6 min read

Hit a home run with HubSpot's Predictive Lead Score

Por Susana Matamoros | Mar 07, 2024

CRM Lead Management HubSpot

6 min read

Hit a home run with HubSpot's Predictive Lead Score

Por Susana Matamoros | Mar 07, 2024

CRM Lead Management HubSpot

Imagine that your company and your collaborators are at the center of a baseball stadium in the middle of a game. The stadium is filled with spectators, but most of them barely pay attention or show low interest in what you have to offer. Now, change the scene: visualize a smaller audience but full of passion, where each individual is completely engaged, cheering on your team enthusiastically and supporting them every step of the way. What do you prefer: having a stadium full of passive fans or a small but passionate audience chanting your name?

Although the number may be smaller, the intensity and commitment of this passionate audience can drive you towards success more effectively. On the other hand, although the stadium may be packed, the lack of passion and commitment from the crowd can make your team feel disconnected and discouraged.

It happens similarly in the world of marketing and sales; it is crucial that the sales team focuses on quality over quantity when it comes to generating leads. Having a large number of leads may seem impressive at first glance, but if most of them have no genuine interest in your product or service, the effort and resources dedicated to converting them into customers may be in vain. In the end, it's like that stadium that seems empty because, even though the number of fans is high, the lack of real interest will hinder conversion and negatively affect results.

One of the biggest mistakes made by marketing departments is allocating a large portion of resources to lead generation, aiming to increase the database but mistakenly believing that the more leads generated, the greater the business opportunity.

According to studies, approximately 79% of leads generated by marketing never become customers. This statistic shows the enormous need to implement effective strategies to differentiate between leads that are simply exploring and those that are ready to move to the next level.

In this context, Predictive Lead Scoring offers the ability to accurately predict which leads are most likely to become customers. But how does it really work? And how can we implement it?

Index

Definition of Predictive Lead Score

Importance of Lead Scoring in marketing

Fundamentals of Predictive Lead Scoring

Implementation of Predictive Lead Score in HubSpot

Definition of Predictive Lead Score

Predictive Lead Score is an advanced lead scoring technique that uses algorithms and predictive analysis to assess the likelihood of a lead converting into a customer. Unlike traditional lead scoring, which is based on predefined rules, Predictive Lead Score harnesses the power of machine learning and artificial intelligence to analyze complex patterns and behaviors.

With the help of Predictive Lead Scoring software, you can optimize and automate the lead qualification process by analyzing each record in your database to identify those with the highest conversion potential. This will provide you with valuable and relevant information to make strategic decisions more effectively.

Importance of Lead Score in marketing

We already saw that quantity over quality is not what will lead you to success. This is where lead scoring comes into play. Just as in a baseball game, where the quality of the audience is crucial to the player's success, in marketing, lead scoring is essential to identify and prioritize high-quality leads.

Just as your pitcher evaluates the capabilities of the batter who will receive the ball, lead scoring helps you carefully evaluate the contact's situation and provides you with the necessary information to assess the potential of each lead and decide how to approach it effectively.

Lead scoring assigns a score to each lead based on their behavior, interaction, and demographic characteristics. This score allows you to classify leads according to their level of interest and likelihood of conversion. In this way, you can focus your efforts on those leads that are most likely to become customers, maximizing your return on investment and optimizing your resources.

In this game, every pitch counts, and every strategic move can make the difference between victory and defeat.

<< How to qualify my opportunities from my sales CRM >>

Fundamentals of Predictive Lead Score

First, we need to understand that there is traditional lead scoring. This is the system known as scoring lead. Basically, it consists of assigning a score to each variable or point of interaction that each lead or user has with the company. Generally, it ranges from 0 to 100, so the closer to 100, the more qualified the lead is.

An example of scoring with explicit data is:

Email:
- If they have a corporate email: 12 points
- If they do not have a corporate email: 5 points

City where the lead or the company they represent is located:
- City where I provide my services or products: 20 points
- Outside my service area: -10 points
Role of purchase:
- Decision-maker: 12 points
- Administrative assistant: 3 points

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What advantages does predictive lead scoring have over traditional lead scoring?

Now that we know the difference between predictive lead scoring and traditional lead scoring, let's see what advantages predictive lead scoring has:

Higher predictive accuracy:
- Traditional Lead Scoring: It is based on predefined rules and assigns scores based on the fulfillment of certain established criteria. This can be effective, but the accuracy may be limited to the quality of the selected rules.
- Predictive Lead Scoring: It uses machine learning algorithms that analyze a wide range of historical data and lead behaviors to more accurately predict the probability of conversion. The ability to adapt and learn continuously improves accuracy as more data accumulates.
Identification of complex patterns:
- Traditional Lead Scoring: It focuses on simple rules and explicit factors to assign scores. It may overlook more complex and subtle patterns in lead behavior.
- Predictive Lead Scoring: It analyzes complex and nonlinear patterns in data. It can identify relationships that could go unnoticed with traditional methods, allowing for a deeper understanding of lead behavior.
Flexibility and adaptability:
- Traditional Lead Scoring: It can quickly become outdated if it does not adjust to changes in customer behavior or marketing strategies.
- Predictive Lead Scoring: It is more adaptable to changes. It can adjust automatically as market trends and behaviors evolve, providing a more updated and relevant view.
Less human bias:
- Traditional Lead Scoring: It heavily relies on human decisions to establish rules and assign scores, which can introduce unintentional biases.
- Predictive Lead Scoring: It minimizes human bias by using objective algorithms and data to predict the conversion probability, leading to a more impartial evaluation.
Continuous improvement over time:
- Traditional Lead Scoring: It can become static and require frequent manual adjustments to remain relevant.
- Predictive Lead Scoring: It continuously improves as more data is collected and automatically adjusts to changes in lead behavior and market conditions.

Implementation of Predictive Lead Score in HubSpot

The effective implementation of Predictive Lead Scoring involves several key elements and consideration of various factors:

1. Quality data

Having a robust and updated database is crucial. This includes demographic data, website browsing behavior, social media interactions, purchase history, and any other relevant customer information. Business win data is essential for training algorithms and improving model accuracy.

2. Marketing Automation and CRM Platform

HubSpot is a leading marketing automation and CRM platform that provides a comprehensive solution for customer management and lead generation. Its advanced functionality allows companies to collect, organize, and analyze data efficiently, which is fundamental for Predictive Lead Scoring success.

With HubSpot, companies can centralize all their customer and lead data in one place, facilitating integration and management of the information needed for Predictive Lead Scoring. The platform also offers advanced segmentation and customization tools, allowing companies to create detailed lead profiles and adapt their marketing strategies effectively.

3. Model training

The model is trained using supervised learning techniques, where historical business win data is used to adjust model parameters and improve predictive capacity. In other words, the model learns from successfully closed deals, identifying common patterns and key characteristics that potential customers had before becoming customers.

Additionally, the model continuously adjusts as more data is collected and new insights are obtained about potential customer behavior. This ensures that the model remains updated and effective in identifying potential customers with a higher likelihood of closing a deal.

4. Automate actions with leads with high closing probabilities

Once the Predictive Lead Scoring model has identified leads with high closing probabilities, it is crucial to implement an automation system to perform specific actions with these leads in a timely and efficient manner. This automation may include sending personalized emails, assigning leads to specific sales representatives, scheduling follow-up calls, or activating targeted marketing campaigns.

The key here is to leverage the information provided by the Lead Scoring model to customize and automate interactions with leads, helping to maximize conversion opportunities and optimize sales and marketing resources.

5. Team training on how to approach high closing probability deals

Detailed information should be provided about the characteristics and behaviors that indicate a high conversion probability, as well as best practices for interacting with these leads effectively.

Training may include informative sessions about the criteria used by the Lead Scoring model to qualify leads, examples of successful cases of high-scoring lead conversions, and specific follow-up and sales closing techniques for this type of leads.

Additionally, it is important to foster open and collaborative communication between sales and marketing teams to share information and feedback on the effectiveness of strategies and tactics used to approach leads with high closing probabilities. This helps to continuously optimize practices and improve results in converting these leads into successful customers.

With all this valuable information in mind, this is the decisive moment to implement effective strategies and achieve your sales goals. Now is the time to make the most of every piece of data, every insight, and every available resource to propel your business results to new levels of success.

With HubSpot as your main tool, you are equipped to face the challenge, but even the best team needs an expert coach to optimize their performance. This is where ICX comes in; as expert consultants, we will be the coach of your baseball team. And with our deep knowledge of the game and our experience in marketing strategies, we will guide you every step of the way, helping you perfect your tactics, optimize your performance, and achieve your goals successfully. With HubSpot as your bat and ICX as your coach, you are ready to connect with your passionate audience and hit a home run in your marketing efforts.