Predictive lead scoring helps you detect which of your users are ready to buy and which are not. This is considered the Holy Grail of Marketing, advertising only to those who want to purchase, and now it can be done thanks to technological advances.
1. What is Predictive Lead Scoring?
Predictive Lead Scoring is a technology-based system that is designed to analyze a series of data in order to predict an action.
Therefore, a Predictive Lead Scoring system is a system that predicts whether a lead or contact will end up hiring or buying our service or product respectively.
2. What is Machine Learning Based Lead Scoring?
There are two models of Lead Scoring:
1. Basic Lead Scoring:
It is the one in which we assign the user with points each time a milestone is achieved. For example, let’s imagine that we are a Real Estate Company and we want to predict whether the contacts that come to us through the website are near or far from wanting to purchase. To know the gap between the user and the purchase, we use a Lead Scoring system. A system from 0 to 100, the closer the marker is to 100, the closer the user is to making a purchase.
Thanks to our experience we know that the users who consult more pages of our web, are those who normally buy from us. Therefore, in our Lead Scoring Manual system, we will give a value of 1 each time a user makes a query to a page of our website. Therefore, the more pages viewed, the higher the score.
In addition, we know that users who have visited the specific “About Us” page, in most cases, are the ones who make purchases. Therefore, we will give a value of 5, every time a user visits this page.
Another value that we could nurture in our system of Lead Scoring Manual, would be if the user gives us his phone and cell phone, +5, if it is located in Malaga and Mallorca +10, and so on…
Therefore, when a user contacts us, we can feed his score and give him a value. With that value, our salesmen will know which lead to “contact” first.
However, this system is obsolete, it is still better than nothing, but it fails a lot.
2. Machine Learning Based Lead Scoring
It is currently the most sophisticated system. The system is fed with thousands of data, hundreds of variables, as well as agreed variables to predict the user’s purchase intention, as well as to give a Score.
Thanks to this Lead Scoring system, we can have a highly prepared and reliable system to predict the purchase intention of the users.
For example, we can predict which 20% of your traffic is generating 80% of your sales.
In the example of the image, the system has detected which 4% of the traffic is generating 60% of the sales.
This system allows the sales team to focus and prioritize the leads they need to contact.
Have you ever asked yourself:
What is the opportunity cost of calling all my leads?
4. Predictive Lead Scoring Use Cases
1. Optimize calls
Manage your sales team’s calls more efficiently. We can prioritize outbound calls to those leads that have a high score vs. those leads that have no score. This way, if your sales team has to make 100 calls a day you know perfectly well that their time is optimized to improve results, ergo commissions.
2. Create Audiences from your best Leads
If the system detects that you have some leads that are ready to purchase, do not hesitate to generate audiences on Google, Facebook, Linkedin… to do remarketing and even be able to generate lookalikes campaigns, generating audiences similar to your best customers or leads.
3. Create an Alert System. Be Responsive.
Being responsive is great, you’re on top of the calls, you’re in control. But why are you going to burn your time, your budget, your morale, your productivity, your brand,… by calling leads that are just browsing, that don’t want to buy.
You can generate a system of alerts, so when your system detects that they want to buy, alert your sales team to make the commercial call.
4. Lead Scoring Vendors
Here is a list of companies that perform lead scoring, in most cases “manual lead scoring”.
1. Adinton Predictive Technologies
We make a machine learning based lead scoring, we analyze hundreds of variables almost in real time and we give the possibility to create audiences in google, facebook, linkedin, criteo and generation of a very powerful alert system.
Sales loves us and Marketing lives better.
2. Hubspot Predictive Lead Scoring
As far as we know, they are based on “basic” lead scoring or as they say on their website, “traditional”.
3. Salesforce Predictive Lead Scoring
4.Marketo Predictive Lead Scoring
It seems that Marketo has integrations with third parties that provide them with predictive lead scoring.
5. Pipedrive Predictive Lead Scoring
Pipedrive itself does not have a lead scoring system, which is why from Adinton we have developed a direct integration with them.