B2B has always been a tough arena for marketers. And with every passing day, they constantly ponder on a single question - How to separate qualified leads from the unqualified ones? Indeed, there is no doubt that their aim is to find an automated solution that could significantly save their time, as well as efforts. Perhaps the answer to the question already exists - Predictive Lead Scoring.
What is Predictive Lead Scoring and why implement it?
Let’s keep it simple. The reason why organizations – like yours – are inclining towards Predictive Lead Scoring is that it can perform tasks humans simply cannot. Basically, it is a platform/tool that uses AI and Machine Learning to analyze large volumes of data (on prospects), find and identify patterns in them, and predict future outcomes that go far beyond an average professional’s marketing prowess.
All those insights can help organizations determine which customers they are about to lose, who might enter into the funnel, and who are more likely to make a purchase decision. Oftentimes, it could even suggest the minimum discount they need to retain a lost customer.
Now that you have a fair idea about what predictive lead scoring is, let’s dive deep into this. Below mentioned are few ways to leverage the technology and watch your business grow over time.
Identifying and Nurturing High-Value Targets
It’s an undeniable fact that gathering and nurturing unqualified leads is a waste of time. Predictive lead nurturing tools include an advanced feature, known as profiling, that can score and sort all your prospects by comparing them with your current customers. In this way, you will be able to narrow down your marketing funnel – with high-value targets – before forwarding the list to the sales team. Not only does this save time, but it can also bring you valuable prospects who are most likely to make the final buying decision.
Bringing Sales and Marketing Teams Together
It’s true that sales and marketing teams are known to be the supporting pillars of any organization. However, it is also true that there is a lack of collaboration between the two, which can be a major setback for small and budding organizations. Thanks to predictive analytics tools. Today, sales teams are automatically notified about which customers are receiving their campaigns; while the marketing teams are able to re-arrange those customers based on the predictive scoring process.
Identifying New Markets
Previously, it was nearly impossible to gain insights on the market performance—in which market is your business is likely to grow. Business leaders spent several hours in deep research to know about the various market trends and to determine if their company would fit in a new market. Not anymore, predictive tools have indeed managed to flip the situation for good. They help companies keep an eye on the market, and their potential customers well in advance.
According to Gartner, with high volumes of leads from inbound channels and events, predictive lead scoring has now become a must-have for B2B marketing leaders. Predictive tools can truly be a game-changer for businesses. However, all attempts to leverage its productivity will go in vain if your CRM data is inaccurate. So, it is crucial to rectify your CRM data before you even think about implementing a predictive technology.
Originally published , updated April 09 2018