Ruben Rodrigues, Manager at Enlightenment.AI
Miguel Cabrita, co-founder and Data Scientist at Enlightenment.AI
Fabrice Blanc, Head of Group Strategic Alliances at OAKland Group
Sales teams are wasting time, effort and money on leads with low probabilities of success. The big challenge is to identify the relevant leads where to put attention. Data science combined with a good and actual data set can help you better understand that and build effective sales strategies.
Your leads do not have the same probability of becoming a customer. At first, it depends on many aspects such as demographic characteristics, decision-maker background, industry trends, company digitalization level, economic peculiarities, business and sales strategy, etc.
The second point is whether this lead is in a position, at this point in time, to subscribe to your service, solution or product.
Each of these characteristics is a result of the aggregation of many data from several sources. With these data points, you can identify patterns built with the data collected from your previous leads.
What is lead scoring?
Lead scoring is a process of assigning values to rank the potential of your leads. It helps you prioritize each lead based on their level of interest and deal closing probability. Knowing people who are most interested in your products or services gives you the opportunity to focus on them in the first place, saving effort, time, and money.
How to have an efficient lead scoring?
You can focus on your data by analyzing your CRM, ERP, SRM or Website and create your own scoring. But the result can be ineffective and irrelevant on changing times.
For example, during this particular period, we can consider that there is a score before the pandemic and another one after. Your data will never be enough to constitute a good sample. What if you could add to your data set, your peers’ data and performance after COVID-19? It would certainly speed up your adaptation to new market conditions and help your business thrive.
Through a centralized platform, you have the opportunity to integrate your data from any source (CRM, ERP, SRM, website…) combined with external data, such as data from your peers, companies with similar characteristics and lead scoring needs. Monitoring/Observing in real-time how leads are performing in your company as well as in other businesses can enrich your data set and help you contextualize and quickly adapt your business strategy to withstand the competition.
Whatever your industry and the size of your company, today you need to get back to work quickly and focus on your new business… data is your asset, you just need to take advantage of it!