If your marketing staff and the systems you implemented to draw leads are in place, you’ll likely see between 10 and 1,000s leads weekly. If you’ve got a seasoned sales team, they could be able to contact each lead within just a few hours.
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If you’re like many businesses, your sales team must prioritize contacting prospects who are the “best” prospects as quickly as possible and save those “less probable” prospects for the last. It doesn’t mean prospects can’t be converted, but there’s less likelihood of them being able to be secured as clients.
The time spent wooing the wrong person isn’t just a waste of time. It also can take time away from your salespeople and stop their sales from closing and earning your business more money. What can you do to simplify the process (and make it more profitable) for your staff members?
Predictive Lead Scoring could take the work out of following up with leads. Let’s examine the concept and how it can assist your business in growing.
What is predictive lead scoring?
Before defining the concept of predictive lead scoring, we need to know traditional lead scoring and its limitations.
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Companies have been struggling with the issue of prioritizing the follow-up of leads for years. In most cases, salespeople are left to their individual decisions, using their best judgment to determine who is the first to be contacted.
Salespeople and marketers use information like demographic data (age, marital status, job title, etc.)) to classify potential buyers on their likelihood of purchasing. Customers ranked highly on this scale are first contacted, whereas others are last contacted, or, if time isn’t enough or allowed, they are not even contacted in any way.
The issue with this nebulous method is that this process is subject to interpretation. To arrive at this conclusion, salespeople must depend on “gut sensations” and consider their personal experiences. None of these can be proven to be reliable, which causes high-quality leads to falling out of sight when they try to woo prospects that aren’t likely to purchase.
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Lead predictive scoring, a form of machine learning takes the concept one step further by utilizing predictive modeling algorithms to study the data of past and prospective customers’ data to predict future outcomes.
In other words, it can build an “ideal customer” profile based on past purchasing habits and determine which prospective customers best match this profile. It can eliminate the risk of bias or human error and instead relies on data to determine its predictions.
The Advantages of Predictive Lead Scoring
If your sales and marketing team has been having difficulty finding the top leads and haven’t been able to follow up with all leads that are added to your database, then predictive lead scoring could be just what your business requires. With numerous advantages, it’s similar to hiring an additional department to help acquire new customers.
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The advantages of scoring predictive lead scores that include the following:
Find Harmony Between Marketing and Sales
If there are lots of leads coming in but not many sales closing, the two departments might be at odds with one another. The marketing department isn’t sure why they’re giving out many leads that Sales cannot close. Sales department members believe that the quantity of leads matters more than the quality, and they’re not getting quality leads.
Incorporating predictive lead scoring can assist these two departments in working together to increase the amount of work produced.
Save Time
Automated lead scoring will mean that your sales and marketing teams do not have to spend their time evaluating potential customers. Their time could be better spent generating more leads and focusing on the most qualified leads.
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Remove Human Error
Whatever how skilled (and swift) your employees can be in looking at prospective customers, There will always be bias. There is no way to tackle a problem with skepticism about the past.
However objective they claim to be, their bias will be present in any decision they make. Utilizing a computer algorithm to take these decisions will eliminate any chance of human error or judgment.
Lightning-Fast Results
Although it takes time to set up the system, it will deliver results much quicker than a person should do the job once it is in place. You’ll get high-quality, reliable leads before humans can even drink their morning coffee.
Check for Continuous Improvement
You’ll accumulate more information when you service and close many more clients. The more information you collect, the better your predictive lead scoring will be and the more data points you can utilize.
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Lead scoring with predictive accuracy is waiting to help you improve the efficiency of your sales and marketing teams more effectively.
How do you incorporate predictive lead Scoring into Your Company?
Now that you know the basics of the predictive lead scoring process and how it could revolutionize your company, how can you start?
HubSpot provides predictive lead-scoring software which integrates with your Enterprise CRM. It provides machine learning which analyzes the thousands of points of data from your contacts to pinpoint the most effective prospects.
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The data points come from the analytics (website and email behavior) and firmographic data about the contact’s business and their relation to HubSpot and interactions recorded into the CRM.
To utilize this feature:
- Select the Settings icon on the navigation bar at the top on the left side of the main navigation bar of your HubSpot account.
- From the left sidebar menu, go to CRM > Properties.
- Find the Contact Information property group to find the Probability of closing and the Priority of contact.
Likelihood to Close is a number that represents the chance of a contact becoming an individual customer over 90 days. It relies on standard properties of contact and behaviors to forecast this. If the score or the probability figure is 21, it implies a percentage chance of losing one of the customers in the next 90 days.
Contact Priority uses the Probability to Close scores to separate segments of your most effective and the worst leads.
As you gather more data as you accumulate more data, the system will enhance itself, making better predictions and leading you to the most significant leads. Since the program needs information to perform its task, you won’t start getting the values for Priority of Contact until you’ve accumulated 100 contacts.
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Predictive lead scoring is crucial if you want to see your business expand and your team members grow, leading to success. Imagine what your business could appear in five, ten, or 15 years after your method to find and attract new customers is optimized.
Experimenting with predictive lead scoring now gives your sales and marketing teams an edge.
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