Is It Possible To Know What Your Customers Want Before They Do?

By eleventy marketing group

Predictive Modeling and Real-Time Lead ScoringImagine the power of knowing what choices your customers or donors are going to make—whether they will respond to an appeal or jump on an upsell. Imagine how much time and money you could save, and how you could increase your revenue and return on investment (ROI).

While no one can predict the future, data gives us the capability to predict the likelihood of behaviors. Using predictive modeling, you can accurately anticipate how individual customers or donors will respond to different marketing offers and messages. And with real-time lead scoring, you can put your predictions into action.

In today’s post, we’ll show you how predictive modeling and real-time lead scoring can help you more intelligently and effectively reach your audience.

Painting a Picture of Your Ideal Customer

With predictive modeling, you can paint a picture of what people who respond to an appeal or react to a message “look like”. Using data collected from customers and campaigns, you can determine the shared attributes of individuals who have responded historically. Each attribute is given different weight based on how much it is determined to influence the likelihood of a positive response. Once you have a clear picture of your desired customer (your model), you can target potential customers and donors who best resemble that model. Essentially, predictive models shine a spotlight on individuals you should target with your marketing.

Predictive modeling is the process of using data to best predict the probability of an outcome.

Here’s an example: With an inbound calling campaign, a predictive model could be used to determine the best message or offer for each individual caller. Using customer demographics, calling history and sales, a model – or multiple models – can be created to determine what individuals are most likely to respond to what offers. When a call comes in to your organization, Automatic Number Identification (ANI) information would be checked against the model. That’s where Real-Time Lead Scoring comes into play.

Real-Time Lead Scoring is the method of instantly assigning points to each prospect. Points are assigned based on specific criteria you set (your model). The higher the score, the more likely they’re the right target prospect for a specific marketing offer.

Here’s an example of Real Time Lead Scoring, where individuals are assigned scores predicting how likely they are to respond:

Lead Score

Calls

Conversion Rate

1

191

26.39%

2

478

22.44%

3

794

22.11%

4

499

15.58%

5

521

15.42%

Instantly Determining the Ideal Offer and Message

Using lead scoring, an organization can score individual inbound callers in real time to drive the following marketing strategies:

(1) Presenting a marketing offer driven by lead score

(2) Incorporating a message driven by score and/or specific demographic data points

Here’s a look at the real-time lead scoring process that takes place for each call received in an inbound calling campaign. Keep in mind, all this happens in a matter of seconds:

Benefits of Predictive Modeling and Lead Scoring

Ultimately, predictive modeling and real-time lead scoring work together to help you better target customers with marketing messages and offers. This leads to improved results – and a better return on investment, since call time is not wasted on callers not predicted to respond favorably to an appeal. As a result, you achieve higher conversion rates at a lower overall cost.

Example of how modeling and scoring increase conversion rate
Before and after results of an actual client telemarketing campaign incorporating predictive modeling and lead scoring:

Initial Benchmarking

w/ Model & Scoring

Total Calls

38,192

87,375

Conversion Rate

21.98%

28.65%

Data Creates More Personal Customer Experiences

By employing predictive models and real-time scoring, you can gain insight into what your customers want before they even know they want it. This will not only produce better results, it will create better customer experiences. Marketing interactions will be more personalized.

Rather than barrage everyone with the same offer regardless of their interests and history, you can deliver an appeal tailored to the individual. Data gives you the power to get to know your customers, and create one-to-one marketing experiences that are mutually beneficial for company and customer alike. And with that power, you have the opportunity to introduce your customers to the future.

Learn more about how eleventy marketing group can help you use data to better reach your customers or donors.