Boost Conversion Rates with Predictive Lead Scoring
If you aren’t familiar with the term, predictive lead scoring refers to the process of using statistical algorithms in conjunction with marketing automation systems to prioritize leads and predict behaviors. In other words, you are using data to predict which leads have the greatest odds of converting. The system will evaluate a lead based on signals and data it gathers about that lead from internal and third-party sources, including social media. It will then compare that lead’s score to that of your ideal customer, and rank prospects accordingly. Predictive scoring can help you identify high-value leads, and then anticipate their reactions to various marketing strategies and communication approaches.
A report released by SiriusDecisions last fall found that 90 percent of marketers currently using predictive lead scoring felt that it provided more value than traditional lead scoring. That same report also showed that while this tactic is new, it is already catching on quickly. The number of B2B companies using predictive lead scoring in 2014 was more than 13 times greater than the amount using it just three years prior.
When compared to traditional lead scoring tactics, predictive scoring is more accurate in its evaluation of prospects. It also is able to take into account a number of buying signals that traditional processes cannot consider. The major benefit of predictive lead scoring is that it allows you to be much more efficient, helping you focus your time on leads with the highest potential and the best odds for a good return on investment. It can keep you from wasting a lot of your valuable time on a bunch of leads that are unlikely to pay off.
As a relatively new technology, predictive lead scoring is still evolving and the capabilities are changing and improving rapidly. So marketers that incorporate this tactic should be prepared to be flexible and adapt to ongoing changes. The upside is that most of these changes are likely to be of a positive nature, expanding the possibilities of what it can do for your business.
It’s also important to keep in mind that predictive lead scoring relies heavily on data compiled by other systems, such as the CRM and marketing automation systems. The results you see from predictive scoring will be greatly impacted by the quality of that data and the efficiency of the systems collecting and managing it.
This is just the latest in a variety of tools you can use for lead generation and nurturing. When you want to maximize your conversion rates, you need one of the top lead generation companies on your side. KEO Marketing can manage your lead generation and nurturing tactics to help you achieve the best conversion rates.