Efficient sales process using a custom lead scoring algorithm
Event Creators has been organizing business events for over 40 years. They are experts in planning and executing company events like product launches, team building sessions and multi-day anniversary parties. Getting in touch with the right companies is an essential part of the sales process. We helped Event Creators optimize this by calculating a custom lead score by using internal and external data.
The Dream
The sky is not the limit for Event Creators! Exceeding expectations is the goal for every event they organize. Realizing this unique experience is woven into the entire customer journey. They want to exceed expectations before, during and after the event.
The challenge of Event Creators: how can data help us exceed our customers’ expectations?
The Solution
Imagine that you can both exceed the expectations of your customers (and prospects) and make your sales process more effective. To achieve this, we developed a custom lead scoring algorithm that enables Event Creators to approach customers, leads and prospects at the right time and with the right message. This custom lead score calculates the quality of the opportunity and predicts the right timing to get in touch with the lead. This results in Event Creators spending less time on unnecessary calls and more time on successful outbound sales.
By analyzing all available data, we have been able to form a unique set of segments within the database. On top of that we predicted the profile of the ‘ideal customer’ from a sales perspective. This profile consists of 20+ features that characterize this group.
Using the features from the ‘ideal’ customer we were able to create a custom algorithm to score each customer, lead and prospect. By assigning a score based on the weighted values of each feature we could rank all potential leads in the database to create priorities for sales and marketing.
As a final step, we automated the process by connecting different internal and external data sources to create an ‘all in’ database with potential leads: both existing contact and new contacts. Those leads are now continuously being assigned and updated as high-potential opportunities to the right account manager.
The Result
- Exceed the expectation of customers (and prospects) by having the first contact moment at the right time and with the right message.
- Optimized sales process by having access to a list of high potentials.
- Access to unique insights about customers to optimize customers’ journeys.
- 20% more effective use of time outbound sales.
- 60% quality improvement of prospect list.