Predictive Lead Scoring is a tool that can help your business to optimize its sales processes and generate more revenue. It is a feature offered within the HubSpot Sales Hub that allows sales teams to score leads based on their behaviour and other relevant data points, and prioritize them based on their likelihood to convert. In this article, we’ll explore the benefits of Predictive Lead Scoring and provide a step-by-step guide to set it up, as well as provide an example of how it can be relevant for a company. We’ll also highlight why partnering with Radiant is the perfect fit for businesses that want to grow.
What is Predictive Lead Scoring?
Predictive lead scoring is an advanced approach to lead scoring that uses machine learning algorithms and statistical techniques to predict the likelihood of a lead converting into a customer. Instead of manually assigning scores based on perceived value, predictive lead scoring analyzes historical data and various behavioural and demographic factors to automatically determine the value of a lead.
Key Aspects of Predictive Lead Scoring
- Data-Driven: Predictive lead scoring relies on vast amounts of historical data, including past interactions, conversions, and customer behaviors, to make its predictions.
- Machine Learning: The system uses machine learning to continuously refine its scoring model. As more data becomes available and as leads progress through the sales funnel, the model becomes more accurate.
- Multiple Factors: Predictive models consider a wide range of factors, both demographic (e.g., industry, job title) and behavioral (e.g., website visits, email interactions), to score leads.
- Dynamic: Scores can change in real-time based on new interactions or behaviors, ensuring that sales teams always have the most up-to-date information.
- Objective: By relying on data and algorithms, predictive lead scoring removes human bias, leading to more objective and consistent scores.
Why HubSpot and Predictive Lead Scoring can help you gain more sales?
Predictive Lead Scoring is a feature that helps you identify and focus on the leads most likely to convert. By analysing lead data and behaviour, it gives a more accurate and reliable way to identify the leads that are most likely to become customers. Lastly, this helps you focus your resources on the leads that are most likely to convert, a higher conversion rate and increased revenue.
What are the benefits of Predictive Lead Scoring in correlation to sales?
Here, are some benefits of using Predictive Lead Scoring as part of your sales process. Some of the most significant benefits include:
- Improved lead prioritization: It allows sales teams to prioritize leads based on their likelihood to convert, ensuring that the most promising leads are given the most attention.
- Increased efficiency: By focusing on the leads that are most likely to convert, sales teams can work more efficiently and close deals faster.
- More accurate forecasting: Predictive Lead Scoring provides valuable insights into lead behaviour and conversion patterns, which can be used to create more accurate sales forecasts.
- Better alignment between sales and marketing: Through this sales and marketing teams can work together to create targeted campaigns that focus on the leads that are most likely to convert.
A Step-by-Step Guide to Set it Up
Setting up Predictive Lead Scoring within Hubspot Sales Hub is a straightforward process. Here’s a step-by-step guide to getting started:
- Click on the settings icon in the main navigation bar of your HubSpot account.
- Once there, navigate to the Properties section in the left sidebar menu.
- Locate the property you’re looking for, and click on its name.
- From there, you can add criteria in the Positive or Negative sections. If you want to adjust the score, you can click on the “Add criteria” button. The criteria you set will either add or remove points from the score, depending on which section you add them to.
Finally, to include more conditions in the current criteria, click on “AND”. To apply the score, all criteria in this set must be met by the records.
- Click “Add criteria” again to create a new set of criteria that will lead to a specific score.
- To modify the number of points assigned or deducted when a record meets the criteria, click the “Edit” icon. Enter the new score value and click “Set”.
An example where it’s Relevant for a Company.
Predictive Lead Scoring is relevant for any B2B company that wants to optimize its sales process and increase revenue. For example, a software company that sells a product to businesses may use predictive lead scoring to identify the leads that are most likely to purchase their product. By focusing its sales efforts on these leads, the software company can close more deals and increase revenue.
How Radiant Should Help You
Partnering with Radiant, a HubSpot partner, can help you to get the most out of predictive lead scoring. We have experience from multiple industries and know how to score the different stages. Furthermore, predictive lead scoring is a complex feature, which used the wrong way means you focus on the wrong leads.
If you have any questions regarding this, please don’t hesitate to contact us for assistance.