Gartner Report: Blockchain Is Reinventing Lead Generation
Blockchain for lead generation has reached the Innovation Trigger in Gartner’s 2019 Hype Cycle for CRM Sales Technology. According to Gartner, Inc., the technology offers sales organizations the ability to provide users with the most current and highest-quality leads via the exchange of personal and/or business information based on crowdsourcing data collection methods. In addition, blockchain allows for monetizing data for revenue-generating purposes, while also protecting privacy.
Lead generation is the act of identifying and cultivating potential customers for a business’s products or services. With the transparency provided by blockchain, it’s only logical to notice how it can help generate leads.
“This is the first time blockchain is entering into the sales world and it has the potential to have a transformational impact on how sales organizations typically source leads and contact information,” said Adnan Zijadic, Senior Principal Analyst at Gartner. “Rather than source from unreliable third-party databases, users can instead partake in a network sharing system supported by blockchain infrastructure to source leads and contacts that fits their organization, while selling leads that do not match their ideal customer profile to other companies that may be in the market for such a lead or customer.”
Blockchain for lead generation also provides sales organization with opportunities to lower costs allocated to data intelligence solutions and master data management solutions by removing the “middle man.”
“Despite all its potential benefits, it will take time for organizations to take notice of blockchain for lead generation due to its embryonic stage,” said Mr. Zijadic. “Sales leaders should seize the opportunity to learn more about blockchain’s potential use cases while preparing for an increase in the vendor landscape.”
Other notable technologies in this year’s Hype Cycle include:
. Digital adoption solutions: Digital adoption solutions are a new category of technology used to improve the adoption of multiple tools across the organization. They enable new sellers to onboard more quickly and allow tenured sellers to focus more on selling than the execution of tasks, improving productivity for all.
. Sales engagement platforms: Sales engagement platforms expand sales enablement capabilities by using information about buyer and seller engagement to deliver better sales results. One notable benefit is its ability to measure prospects’ levels of engagement based on how often they download content and interact with sales representatives. When this is combined with coaching capabilities, managers can measure how well their teams are adhering to sales process expectations.
. Conversational engagement analytics for sales: Conversational engagement analytics for sales tools use proprietary artificial intelligence algorithms to analyze audio conversations in order to deliver insights into the quality of interactions with prospects and customers. The technology is relevant to organizations seeking solutions to improve the performance of B2B inside sales representatives where interactions occur primarily by telephone.
This comes as a positive step in the right path for blockchain, especially since last year’s Gartner survey revealed scarcity of Blockchain deployments among businesses.