Psychographic Behavioral Analysis
In Enterprise B2B deals, the buyer’s decision cannot always be attributed to logic and rationale. A study by CEB shows that 71% of B2B buyers place Personal Value over Business Value when making a purchase decision – the need to satiate one’s personal goals trumps the need to obtain business benefits. To emerge as a “sales ninja,” one needs to align the right approach to sell with the right pitch for each stakeholder that is targeted. This customization can be done right after the sales executive understands the personality of the buyer and the organization.
This is a key hypothesis that drives product at DRAUP – Empowering sales executives with insights about the buyer and the buyer organization for each stage of the sales lifecycle.
The use of behavioral micro-targeting based on psychographic analysis and data science is catching up in a big way.. Our idea and vision for the DRAUP platform is to utilize the power of Big data, NLP, combined with psychological interpretations to build the personality profile of the buyer and the buyer organization.
It was a great challenge, as well as an untapped opportunity since what DRAUP is capable of accomplishing is something very few companies have attempted till date. It was indeed a great journey to tread the road less traveled.
The first challenge that our team faced was deriving insights from the unstructured big data. There are several elements involved in the interpretation of the data such as understanding the structure, content, sentiment, the words used, etc. Our team worked on this systematically, making sense of the data from multiple public data sources like news posts, executive biographies, executive presentations, public social media integrations, blogs, etc. A major part of our time went in developing a framework that would help us understand the personality-related aspects of the executives.
The focus was to make the personality analysis comprehensive and capture the subtle differences in personality as accurately as possible. The theoretical insights for our framework came from the BIG 5 (openness, conscientiousness, extraversion, agreeableness, and neuroticism) and the MBTI (Myers–Briggs Type Indicator) personality analysis. Our approach was to measure the unique traits of the individuals and we finalized on 26 personality traits.
The second part of the challenge was to extrapolate the psychographic model to the available data for executives from 100K+ companies. This wouldn’t be possible without the help of data scientists. We worked closely with the machine learning team to analyze vast amounts of data, run statistical analysis, and provide outputs that are reliable and accurate. This required the use of tools such as Nltk and gensim.word2vec for identifying personality information from the text. The intent analysis was done based on trigrams using vectorial representation
The final part of the journey is to add value and interpretation to the personality analysis and device strategies that help improve sales productivity. We came up with communication strategy, the tips that help during meeting and presentations, things that can be done to expedite the decision-making process, and the things to avoid or can break the deal with potential executives. All these interpretations were based on the personality analysis of the executives. These personality insights are potent as they can empower sales executives with the valuable understanding of executives before they even meet them. The sales executives can personalize their approach for each executive differently based on DRAUP insights.
This quote by Aristotle perfectly sums up DRAUP’s journey till date: “Excellence is never an accident. It is always the result of high intention, sincere effort, intelligent execution and the vision to see obstacles as opportunities”
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