Guessing games have become a thing of the past. In 2014, around 64% of B2B companies were using predictive lead scoring to improve the accuracy of their targeting and sales engagement. In 2020, this method is considered the future of B2B sales. So, what should you do to make sure that your business will succeed, provided that this trend continues to gain momentum? How to use the automated program with predictive lead scoring?
What is predictive lead scoring?
It’s a method of automating the lead validation process by using trackable metrics that rank your existing prospects by their probability of getting converted and/or retained. This approach lets you align your sales objectives with acquisition expenses so that your marketing teams can launch more accurate campaigns and enhance their focus on lead engagement.
What can you foresee with predictive lead scoring?
Of course, this method isn’t entirely based on predictions. It uses data and facts to prepare you for possible challenges and help you find the most effective lead generation methods.
Such a model runs a macro-scale analysis on the sales data you generate once a certain number of buyers have made a purchase. The results of this analysis provide you with a clear vision of patterns demonstrated by your target audience, thus providing you with an idea about your lead groups. This includes the information regarding the groups that are prone to buying and the ones that aren’t likely to convert and more.
Let’s take a closer look at these patterns.
Likelihood to close
Some leads are more receptive to your sales offer than others. It means that a certain lead group will need less time and resources to convert. The Likelihood to close a scoring system uses behavior patterns and contact properties to show you the probability of converting a certain lead into a buyer within a particular period. For example, if your contact is ranked 59 within this predictive lead scoring model, there is a 59% probability of you closing this contact in the next 90 days.
Many modern CRMs already include the Likelihood to close as a filter, letting you work with data easily and organize your sales engagement campaigns freely.
Priority is a score that supplements the Likelihood to close, allowing you to segment your audience and see which group shows the strongest potential. For example, HubSpot CRM allows you to organize your leads by the following priorities: Very High, High, Medium, and Low.
What data does predictive lead scoring analyze?
With all those scores sorted out, one question remains unanswered: What data is needed to predict the probability of closing a certain lead group? How should you make sense of the information at your disposal?
The principles behind this model are based on defining patterns, showcased by your target audience. Those patterns include behavioral information and firmographic information.
Behavioral information: Email interactions, webpage visits
Since you operate online, you must know what makes your prospects click (pun intended on purpose). How do they interact with your emails? How many waves does it take for them to respond? Does your webpage get many daily visits? Such behavioral data is important to figure out the best approach to appointment-setting and improve your lead scoring.
Sources of behavioral data:
- Google Analytics toolkit
- CRM software
To maximize the potential of your behavioral information, you must use every tool at your disposal. If you work with bookings, using a widget or a chatbot would help you harvest information about your prospects’ behavior and use it for further analysis.
Also, don’t forget to work with your SEO and make the most out of your G-suite. Many of these tools can shed light on what’s going on within your target market, so don’t forget to outfit your teams and websites with the right software and start processing data.
Firmographic information: Info about the contact’s company
If you want to build B2B relationships, you must know how your target businesses operate. This is where firmographic data comes in handy.
Examples of firmographic data:
- company size (number of employees, subsidiaries, locations, etc.);
- trends (stable, growing, or declining);
- activity (sales cycle length, annual revenue, salaries, etc.);
- ownership (cooperative, government, public, private).
In order to receive detailed information about companies, you have to do thorough research and validation. Depending on your niche, it can be a lengthy process, so this task can be outsourced to a reliable and qualified team. For example, at Belkins, we assemble teams responsible for gleaning fresh firmographic data from a large variety of sources. While always publicly available, those sources remain unknown to B2B owners, who are merely starting to explore their research tools and methods. So if you’re a beginner, there is no shame in asking for assistance and consulting with experts.
How is predictive lead scoring used for appointment setting?
This model pursues a simple goal — to stop you from wasting your time on the leads that won’t be converted into your customers anytime soon. With this technology, you’ll be able to segment your lead database and coordinate your tasks in a way that will bring you sales success and fewer sales objections. We often mention the “reach the right prospects at the right moment” thing, and predictive lead scoring is all about that. After all, B2B marketing doesn’t mean creeping into your prospects’ life at their most vulnerable period. It means approaching your target audience with a truly relevant offer.
We hope that this post gave you some perspective on predictive lead scoring and its influence on your appointment setting. If you’re curious about further improving your lead generation, you can learn some more information about lead qualification and the best lead generation services for various B2B niches. As always, we’re also available for a chat in case you have specific questions associated with your business and B2B appointment setting.