GrowFlare, which I profiled a few weeks ago, doubled its coverage of US active companies to 250,000. While a few additional large firms were included, the bulk of the growth was at the SMB end of the market. GrowFlare nearly doubled the number of companies with $10 million to $50 Million, bringing that set to 50,000. The coverage of firms with less than $10 million in revenue quadrupled to 170,000 SMBs. Profiles include firmographics and psychographics, the common phrases that firms use to describe themselves and their markets.
GrowFlare employs a Fit Score, which is the level of similarity between a company and one or multiple companies provided to GrowFlare. When the new set of companies was added, they were immediately included in the Active Lists (dynamic company lists of prospects) as Alerts. The new companies are also available for prospecting and research via a Chrome extension.
“We’re continuing to grow organically and invest 100% of revenue into the platform,” wrote CEO Matt Belkin.
Upcoming GrowFlare development is focused on expanded partnerships. GrowFlare is looking to add contacts from vendors such as InsideView and deepen its integrations with HubSpot and Salesforce.
While many companies offer keyword searching, it is usually against a mined business description. Only a few products, such as D&B Hoover’s Conceptual Searching, provide broader topical searching to build company lists.
GrowFlare includes a free Chrome extension that “overlays the power of prospector right over the website,” HubSpot, or Salesforce. “This is invaluable for anyone from an SDR to an executive that wants a quick ten-second snapshot of a company before engaging,” said Belkin. The Chrome connector detects the account, displays firmographics, trending topics, psychographics, and Next Best Prospect.
Prospector Bulk and GoldMiner support HubSpot append and enrichment, including Fit Scores. Salesforce support is a roadmap item. Belkin said that HubSpot support was a “strategic decision because HubSpot is more readily accessible, cheaper to develop for, more startup-focused, and we can build adoption faster.”
The user interface is clean and well laid out, with the ability to quickly sort prospecting tables and view additional details. The company universe is limited to 130,000 US companies with ten or more employees “that have meaningful purchasing power.” Thus, GrowFlare is best suited for US account based marketers and strategic teams. However, the service is still in its early stages of development. It does not offer any contacts, and the firmographic intelligence, beyond the psychographics and trends, is limited. There are some novel ideas and tools in this service, many of which are not found in more mature ICP offerings from the established players (e.g. DiscoverOrg AccountView, InsideView Apex, D&B DataVision). These ICP / TAM tools were built for the marketing department, while GrowFlare is looking to serve both the sales and marketing departments with some competitive intelligence functionality as well.
GrowFlare is a freemium offering, with three free prospects provided with each search. The Basic offering is priced at $2,950 per annum and includes ten prospects per list. Growth offers 25 prospects per list for $4,950, and Unlimited offers the maximum number of relevant prospects per list for $9,950. The paid offerings all include all of the features discussed in this profile along with 24/7 support.
The 2.0 release has helped the firm gain traction in the marketplace with revenue up 600% monthly (on a small base). The average deal size is greater than $10,000. Upcoming GrowFlare development is focused on expanded partnerships. GrowFlare is looking to add contacts from vendors such as InsideView and deepen its integrations with HubSpot and Salesforce.
GrowFlare rolled out version 2.0 of its sales and marketing intelligence solution. Enhancements include a revised Prospector tool for similar company searching, a Chrome connector for quick profiling and prospecting against a company website, HubSpot CRM imports, keyword searching, and customer fit scoring for HubSpot.
The enhanced Prospector tool identifies 100 companies similar to a target company based on psychographics, which are the common phrases and interests companies share. This approach differs from most vendors that employ firmographics and technographics in their Ideal Customer Profile (ICP) modeling. For the target company, the trending topics are displayed as a spider chart with new topics called out. Reps can drill on trending topics to see an example from the firm. Topical analysis is derived from websites, social media, government filings, and job listings.
When users click on a trending psychographic, they are presented with in-context examples of the phrasing with the term highlighted. The trending topics and psychographics are “invaluable for marketing and sales personalization,” said Founder & CEO Matt Belkin.
The similar companies New Prospects list includes a Fit Score, which gauges the level of similarity to the target company along with the shared psychographics. So if a rep just closed a deal at the target, he or she can be confident that the high fit scores are similar in their market positioning. Fit Scores are exportable to lead scoring models. A quick view magnifying glass icon displays the trending topics for any of the prospects.
Below the Prospects list are additional graphics and analytics, including a shared psychographics word cloud, top 10 shared psychographics, locations of the prospects, and sizing ranges (employee and revenue). As these analytics are based on the prospecting list, they assist with campaign messaging.
Searches are auto-saved to Active Lists, which identify new prospects. Company profiles are scanned and rebuilt each week with companies compared and ranked within the list.
“NEW means they are new to the list and is usually a great signal to reach out [to] now because something strategic has changed with that prospect, bringing them closer to your ICP. Your window of opportunity is now,” said Belkin. “For example, they launched a new campaign, rebranding, business model shift, product launch, leadership change, etc. – all of these can cause this change.”
Any Keyword Search or Prospector Active List is automatically setup for alerts, whereby GrowFlare notifies the customer each week of meaningful changes and new prospect opportunities. When viewed, the table of new prospects includes a Trend score, which is the change in rank position from the prior week. An Active List focused on competitors will notify sales and marketing when competitor positioning shifts. This tool would also be valuable for competitive intelligence analysts and business development reps looking to track a narrow universe of competitors or partners.
GrowFlare recommends that firms run Prospector against themselves to see “where your messaging shines” as well as competitors to understand their current positioning.
”Everywhere you look sales and marketing teams are wasting millions of dollars trying to acquire the wrong customers and saying the wrong things. It’s crazy and the whole approach is broken. We started GrowFlare to fix it. You already know your best customers, GrowFlare helps you find 100 more just like them based on their shared interests. It’s easy to see how focusing on what buyers care about – their psychographics – is far more effective when marketing and selling to them. It sounds fancy, but it’s the same magic that powers recommendations for Amazon, Netflix, and Spotify in the consumer world. We just built it for B2B.”
GrowFlare CEO Matt Belkin
The Prospector Bulk feature is similar to Prospector but executes against a full customer list. According to Belkin, “The resulting output averages between 25x-100x more high-fit prospects that sales and marketing teams can target with account-based outbound campaigns.”
GoldMiner CRM compares a customer list against open CRM leads and opportunities. CRM accounts may be uploaded from HubSpot or entered as a domain list.
The results are similar to Prospector, with GoldMiner listing the best prospects based upon Fit Score and the best reference customer. GoldMiner also displays
The most valuable reference customers – Which accounts are the top referenced customers for the prospect list
CRM Growth Multiplier – The CRM Growth Multiplier compares the number of high priority prospects in the prospect list to the number of customers in the CRM.
CRM Efficiency – The number of CRM high-priority prospects versus the total leads in your CRM. CRM efficiency indicates the percentage of high value accounts in the CRM vs. weak fit accounts as determined by GrowFlare.
Belkin suggests that the new leads list should be run through GoldMiner “every day or week” as “this can be very valuable in quickly prioritizing third-party list buys, webinar lists, partner lists, technographic lists, and much more.”