How Can Predictive Analytics Help Sales?
As predictive analytics increases in importance, the need for your sales team to utilize these analytics does as well. But why is predictive analytics so important for sales?
Predictive lead scoring essentially will tell you which leads are qualified and which aren’t. Predictive scoring is a way to utilize predictive analytics to determine what your best-fit leads and accounts are. Scoring allows you to know which of your leads and accounts are most likely to result in a sale.
This type of lead scoring looks at the information all your current customers have in common (i.e. demographics, firmographics, and technographics.) Next, it looks at your leads that didn’t close and what those leads have in common. Once all that information is collected, predictive lead scoring assigns a “score” to all your incoming leads. This score allows you and your team to determine which leads and accounts are best to pursue.
Once you have identified which of your current prospects are most likely to buy, you can establish target accounts. Having target accounts helps make meeting quota easier and more efficient because your team will know which accounts and leads they should be talking to. Having target accounts allows you to be more strategic in your sales and marketing tactics.
Today, many customers are waiting to be engaged by sales reps. This can cause your sales funnel to be shifted and gain even more prospects at the top of your funnel. For example, if you are creating and pushing out a lot of great content, it could be easy to attract a lot of leads. However, how many of these leads are qualified? It’s likely that several companies or individuals will find your content, such as blogs and ebooks, useful but they may not be the best fit for your company.
When you use predictive analytics, you are able to determine the best leads and accounts to target. By doing this you are able to cut down on the number of leads that drop off as you go down the sales funnel.
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