What is lead scoring?
Lead scoring is an objective, data-driven method of ranking the value or revenue potential of one sales lead against that of another by assigning a relative quality score generated by a qualitative analysis or ranking methodology utilizing data from prior sales experience.
The score (or “lead grade”) assigned to a lead typically represents the relative probability of that lead converting via the target action or event (ie; a purchase or other desired action by the consumer).
What general methodologies are typically used in lead scoring?
- Rules-based scoring: applies weighting to a specific but limited set of attributes which are known about the person and can also be associated with prior sales.
- Regression analysis: Simple regression methods append external data to expand the number of attributes, then applies weighting; or more complex multiple regression analysis is applied to correlate that individual’s set of attributes to the targeted conversion event.
- AI-based predictive scoring: uses larger datasets of consumer attributes matched to historical lead data, then utilizes machine-learning to create predictive models that assign a probability value to each consumer in both the converter and non-converter populations. The wholistic personas of those individuals are then compared with the personas of new leads to determine their relative probability to convert.
What is predictive modeling / predictive analytics?
A process that leverages Big Data and statistical analytics to predict future events or outcomes by analyzing patterns that signal the likelihood of those outcomes. LeadScorz employs advanced behavioral analytics to incorporate demographic, psycho-graphic and behavioral attributes to create custom predictive models for each client to predict the buying actions of new prospects.
What is lead grading?
LeadScorz® “Real-time non-linear scale” process of enhancing predictive accuracy of baseline historical models by incorporating real-time conversion data. Our technology identifies natural groupings (aka, grade levels) within the lead populations based on their propensity to convert relative to that of the average quality of more recent leads. This enables sales teams to dynamically identify breakpoints for applying filtering, routing, and prioritization of new leads.
How is artificial intelligence applied to lead scoring?
AI automatically learns from data and improves the accuracy of predictive models over time, without having been explicitly programmed. Inferences are gained from static historical data sets and dynamically adding the most recent lead and sales data, identifying the most promising leads – in real-time.
What does machine learning have to do with lead scoring?
Machine learning is a sub-species of artificial intelligence (AI) focused on giving computing algorithms the ability to automatically learn from data to improve the accuracy of predictive models over time – without having been explicitly programmed to do so. Since your sales data is not a static data-set, the LeadScorz® Grading Engine™ doesn’t rely on only your historical data, but dynamically incorporates your more recent lead and sales data by polling CRM logs in real-time.
What is big data and how is it important to lead scoring?
Large data-sets, structured & unstructured, can be leveraged for customer insights. We augment existing data with consumer lifestyle, behavioral and demographic information from various sources to build more accurate models.
Of course, it is not the volume of data that is matters, but how organizations organize their data and what they do with it that determines its value. The LeadScorz CDP organizes your data for the kinds of customer insights that effective sales teams rely on.
What is data cleansing (standardization / normalization)
The precursor to building an effective lead grading model. It is the process of organizing, formatting, standardizing and refining input from various applications and marketing channels to populate a central repository that supports daily operations. This treatment enables us to easily curate a data-set to build – and refresh – your custom predictive models.
What are lookalike leads and custom audience targeting?
Potential customers identified based on the behavioral or demographic personas correlating to past sales. In other words, they ‘look like’ consumers who are predisposed to buying what you are selling. Generating custom audiences using your predictive models focuses marketing efforts on those consumers most likely to buy your products or services. LeadScorz delivers these audiences to social media, digital display, email and direct mail marketing platforms.
What is behavioral analytics?
Behavioral analytics is using big data to gain insights, understand what consumers do or how they act, and why. They are the foundation of our predictive modeling and how look-alike prospects are identified for targeted marketing.
What is business intelligence?
Business intelligence (BI) simply refers to the process of sifting through the raw sales, marketing, and consumer data that organizations collect, looking for insights that can then be used to improve operations and better understand a given business environment. In other words, using BI helps various stakeholders make faster and more accurate decisions.
What is an API (and why are they important to you)?
An API (Application Programming Interface) is a set of software tools that enable bi-directional sharing of data and support of automated processes across different data repositories or business applications. As an example, the LeadScorz API enables clients to “push” new lead data and appended data into their CRM, marketing automation, call center dialer, or other applications, and to “pull” sales dispositions, event data, etc. back into their LeadScorz instance.
Having a robust API is critical to enabling real-time lead processing, automating data processing across applications, and facilitating ongoing database reconciliation and data integrity.
Why choose LeadScorz?
We are large enough to serve, but small enough to care. We are passionate professionals who care about your business and take the time to understand, with obsessive compulsive precision, what makes your customers buy, so we can help you find more customers.
Our goal is for you to put an extra zero after your current sales numbers!