E176 | How to do Better Business Faster with Artesian:DueDil CEO, Andrew Yates
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PodbeanFintech company Artesian:DueDil – a London/Reading based business helps B2B customers do better business faster with a focus on using data science and curated business information to help find the right customers, onboard them faster and keep them for a lifetime.
BT uses it and sees a 48% ROI. You could too.
In this latest episode of The Melting Pot, CEO and founder of recently merged Artesian:DueDil, Andrew Yates, talks about how you can take data from banking and financial services and put it to work for you.
More specifically, he delves into what you can do if you’re not in that sector: how do you take the data and use it to define your target audience? How do you use data to make progress in your go-to market? How do you use data to successfully onboard clients, keep them, and then work out which of them have best upsell potential?
This is a fascinating conversation about data, fast growing businesses and how to use data in your organisation, whether you’re a customer of Artesian:DueDil or not.
On today’s podcast:
- Why the Artesian:DueDil merger
- Using data to find the right customer
- Artesian:DueDil ideal client
- How to make the most of the data
- Onboarding customers and keeping them for life
Links:
- Twitter – @apgyates
- LinkedIn – Andrew Yates
- Website – Artesian + DueDil merge
Making Data Work For You with Andrew Yates
Andrew Yates is co-founder and CEO of Artesian, and recently took on the CEO role of the merged entity, Artesian:DueDil.
In 2018, DueDil pivoted into the Know Your Customer/Business (KYB) space, helping automate the process of onboarding customers and providing things such as validated verified data on companies and the people who work for them. The sort of useful heavy banking stuff that is essential for FinTech and banking organisations.
Artesian on the other hand is best known for its applications that help frontline teams figure out who their next customer is likely going to be, and then helping those teams find the best ways to engage with those customers, and keep them for life.
But why did these two FinTech companies come together?
Well, DueDil has access to graph based data ingestion, augmentation and conflation technology, providing as near a real time view of every company in the UK and Ireland. It gets updated three times a day – that’s 270 million connections and counting.
It basically works the same way Google does, in that you start typing into Google and within 3 keystrokes, Google knows where you’re going with your search and the drop down list appears. The same thing happens with DueDil.
It ingests data from all the mainstream places that you already trust – credit reference agencies, Companies House, HMRC, etc and you can manipulate this data with rules to give you a derived insight that you can act upon.
“You put the two things together and you’ve got the first end to end customer lifecycle intelligence platform that helps you solve three problems: Find me the right customer, help me onboard them quickly, and help me keep them for life.”
Find the right customer
“You’ve got a six in 10 chance of getting someone’s attention if you make the outreach to them personal and contextual.”
Salespeople have known it for years, but now the data supports the evidence. If you want to get someone’s attention, make the conversation about them, not about you.
Don’t launch in on the opening line with some statement about your product or service, you launch with: ‘my research tells me that XYZ and I’d like to talk to you about helping you solve this problem, which we’ve solved for these other companies. Can I come and see you?’
“And if you take that approach, which is research driven, contextual, personalised, you stand a much better chance of getting the impact you want.”
While Artesian:DueDil has tended to gravitate towards companies in the regulated space in recent years, i.e. commercial and corporate banking, insurance carriers, insurance brokers, and financial services providers, that’s not to say these are the only companies who can benefit from their offering.
Essentially, Artesian:DueDil provides a technology that automates the process of gathering all of the client intelligence that’s really useful for any business to better understand their target audience. Allowing you to do better business faster.
How to use Artesian:DueDil data
We are all guilty of picking up our mobile phone upon waking, so that’s the first connect Artesian:DueDil make with you, through the daily digest you get sent at 6.30am.
“We have an algorithm that reads the text, and it figures out who it’s about. And then it figures out what it’s about by the pattern of words that surround the mention of the entity. It matches that to a taxonomy of things. And then it matches that to the things that you’ve said you’re interested in.”
They’ve also got ready to go applications that are mobile optimized. Plus, they’ve got an API that you can build your own applications in, using a thing called Endpoints.
Take BT, for example, they’ve implemented Artesian:DueDil’s technology, but they’ve embedded it inside their CRM, so that they can see, at the touch of a button, exactly how much influence the programme is having, how much new pipeline they’re generating and how much of that pipeline is closing.
“From an ROI standpoint, they will be a poster child because they’re currently tracking 48 times ROI in terms of what they spend with us and what the services generate in terms of revenue upside for the company.”
Metro Bank on the other hand sped up their complex onboarding process by 94% by implementing Artesian:DueDil’s technology. It still needs humans to remediate any issues that might arise, but the time it takes to get to a position of deeply understanding new customers is vastly superior to what it was before.
How to keep a customer for life
There’s two aspects to how Artesian:DueDil’s technology can help you keep a customer. First there’s a remediation aspect which tells you when things change, and what you need to do.
And then the second thing is how do you keep in touch, as in intimately keep in touch with multiple relationships and stakeholders in the customers you have? How do you cross sell and upsell more products and services? How do you keep that customer happy and keep them for a lifetime?
Artesian:DueDil tech keeps a watchful eye on every break in development, and then tells you what you need to know when you need to know it, who you need to call, what you need to say, and when you need to contact them.
Future plans for Artesian:DueDil
They’re looking to develop applications for the data that will change the business dynamic, transform the business dynamic and drive a better outcome for the customer. It is not about the data, it is about what you do with the data to change the outcome. And in Artesian:DueDil’s instance, it’s about finding customers, onboarding them quickly and keeping them for life.
And it doesn’t matter if you only have one user.
“We can help the smallest business take advantage of all this cool stuff. We literally give you the story behind every business in the UK and Ireland for as little as £99 a month.
Book Recommendations
- Madoff Talks – Jim Campbell
- Bad Blood: Secrets and Lies in a Silicon Valley Startup – John Carreyrou,
- The Four Agreements – Don Miguel Ruiz
- super pumped: the battle for Uber – Mike Isaac
- That Will Never Work – Marc Randolph
- Shoe Dog – Phil Knight
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