AI and ML (machine learning) are playing an important role in various industries, and advancements in AI are changing the way many businesses operate. But many people may not know that AI can be used in lead scoring systems as well. So in this post, we will discuss lead scoring and some of the pros of AI-enhanced lead scoring over traditional methods.
What Is Lead Scoring and How Does It Work?
Lead scoring is used by sales and marketing teams to determine the quality of leads. This typically allocates a point value to “score” your customers based on how they interact with your brand. Benefits include improved marketing campaigns, improved revenue, and saving time.
When a lead visits your website, you can monitor their actions. You can see how they are interacting with your website, what they are clicking on, and how often and how many times they return. Each of those “actions” can be assigned points.
Points then convert into information, letting you know exactly how much each lead knows about your company and product. This information will become either explicit data or implicit data:
- Explicit data is information your users provide, such as their phone number, name, email address, answers to a survey, etc. This data will show you their likeness to purchase and how well they fit into your brand.
- Implicit data is data provided by your system tracking, which is regarding the engagement of your customers with your brand.
Pros And Cons of AI-Enhanced Lead Scoring
AI-enhanced lead scoring saves time and is definitely more accurate than traditional lead scoring. By applying AI, your sales teams don’t have to spend too much time qualifying your leads manually.
An AI system can scour various data points, such as device type, number of clicks, time spent on the web, and social media interactions, in seconds to give you a comprehensive view of each lead. Then, this data is used to create an AI-based score for your leads. The AI system can also update the score as new data is gathered, which ensures the sales team has the newest information.
The AI-enhanced system is constantly improving the scoring process. The more data and information that are gathered, the more the AI system can identify new patterns and refine its predictions.
There aren’t many cons to AI lead scoring, except that AI systems require a huge amount of data to function correctly. So if you don’t have enough data, the AI system can’t make accurate predictions. AI systems are also complex, requiring time and money to set up and manage.
The Bottom Line
Lead scoring is one of the best ways to determine the quality of your leads. By applying AI, your business can score leads more accurately and quickly. Investing in AI-enhanced lead scoring is an investment that will pay off for years to come. Now is the time to start using AI for your lead-scoring system!