Garry is the sales manager of a large insurance company, based in New York. For years, his company followed a set process to assign ranks to prospective customers on the basis of their interest and readiness to buy the company’s products. The company used the ranks to qualify the prospects and eliminate those who are not promising. The process helped Garry’s company meet its sales goals for several years. However, in recent times, the insurer is finding hard to enhance its bottom line and is losing a large chunk of prospects to competitors. Garry is understandably under a lot of pressure.
Garry is not alone. Many traditional sales organizations that use a set of fixed criteria to score leads are facing a similar predicament. Why are these businesses faltering? What does it take to score leads effectively to increase sales? The answer – these companies need to go in for predictive lead scoring methods.
What is predictive lead scoring?
Predictive lead scoring is the latest sales paradigm that utilizes data to rank potential customers. Unlike the more traditional lead scoring methodologies, predictive scoring of prospects has little room for guesswork, enabling you to accurately identify prospective customers who are most likely to purchase.
How can companies use predictive lead scoring?
Companies need to use a robust data analytics system that can process customer and marketing data quickly, in a highly effective manner. One of the most widely used data analytics systems to score leads is Salesforce Sales Cloud Einstein Lead Scoring.
Salesforce Sales Cloud Einstein Lead Scoring is an integral part of Salesforce Sales Cloud Einstein, a suite of powerful Artificial Intelligence (AI) powered data analytics tools that allows sales teams to make sense of vast volumes of data to close deals fast, with minimal effort and expenditure.
Why is Salesforce Einstein the Ideal tool to leverage predictive lead scoring?
Rank leads using predictive analytics techniques with just a few clicks
There are several tools in the market that can be used to score leads using predictive analytics techniques. However, users of these applications require good knowledge of coding to realize their full potential. Many sales professionals lack the ability to code, and this prevents them from making effective use of the tools.
Salesforce Sales Cloud Einstein Lead Scoring helps resolve this problem; the data analytics powerhouse is built with the non-technical salesperson in mind. Users of the application can perform statistical and other analytics operations with just a few clicks. The innovative tool can be used anytime, anywhere, on any connected device, including smartphones. This enables sales personnel to get timely insights, which go a long way in ensuring selling success. More about timeliness of insights in a moment.
Get the right, timely inputs to handle the most promising leads first
It’s well-said a lead that is not pursued at the right time is a lost lead. Sales teams need to determine the leads that are most likely to close, so that they can pursue them without delays. However, identifying the most promising leads is fraught with difficulty, as it involves analyzing multiple aspects and obtaining the results in near real time.
You can overcome this challenge very effectively using Salesforce Sales Cloud Einstein Lead Scoring. The data analytics application helps construct models to determine the right course of action in no time. The models are updated every month to ensure pinpoint accuracy in predictions. Leads are assigned scores every hour; if there is a change to one of your leads, it will be rescored in the coming 60 minutes. No wonder, salespeople can improve win rates considerably.
Identify the likelihood of purchasing and mitigate sales risks
Many salespeople would like to know the likelihood of a prospect turning into a customer, so that they can focus their energies accordingly. However, due to the huge volumes of customer and marketing data, it is often hard to determine the purchasing propensity of all potential customers.
Salesforce Sales Cloud Einstein Lead Scoring can be used to analyze data pertaining to customer attitudes, actions of competitors and the level of prospect engagement in a highly effective manner, to identify unique patterns that help you get a good idea whether a customer is likely to buy. You can also recognize potential deals that are at risk and take appropriate steps to put them back on track. Needless to say, selling efficiencies are enhanced substantially.
Find out which customers need to be nurtured and when
We all know the importance of retaining existing customers – a 5% improvement in customer retention levels can increase profits by as much as 25% to 95%, and one of the key aspects of retaining customers is nurturing them in an effective manner.
You can use Salesforce Sales Cloud Einstein Lead Nurturing to get valuable insights that help you nurture customers with a high degree of efficacy and remain on their radar. The predictive analytical capabilities of the tool help you identify the customers who are likely to leave and help you take corrective measures. You can also get useful information that enables you to come up with the right content to engage your customers well.
Bring sales and marketing teams on one page
It’s well-known proper coordination between sales and marketing departments is critical to achieve business success. However, in many cases, the two departments have different assumptions about a prospect, and this prevents them from working in tandem.
Salesforce Sales Cloud Einstein Lead Nurturing provides the perfect solution to this problem. The analytics application eliminates the need for assumptions by putting forward solid data. This prevents the sales and marketing departments from pointing fingers at each other and enables them to work together and develop result-oriented strategies to turn prospects into customers.
As you can see, Salesforce Sales Cloud Einstein Lead Nurturing helps companies unleash the power of predictive lead scoring and sell very efficiently. At Solunus, we can help you make the best use of Salesforce Sales Cloud Einstein Lead Nurturing to help you identify the right leads, and thereby, achieve your revenue goals.
Hope you liked this post. How do you score leads? We’d love to know.
Solunus, a North-American based Salesforce Partner, prepares businesses for their next-generation customers. Established in 2014, we simplify Salesforce for you to build more meaningful customer relationships. We partner for a win-win arrangement with a clear ROI that the client realizes by the end of the engagement. Our 350+ years of cumulative industry exposure and Salesforce experience underpin our position as the right Salesforce partner. We are a team of Salesforce Certified Professionals, CRM Architects, and certified Agile Scrum Masters with a passion for making a difference.
About the Author:
Raghavendra is a CRM veteran with more than 15 years of rich experience. He has worked on many projects involving end-to-end implementation of Siebel CRM, Salesforce and CPQ – CLM applications. Raghavendra has an excellent understanding of functional and technical aspects across various domains and successfully led CRM technology projects of several well-known companies.