

"2017 Internet Trends," Mary Meeker, Kleiner Perkins
“2017 Internet Trends,” Mary Meeker, Kleiner Perkins

Even more impressive, the top five global publics by market cap are all US technology firms, of which four of the five have at least one first or second generation founder.

When looking at private technology firms, around 50% of the top firms by valuation were founded by first-generation Americans.

"2017 Internet Trends," Mary Meeker, Kleiner Perkins
“2017 Internet Trends,” Mary Meeker, Kleiner Perkins

US technology firms have benefited from immigrant founders and employees along with access to global markets.  Calls to restrict immigration will result in restricted access to foreign markets combined with a greater outsourcing of development jobs overseas.  While H1-B visas need to be re-calibrated to ensure that the visas are awarded to high-demand, highly skilled positions, immigration is vital to US economic vitality.

Quora: How do I obtain the necessary information for a B2B competitive analysis?

I answered the above question on Quora, but I thought it was worth posting the answer on my blog as well.

B2B is a broad category, so I will be providing a high-level process:

  • Start with the open web — the company website, corporate blog, Facebook, Instagram, Twitter, LinkedIn, YouTube, Vimeo, and SlideShare.
  • Jump to the LinkedIn and Twitter pages of key executives.
  • Continue with third-party review sites such as TrustRadius, G2 Crowd, Glass Door, and Quora. Also compare web (Alexa, SimilarWeb) and social media activity (Owler) of the company vs. its top competitors.
  • If a US public company, obtain their 10-K, 10-Q, Annual Report, Proxy, and 8-Ks. Also, review all material on their investor page and look for Fair Disclosure Earnings Transcripts (Seeking Alpha, NASDAQ), investor presentations, financial models, etc.
  • If a US or global public, analyst reports are often available subject to a one week embargo. Vendors with analyst reports include D&B Hoovers, Factiva, Zacks, FactSet, Capital IQ, and Investext. Reports with fewer than five pages tend to only look at the stock, and provide little in the way of detail. Particularly good are the Initiating Coverage reports as they often entail an overview of the business.
  • If a US or global public, review the synopsis of material events going back over a decade. Significant Developments are available from Reuters, Factiva (Reuters), D&B Hoovers (Reuters), Capital IQ, and FactSet.
  • If a European private, they are likely to have filed financials, directors, and shareholdings with a local registry. You can obtain these through D&B Hoovers, Bureau van Dijk Orbis, or local registries.
  • Major companies are profiled by MarketLine and Global Data. Check to see if they or key competitors are profiled. Industry vendors also profile companies and products within their target segments.  These profiles include SWOTs, company histories, market shares, and overviews of key products and segments.
  • Determine the firm’s list of competitors. If it is a public company they will list this in a proxy. If it is a private company, refer to Hoovers, Global Data, or Marketline.
  • If you are looking for technology employed, refer to Datanyze, HG Data, BuiltWith, DiscoverOrg, or RainKing.
  • Review all news for the company. The open web thins out quickly, so you are best off using an archival service such as Factiva or LexisNexis
  • For Intellectual Property and Legal, use LexisNexis or Westlaw. You can also search the USPTO site for trademarks and patents.
  • Check research from industry vendors. Most focus on only one or a few sectors (e.g. Gartner, Forrester, and IDC for Hardware and Software). A few provide higher level market overviews at the country or global level which include national or regional market shares, forecasts, and mini-profiles of the top 3-4 competitors in the market:
    • MarketLine (country and global)
    • Euromonitor (country or global)
    • BMI (Emerging Markets)
    • Freedonia (US)
    • IBISWorld (US, China, Australia, Global)
  • A few US industries are required to file with state or federal agencies. These include banks (FDIC), insurance (states), and nonprofits (990 forms with the IRS).
  • Larger companies file ERISA forms (5500s) annually with the Department of Labor. This filing covers benefit plans so is useful for direct research on a company and plan advisors. Judy Diamond offers a freemium service (FreeErisa) for ERISA filings.
  • If the firm has PE or VC funding, refer to Crunchbase, DataFox, Mattermark, PrivCo, or other vendors that collect this detail. Crunchbase and Owler provide this information for free.
  • Setup news alerts on the company and competitor you are evaluating. This can be done via Owler, Contify, InsideView, D&B Hoovers, Factiva, and LexisNexis.
  • Obtain a credit report (D&B, Experian, or local credit company if overseas)
  • Research the company family tree and review major subsidiaries and recent acquisitions. Global Family Trees are available from D&B Hoovers, Bureau van Dijk, and InsideView (parents and subs only). Public companies also list their subsidiaries in their 10-K (Note 21).
  • M&A research can be performed with Zephyr (Bureau van Dijk), Mattermark, FactSet, Capital IQ, and other vendors.

This is a quick overview for secondary research.  For primary research, reach out to customers, partners, and former employees.  They can be identified via Case Studies (generally fans so don’t be overly reliant on them), customer references on site, TrustRadius, G2 Crowd.  Former employees can be determined via LinkedIn.  Partners are generally listed on the company website.

One area that is particularly difficult to obtain is pricing data.  Some B2Bs are transparent while others publish virtually no details, particularly if they have complex product lines and pricing.  Don’t be surprised if you find little in this area beyond “Pricing begins in the five digits” for many vendors.  Pricing details may require primary research and this will provide data points, but not full price lists.

If you are performing regular competitive analysis work, consider joining SCIP (Strategic & Competitive Intelligence Professionals).

Feel free to add additional tips in the comments.

 

D&B NetProspex B2B Contact File Stolen

A NetProspex breach sample record for journalist Zack Whitaker (originally published by Troy Hunt with permission)
A NetProspex breach sample record for journalist Zack Whitaker (originally published by Troy Hunt with permission)

A 52.5 GB NetProspex file of nearly 34 million US business contacts was recently stolen.  Dun & Bradstreet did not indicate how the MongoDB database was purloined, but indicated it suffered no data breaches and the file was likely stolen from a customer.  “We’ve carefully evaluated the information that was shared with us and it is of a type and in a format that we deliver to customers every day. Based on our analysis, it was not accessed or exposed through a Dun & Bradstreet system,” the firm said in a statement to ZD Net.

The file was believed to be six months old.  While it was built and sold for legitimate sales and marketing purposes and complies with US law, it could be used for spamming and spear phishing.  “It’s an absolute goldmine for phishing because here you have a huge amount of useful information from which to craft attacks,” said Internet security advocate Troy Hunt who publicized the breach. “From this data, you can piece together organizational structures and tailor messaging to create an air of authenticity and that’s something that’s attractive to crooks and nation-state actors alike.”

Content includes business contact information; job titles, functions, and levels; current employer; and employer firmographics including size, industry, location, and D-U-N-S Number.  Their file does not contain personal emails, phones, biographics, or any kind of consumer credit data as Dun & Bradstreet strictly collects B2B company and contact intelligence.  However, the file does contain extensive business and government employee data such as 100,000 Department of Defense and a combined 75,000 Army, Air Force, and VA contacts.

Dun & Bradstreet should evaluate whether retaining titles for military and security agencies is in their best interest (and the country’s).  For example, being able to identify 715 military Intelligence Analysts makes it easy for nefarious parties to spearphish them.  This may be a case where losing the actual job title and simply mapping the title to a job function (e.g. procurement, security, medical, R&D) would make sense.  Another option might be to track only government officials whose name appear in official sites and publications.  As the government publishes bid data through FedBizOpps, procurement contacts would still be available for commercial purposes.

“Whilst you could piece together parts of the data from information already in the public domain, having it aggregated and so easily searchable in this fashion is enormously valuable,” said Hunt. “It also serves as a reminder that we’ve lost control of our privacy; the vast majority of people in the data set would have no idea their information is being sold in this fashion and they certainly don’t have any control over it.”

If you would like to check on whether your personal or business email information have been stolen, Hunt has setup a free site which tracks over 200 stolen databases.  Registration takes about 3 minutes (you need to validate that you are researching your own contact information).  The site will also advise you if your email appears in future breaches.