Socedo has managed to raise its seed funding tally to $2.5 million since inception in 2012
Socedo, an “intent data” provider for B2B businesses, has announced that it has raised $1 Million from Angel Investors, Divergent Ventures, Vulcan Capital and Techstars Ventures. The social media marketing technology provider intends to use the funding to grow its demand generation platform, with an enhanced focus on developing social web technologies for targeted audiences in the B2B ecosystem. With this, Socedo has managed to raise its seed funding to $2.5 million since its inception in 2012.
Socedo’s Intent Data Provisioning
Socedo provides behavioral data from the social web to help B2B marketers improve all types of marketing activities and get more leads to their sales team.
Socedo’s ambitious technology innovation capabilities in 2017 will depend on its effectiveness to know B2B market from a close quarter. In 2016, the Seattle-based intent data provider registered significant growth in its revenue, growing 3X compared to the previous year. It also managed to extend its clientele across the Silicon Valley, forging partnerships and integrations with Microsoft and Google.
Socedo grew out from Microsoft Windows Azure Accelerator program, becoming the first social lead discovery and marketing automation system built specifically for B2B demand generation marketers. It not maintains its unique position in the martech ecosystem but also provides a bridge between marketing automation and social media analytics.
As Aseem Badshah, CEO at Socedo, puts it —
“Socedo essentially fills the gap between social media management tools like HootSuite or Sprinklr and Marketing Automation platforms like Marketo or HubSpot to automate social demand generation at scale.”
In a testimonial, Matt Heinz, President of Heinz Marketing, attributes Socedo for his Twitter success. “I’m paying less per lead and per Twitter follow than I can through most of our other paid marketing channels, or even from Twitter itself.”
B2B marketers are slowly getting accustomed to making social media analytics a key metric to measure brand engagements. As they look to grow their presence on social media channels like Facebook Twitter and others, there is still a sizeable gap in connecting marketing efforts with the sales funnel.
Socedo is likely to grow its product offerings in following categories of martech –
Socedo has announced an enhancement — Keyword Suggestion system, providing B2B marketers with better insights on their targeted audience. The new automated keyword suggestions tool uses predictive intelligence to identify social signals, targeting leads that are mostly likely to convert. This tool will target audiences based on their profiles, followers, events and their location.
Marketers can identify their target audiences based on keywords – such as job descriptions found in people’s Twitter profiles, conversational keywords found in people’s Tweets, event hashtags and location.
Data Source identification
Socedo will add new data sources from the broader web, providing marketers with refined behavioral data on their targeted audiences. In 2017, Socedo will continue to invest in data extraction technologies to help marketers churn out of their marketing data.
Lead Acceleration solutions
Socedo will also focus its resources on building new marketing solutions for B2B marketers, helping them convert more of their leads at a faster pace.
Socedo already has integrations with Marketo, Oracle Eloqua, Pardot, HubSpot and Salesforce CRM. The funding will help the “intent data” provider to enhance its market visibility by adding new integrations with key players in the marketing technology system beyond the marketing automation vendors.
The aim will be to add the power of intent data from social media into existing marketing automation dashboards.
Badshah adds, “Instead of looking at social media in a silo, or just a top-of-the-funnel channel, B2B marketers are now starting to use social insights to move leads through their pipeline. By integrating behavioral social data into their marketing automation system, they are able to gain significant efficiencies from their existing marketing programs and deliver more qualified leads to their sales teams.”
Though it hasn’t been announced officially, Socedo may also increase the bandwidth of Socedo University, coach marketing and sales professionals sell and convert social leads with unprecedented optimization rate in technology investment.