Predictive Lead Scoring
using R (Part 1/2)
Introduction:
In order to understand, Predictive Lead Scoring, one must
first and foremost be familiar with the term ‘Marketing Automation’, referred
to as ‘the new kid on the block’ by some. In the good old days, Marketing was
synonymous to ‘Advertising’ and ‘Expensive Marketing Campaigns’ or ‘Outbound
marketing’. And the Sales team was left to cold calling leads, which resulted
in very low conversion rates. Then somebody high up there in the marketing
field thought what if we could get the customers to come to us “Inbound
marketing” rather than us reaching out to them, ‘Outbound Marketing’. And ‘Marketing
Automation’ was born.
What is Marketing Automation and Lead Scoring?
According to
Wikipepedia.com “Marketing automation” refers to software platforms and technologies designed for marketing departments and organizations to more
effectively market on multiple channels online (such as email, social media,
websites, etc.) and automate repetitive tasks.
Following info graphic summarizes typical Marketing Automation Tasks and
Platforms.
Marketing automation has a spotlight on the task of
converting leads from the top of the marketing funnel by nurturing them into sales-ready
‘Prospects’, to the point of handshake where the Sales process begins. And Lead
Scoring is a method used to assess the probability of Leads converting into
Prospects. Traditionally sales guys assigned points to actions performed by
Leads e.g. clicking on a web-site link, emailing, etc., in order to come up
with a ‘Lead Score’.
Predictive Lead Scoring takes ‘Lead Scoring’ to the
next dimension, by capitalizing on the huge data deluge (Big Data) generated by
customers/leads and applying Statistical Algorithms to this data as illustrated
in the following info graphic. R is the most popular open source language used
in Predictive Analytics Applications. that Microsoft has reached an agreement to acquire Revolution Analytics. Revolution Analytics is the leading commercial
provider of software and services for R, the world’s most widely used
programming language for statistical computing and predictive analytics.
Thank you for reading this post. In the
next post I shall come up with a case study for Predictive Lead Scoring using
R.
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