How you can create your unfair competitive advantage by applying AI to lead targeting
An interview with Olin Hyde, CEO of LeadCrunch
By Ton Dobbe – Chief Inspiration Officer, Value Inspiration
Every week I interview entrepreneurs and experts from around the world to share their big idea about new forms of value creation and the potential we can unlock when technology augments the unique strengths of people to deliver remarkable impact.
An unfair advantage
I got inspired by the big idea behind LeadCrunch; hence I invited CEO Olin Hyde to my podcast. We explore how the process of targeting leads is broken in most businesses and why this can’t be solved by people alone. Beyond that we discuss the power of building defensible differentiation – and how this results into a sustainable win-win for both your customers and you as a technology provider.
The thing that triggered me most from my interview with Olin
‘Our customers consider our technology to be their unfair advantage.’
Why did this trigger me? What’s the bigger value here?
Isn’t that the dream of every organization? To find solutions in the market that provide new ways to differentiate yourself and actually have ‘an unfair advantage?’ If there were more vendors on the market that would go the extra mile to achieve this, the world would be a different place. And that all starts with mindset: As Olin rightly states:
‘I would argue some of the most successful companies in the world have built their businesses entirely based on delivering more value to the customer than what they’re charging. They’re building something customers can’t live without.’
It’s this mindset I applaud for in LeadCrunch. It’s a core ingredient that helps you deliver remarkable value. It’s not easy, but it’s not impossible either. It’s takes hard work and perseverance. The journey they’ve been on to find their sweet spot in the market where a) the process of ‘Targeting’ was very broken and b) utilize technology in such a way it ‘enables the human spirit’, is fascinating. Ultimately they found it in the process of Sales: Applying military i.e. ‘sniper-like’ accuracy in targeting to help salespeople find prospects that are the exact ‘look-alikes’ of their ideal customers.
Fixing this problem is tough. It doesn’t help to make existing approaches a bit better. It needs to be exponentially better. The advantage LeadCrunch’s customers cherish is achieved by breaking with the human limitations of segmenting the market.
As Olin states: ‘filters such as industries are very inaccurate.’ I can only agree with that. It’s too ‘one dimensional’. What defines the ideal customer in any business is based on dozens, possibly even more dimensions – demographic dimensions, psychographic dimensions, and so on. The more dimensions you can combine, the more accurate targeting will be.
So, imagine the level of accuracy if you can leverage not just 7 or 15 dimensions, but 5 to 600.000. Just imagine the power if technology can shine a light on a galaxy of organizations similar to your very best customers, and then enable you to put the right piece of information in front of the them. That’s remarkable.
What’s the more significant question/opportunity that raises?
The story doesn’t stop there however. LeadCrunch puts their word where their mouth is by not only disrupting the business process, but also disrupting the business model by charging their customers only for results. It thereby shifts the risk fully to their end. This creates the right incentive to a) put customer value first, and b) go the extra mile to deliver it in a way that exceeds expectations and leaves their customers with a remarkable return on their investment.
The focus is on the outcome, not ‘just’ the output. Sure, there are plenty of solutions on the market that ‘promise’ they’ll help you generate more leads. But what is that worth if those leads don’t translate in business? Committing to results ends that discussion – and this is a valuable lesson to learn for many software businesses.
A side-effect for LeadCrunch is that their mindset and approach not only creates raving customers, it also provides them with compelling, and most importantly defensible differentiation. Their impressive growth of 20% per month tells a clear story what this can lead to: when you give more value than you take, you’ll be rewarded for it generously.
Let me end by sharing some words from Olin that inspired me at the start of our interview and continue to inspire me afterwards:
‘I want to leave the world better than I found it. I want to look back at my life and see that it mattered and that I had an impact. And that’s not going to be measured with dollars, that’s going to be measured by people.’
Listen to the big idea behind LeadCrunch, and why it has the potential to not only transform the accuracy by which we can target our most ideal customers, but as well how we approach the solutions we build in the future by embracing a value mindset.