To drive a business, profit is required. To gain profit, sales are mandatory. To gain better profit, Analytics in sales is inevitable.
Sales job is highly pressurized because of extremely ambitious targets. More often than not the organizations have an apprehension that their sales team won’t hit their target, and are not quickly adapting to the market shifts. There are rosy months when the sales team sails past their goals and there are months when they sink too because of the market dynamics.
Analytics in sales can identify where the team has to concentrate more and improve the profit, and what successes to replicate. But, for a sale to happen at ease with sustainable amount of profit, the first and foremost thing has to be done is scoring the lead.
Lead scoring is a methodology used to rank the obtained lead against a scale that represents whether the following lead will turn into sales in accordance with the projected score. Lead scoring by analytics is one of the very important tasks in sales. A sales rep or sales head can confidently point out a lead and say, that this deal is likely to get closed and can be taken to next level of conversation for conversion of the lead to sale. But the probability of it to get closed can be identified and improved only by the more sophisticated, data science model called predictive lead scoring.
Traditional method of lead scoring perhaps will make the sales team lose their confidence because they will be experiencing a low rate of conversion, or maybe an organization is launching a new product and is evaluating how to create the most effective demand generation program so that the sales team can hit the ground running.
Effective lead scoring analysis can be done by Mapping all current and target customers on two criteria,
- The size of the revenue opportunity they represent and
- The level of difficulty in selling to them
With first being the easiest accounts to sell & last being the hardest. The resulting map should point the sales team to where they should be spending their time, money and efforts with the upper right quadrant their first priority.
Predictive solutions for lead score should be implemented by every B2B companies with sales in order to achieve the following,
- Focus on their highest probability for conversions
- To create stronger conversations
- To utilize time, money and effort in an effective way and
- To properly forecast the pipeline
However the tactual prediction will always depend upon the feature consideration as improper feature consideration might ruin the sales team and cost sales.
