How to Increase Lead Gen Revenue with Predictive Analytics
Both small and large businesses need to refine their lead generation strategies to improve their conversion rates. Generating quality leads but failing to convert them will leave your company struggling to hit its sales objectives.
To attract qualified leads that are likely to purchase, it is crucial to have pertinent data on their demographics and presumed behavior to understand where they are in the sales funnel. You can get this critical data from predictive analytics.
Here’s an overview of how predictive analytics can help you get maximum value from your lead marketing campaigns:
Improve the Average Value of Your Leads through Predictive Analytics
The average website conversion rate varies from industry to industry. However, why settle for average when you can have a better conversion rate and extract more value from your leads with the same marketing effort?
To increase lead conversion rates, you need to check two things:
- The quality of your leads
- The effectiveness of your marketing
Sophisticated predictive analytics tools can help you optimize these two elements for better ROI.
Identify Your Ideal Audience through Predictive Analytics
Making sense of the data generated by consumers as they interact at various phases of your marketing funnel is critical for your business success. Every interaction, be it on social media sites, email, your website, through phone calls and so on, can be aggregative and modeled upon to determine how well your business is doing and what to expect.
Predictive analytics can sort out the data and help you uncover opportunities that may not be obvious to your marketing department. For example, you can gather insights such as common behavioral patterns across particular customers, the response of your demographics towards particular marketing campaigns, rising or falling industry trends, and many more.
The information you derive from analytics data can be modeled to help uncover events such as a seasonal increase in demand for your products and the average dollar spend across customers from particular demographics.
With this information, you can set up your business operations to address expected challenges and derive more value from your leads through data-backed product offerings.
Improve Lead Scoring Models
All leads are not the same; some are easier to convert than others.
Businesses can plug predictive analytics into their lead scoring models to identify various aspects of their marketing funnels that can be tweaked to improve conversion rate and grow revenues.
Predictive analytics tools can help to predict customers’ behavior and identify how specific demographics are more likely to engage with your products. This information can be passed to the sales and marketing teams to be incorporated in the lead generation campaigns to get higher quality leads.
Are you ready to increase the ROI of your lead generation campaigns? Phonexa offers a scalable, all-in-one solution that delivers the insights you need. Reach out and schedule a demo to see how predictive analytics can increase your lead gen revenue.