What is Lead Scoring?
Lead scoring is an approach to rank their candidates/prospects depending on their relevancy to the company. This eventually helps the sales department know the importance of a particular lead. This can save time as well as efforts. Negligence of such practice may waste too much of your efforts put into marketing and sales.
Importance of Lead Scoring
This method helps you be more productive and at your sales with minimum efforts. These scores help your team know where they need to be placed in their sales funnel. Whether a prospect needs to be treated as a potential customer, prospect or a guest visitor, lead scoring tells you!
How does it work?
Whenever a visitor visits our website, their actions are measured. In simple terms, the number of actions is directly proportional to the lead score. An action might be anything from clicking on a link on any of our pages, scrolling through pages, watching videos, etc. If a lead scores high, it becomes a hot prospect – which means follow-up is necessary now!
How does CRM help in Lead Scoring?
CRM is capable of storing data like customer interactions and leads. These action potential data or insights are then used to provide scores to the prospects. CRM solutions measure these actions and crawl of visitors and provide accurate lead scores for the sales-end.
But, how can you leverage Artificial intelligence (AI) for an effective Lead Scoring methodology in CRM?
AI technology had been helping human lives for decades in automating their daily mundane and repetitive tasks. Similarly, industries as well, are getting benefited with the integration. One of the most in-trend integrations of AI at organizations is ‘resume parsing’.
Artificial intelligence along with an HR software helps HR pick out the best CV from 100s. But, today the hot topic is – ‘Integration of AI with CRM for better lead scoring!’
Prospect prediction with AI
CRM software is capable of storing customer’s actions and interactions with the department. We can, therefore, leverage this data for predicting the prospect’s cycle. But, the traditional ways of prediction made by people seems to be out-dating due to failures, as it is purely based on their intuition. Whereas, AI algorithms can effectively predict the outcome of the prospect by studying their actions since 1st day.
How come the prediction be so promising? Let’s read some more below.
Yes. The sales data makes it possible! Customer insights we receive through our sales team generated from a CRM tool is no less than a magical lamp! Artificial intelligence’s algorithm provides you a predicted result of what the prospect would be in the future based on their interests and clicks. Also, previous predictions/ intuitions of sales’ people are taken into consideration for making an effective algorithm for lead scoring.
And, hence the name Machine-learning!
Isn’t it great?
Improved Marketing Efforts
Automatic lead scoring using the CRM software can save a lot of effort from marketing people as well. Due to the automated and effective ranking of leads, salespeople can, therefore, perform better and faster. This brings less pressure on the marketing department of bringing more leads. In short, AI can bring you the best results in minimum efforts. Now, marketing people can focus on developing other effective activities and making the entire process more fruitful and swift.
Never miss a Lead
This is when you leverage your talent in the most righteous way. After you get the estimated scores of your prospect conversion (or leads), you know which one of them is more important. You can pass on that inquiry or prospect’s information to a more experienced or skilled salesperson. Based on the scores, priority could be set easily and allotted to the team members to ensure you don’t lose a lead.
Focus at Right
Right lead scoring helps you save your efforts in lead building and nurturing. The scores define priority for each lead. Now you know which lead you need to invest time on and which not. AI with CRM ensures you do not waste your resources and focus on the right thing. The final outcome is an improved business and out-performing sales.
Improved Employee Morale
AI-based lead scoring tells your employees which leads to nurture the most. In short, it tells you what actually needs to be done and where the actual business is. So, locating and winding a prospect at the earliest helps them finish their goals on time. This boosts their confidence in attending more leads and improves self-esteem.
It sounds practical enough! Isn’t it? AI-based lead nurturing along with the traditional conversion method is like a cherry on the cake. The traditional method of predicting the right prospect would never end, but AI can further improve it. Hence, the sales department level up!
That’s it for the subject. I hope it makes the mark at your business!