Using intelligence to identify and predict quality leads
The success of any business relies upon one simple variable: leads. These are those prospects that you’re reaching out to in the hopes that they will visit your site, purchase your product, or even venture into your actual store. Good quality leads are vitally important because they generate revenue which is what keeps your business alive and thriving.
One of the most important factors in keeping your business alive and profitable is to identify leads that are likely to turn into revenue. Additionally, you want to avoid spending too much in the identification process so your ROI is at its maximum. A wildly helpful concept when identifying quality leads is using a predictive scoring tool or process.
What lead scoring methodology are you applying in your business?
When identifying leads, your organization is essentially determining those that may be interested in your company or product and hoping to gain their business. This is done through a variety of methods and typically involves trying to decipher where in the buyer’s journey a potential lead is in order to create content and marketing efforts to apply to their specific needs.
Lead scoring takes this one step further and assigns points to contacts based upon their place in the buyer’s journey and their behaviors with regard to your product and business (for instance email opens, newsletter clicks, etc).
While there is a plethora of information available when determining scoring methods, oftentimes, marketers or salespeople have trouble deciphering this information. In fact, this article from Adhere states that only 40% of those using lead generating software find the information useful.
However, predictive lead scoring utilizes a massive amount of other information as well as the application of artificial intelligence to help you categorize and quantify your leads and, thus, make them more applicable to your daily work.
What is so important about being able to make predictions?
Salesforce describes its Einstein artificial intelligence software as using “a combination of data science and machine learning to discover the patterns of lead conversion in your business, and predict which leads to prioritize.”
By utilizing a sophisticated algorithm, the software adds quantifiable data to your prospective leads, providing insight, identifying those which are most likely to be profitable and helps you and your team triage which leads to follow up with first.
Is your CRM providing you with this sort of predictive intelligence?
If your business is already using a CRM system that has AI-based functionality, then you’re definitely in a position to apply it and start identifying and prioritising your most profitable leads.
If not, you may want to consider making the switch so you can have such highly developed lead scoring AI at your fingertips.
Your next step will be getting all of the necessary information placed into the system so that predictive technology can be thoroughly utilized. This article suggests the following to set your company up for a successful experience:
- Input your data
- Add data points
- Apply algorithms to the data
- Send this information into your Lead Scoring software
- Use the results to generate business
Start Implementing Predictive Lead Scoring for Your Business Today
According to statistics gathered by fileboard, 98% of those evaluated for their use of AI for predictive lead scoring stated that it improved sales efficiency and that they would purchase and use predictive lead scoring software again.
In addition to this, 88% agreed that this application of intelligence was valuable to their company. Don’t hesitate to help your company reach its maximum potential through predictive lead scoring.