Let me ask you, this is your business using predictive lead scoring to identify
sales leads to help boost your conversions.
If not, then I'm sorry to say that you're
likely missing out on some of your best prospects.
Every one of us gets a sales call, email or text from time to time.
The chances are, though, you'll get less annoyed at a midday sales
call that actually details a product or service that you might actually use.
This is also why lead generation is one of the most crucial parts of a business.
You want to find a particular set
of people that are most likely to engage with and purchase from a brand.
It definitely beats targeting anyone
and everyone just to see what works to meet sales targets.
So if you're like us,
you'll probably be curious to know who your best potential prospects are.
Nobody likes to waste time on a hardtoget prospect while missing valuable
opportunities with their best leads, which is where lead scoring comes in.
Hey guys, it's Kami from neighbourhood
where we help brands find, sell and keep their people.
So what is lead scoring?
Lead scoring is a process that ranks all
prospects of a business on a scale, assigning a score to each based
on the perceived value of what they can bring to a brand.
The score will be a benchmark for the ways, frequency and priority
in which these prospects will be targeted with and engaged with.
Sales and data teams can jump on relevant
information such as demographic traits in order to determine each lead score.
This could also be action data insights
such as search behaviour or website visit frequency.
In a nutshell, any action or characteristic
that indicates a potential to purchase will classify someone as a lead.
An example would be if you've ever gotten a bunch of emails right after filling
in an online form, that's because you're now an important lead to that business.
But why does lead scoring matter?
The importance of lead scoring comes in when you realise that a sales team
could receive anywhere between ten to thousands of leads every day.
A little like Mission Impossible, sales reps have to reach each potential
customer within an optimal time Grace in order to secure their interests.
It could be a day or a week.
However, when leads are flowing
in constantly, not every lead can be targeted within the ideal time frame.
Lead scoring enable a sales team to make better decisions on prioritising those
with higher chances of conversions before low chance prospects.
Think of it like someone pointing
at the haystack where the needle might be in time is of the essence in any business,
and putting hours into the wrong people can drain business resources quickly.
More than that, it takes away valuable
resources that can be put into closing more deals and generating revenue.
You don't want to waste hours calling an ill suited lead while other eco
prospects are being persuaded by a competitor still,
it's worth noting that low priority leads aren't exactly a futile effort.
There may be a less lucrative opportunity here that can be looked at later on.
Like an ultimate life advisor, lead scoring helps provide accurate
evaluations into where the sales team should invest their time and effort.
Predictive lead scoring helps empower
teams with the right insight into where their most crucial opportunities lie.
Though determining lead scores isn't just
about measuring anything you know about your prospects.
Traditionally,
lead scoring takes on a more one dimensional approach where marketers rank
leads based on predetermined set of actions that display customer intent.
For instance, a prospect who emails
the company about an inquiry will receive a high score based on engagement as
compared to someone who just drops in on the website.
But here's the thing. Despite companies relying on this
methodology for years, there are certain limitations to traditional lead scoring.
News flash, sales teams don't usually run a tight ship.
However, leaving lead follow up
to intuition and subjectiveness isn't the best approach for accuracy either.
Perhaps this is from a salesperson's past experiences or pure instinct.
Put simply, processes that don't follow a standard procedure run the risk
of missing out on a quality potential customer due to misjudgment and biases.
Okay, so what is predictive lead scoring?
Predictive lead scoring is the process
of using historical and activity data to identify businesses best leads.
Predictive modelling algorithms study
the relevant information from past and current prospects and customers
to generate predictions about possible outcomes.
Here, you're able to better identify buyer profiles and ideal customer types
and track these traits in their prospects to determine the best fit.
Much like a modern day I robot movie,
predictive lead scoring works off of machine learning and analytical
capabilities, meaning it's a methodology that's free from human error or bias,
so you're more likely to end up with qualified leads.
We've got some benefits of predictive lead
scoring here to see if it's your cup of tea.
Firstly, it saves time and costs.
A lead scoring model can be a time consuming operation since it involves
crunching the numbers and evaluating leads as individuals.
Luckily, if you're tired of clocking
in overtime hours, automating the lead scoring process will
expedite the time it takes to analyse the quality of each lead.
This frees up more time for you to spend
on courting your best lead and getting them to love you back.
Additionally, lead scoring software has the ability to analyse large blocks
of data, creating a cost effective and scalable solution to lead management.
You can also get results quickly.
In today's world, 1.1 trillion megabytes of data is created every day.
That's an insane amount of information for companies to look at.
The predictive lead scoring algorithm is able to generate results almost
immediately, enabling sales representatives to conduct
lead follow ups before consumer shifts, pushing leads to sales.
Next is that you can get comprehensive results.
Predictive lead scoring systems are driven
by data which they pull from multiple sources.
We're not just talking about internal data, but information from external
sources such as third party research and the web, meaning more comprehensive
by profile based on demographics and Behavioural traits.
As recently touched on,
predictive lead scoring removes guesswork and human error.
It's hard to admit, but as amazing as your
sales and marketing teams are, they're still human.
What this means is that each individual
has their own experiences, biases and preferences pulled together.
These are the things that can shape their unique definition of a quality lead.
When perspectives differ across the board,
it runs the risk of diverse opinions and inaccurate scores.
Plus, given the amount of leads and data
a company receives each day, there are bound to be a few profiles
that slip between the cracks due to human error.
To tie this point up neatly,
predictive lead scoring is a data driven methodology that removes the heavy
reliance on guesswork and judgement for more accurate predictions.
This leaves more space for information
driven decisions, making your sales effort well worth it.
Next is what neighbourhood like to call
marketing aligning sales and marketing teams.
What happens when marketing teams are passing on endless lists of leads and not
seeing positive conversion rate from sales?
Or maybe the sales Department keeps
getting leads that just don't seem to be prospect material at all?
It can be taxing on organisational harmony and business objectives when two
departments aren't seeing their expected results.
Predictive lead scoring enables sales and marketing functions to have
a standardised definition of what a quality lead is.
Creating the sales and marketing alignment between the two will empower teams to work
better together and ultimately boost productivity.
Finally, and pretty importantly, you'll foster continual growth.
There's no doubt that technology is advancing every day and with that,
predictive lead scoring technologies are just going to get better in functionality
and accuracy as artificial intelligence improves.
Even internally, organisations are getting
more and more useful data in their knowledge base.
So as time goes by, you can expect to see more efficient usage of predictive lead
scoring in your business to produce stellar results.
If you enjoyed this video, be sure to subscribe and leave a like
and if you're on YouTube, make sure you hit that Bell so you can
stay up to date on all of our Ads videos delivered every week to your inbox.
All righty, so now there's a question
of how you incorporate predictive lead scoring into your business.
Beyond the technology, it's crucial for organisations to ensure
that their culture and employees are aligned with this new change.
It's worth taking some time to explain,
discuss and brief teams on predictive lead scoring, allowing them to understand
the advantages and limitations of the new system.
Then it's time to pick a software with the right capabilities.
Of course, this depends on your
organisations digital literacy skills and needs.
Our go to Is HubSpot,
yet there are a tonne of predictive lead Scoring platforms that are fuss free
to install with a user friendly interface and a multitude of features.
The best part about predictive lead
scoring is learning that business success doesn't have to be complicated.
Yes, we know it takes a bit of time to set up and pick the right tools but after
that your business tools do all the work for you.
So there you have it.
If you found this video helpful, feel free to share it with someone who you
know needs a hand with introducing or optimising their lead scoring.
You can also subscribe to our blog where
you'll find a bunch more tools, tips and templates to help you find
sellers and keep your people just like neighbourhood does.
So that's it for me happy marketing.