Continuing from my previous blog about the Predictive Lead Scoring , let’s take a closer look on the ways to select a predictive lead scoring solution. For those who still don’t know, Predictive lead scoring is an algorithm that makes use of predictive analytics to score leads. To simplify, it examines the big data in your CRM/MAP and the internet to determine which leads are your most likely buyers.
Predictive lead scoring solutions are rapidly gaining traction in the B2B industry and here are a few reasons why you should start using it as well:
- Completely Data Driven
It’s a common knowledge that if you handle more data, you tend to make fewer errors. Assuming that you have not much information about a lead in your CRM; you can dig through the mass repository of information available on the internet and enhance your lead information through predictive lead scoring tools. They are also proficient at identifying patterns and relationships that are not obvious.For example, you might have seen, many of your clients are from a particular region, like San Francisco, and assign scores to leads located there. But, through predictive lead scoring model, you may find that many clients are actually from cities that have a good conveyance system. So the scores should be assigned to any city with a good public conveyance system and not just based on San Francisco. With every new data portion it finds, the algorithm picks up vital facts and improves itself, becoming more and more accurate over a period of time.
- Surges Sales Productivity
Often the leads list that sales team receives is full of junk contacts who are either not interested in buying or do not have any immediate demand for your product. What Predictive lead scoring would do here is help you prioritize the list and put the most sales-ready leads (i.e. your hot prospects) on the top so you can stop wasting time on junk data. The vital thing here is to quickly act on the data because metrics change quickly. It could happen that, a hot prospect may already be evaluating your competitor. Predictive lead scoring takes ‘need’ of a lead into account which means a prospect who needs your solution urgently will have a higher priority than others. This makes the sales process quicker, thus improving the overall sales pipeline.
- Helps Marketers being more Effective
A predictive lead scoring tool gives you a more accurate picture of your ideal buyer. With that picture in mind, you can refine the marketing pitch and change content on your website and newsletters to address the leads’ needs.
It will also help you to find which marketing efforts have worked and which did not work, so you can improve your overall strategy accordingly. Furthermore, predictive lead scoring utilizes data from the efforts of sales and marketing both to upsurge coordination between the teams, thus successfully improving overall productivity and efficiency.
While there are many reasons to use predictive lead scoring, it is suitable only for those businesses with a good number of leads coming in. Predictive lead scoring is all about data, and if you do not have enough of it, the solution will not work for you. So, if you are just starting out, it’s better to follow up on all leads and first build up a strong database. Once you have a steady flow of leads coming in, go for a predictive lead scoring solution that takes you to the next level of lead nurturing. After employing it, you can determine the exact change and improvement it has caused through improved sales and marketing. The proof will be right in front of you in the form of accurate and relevant data.