Big data against the background of the city of Shanghai (Photo: ShutterStock)
How do you generate leads?
How do you turn them into customers, and is it even worth it?
The people of SEO, social media and the campaigns that will bring traffic to leads will claim that these are holistic processes and answers will only be revealed after trial and error.
Meaning, that the organization will part with respectable sums to learn what is right and profitable for it.
The question arises, does the organization really understand what the right campaigns are for it?
How do you know what is most effective?
How do you keep leads that hesitated and did not become customers?
How can the organization learn about the potential customers beyond the campaign they came from and create relevant groups for marketing and sales needs?
This and more are questions that are not really answered, neither by the campaigners nor by the lead management systems.
Apart from this, the organization also has difficulty connecting the insights of the campaigners with the conclusions that emerge from the lead management systems and loses significant information and knowledge.
How to analyze the profitability of campaigns and leads
For the sake of demonstration, let's assume that the Instagram campaign generated about 100 leads for the organization.
In practice only 10 leads became customers.
In contrast, an identical campaign on Facebook yielded about 4 leads and all of them became customers.
Apparently the Instagram campaign is a resounding success.
In practice, the conclusion is very partial, because we have to examine what the average purchase of the leads is.
Let's say that the ten leads that came from Instagram bought for NIS 100 each, while the four leads that came from Facebook bought for NIS 500 each.
On the face of it, it seems that the leads that came from Facebook are more profitable, aren't they?
No, because the amount of time spent in the sales phase must be examined.
It is possible that the leads they purchased for NIS 2,000 took a lot of time, attention and attention from the sales team, and it is possible that this figure reduces the profitability of the lead.
Even at this point, the examination is not over, the products purchased must be examined, since high income does not necessarily indicate high profitability.
There are many more data that can be learned from these stages: Which of the genders hesitates when purchasing?
In what weather do people buy more, does the weather encourage the purchase of certain products, what are the popular days for purchase, who are the representatives who specialize in one type of lead or another (since this can be learned from the segmentation of the statuses in the sales process).
Based on this data, it is possible to predict the percentage of success in selling to a certain type of lead and when it is a waste of investment.
Why artificial intelligence is not enough
The campaigners or salespeople cannot cross-check the data, analyze, measure and gauge without relying on one or another system, but here too the organization must be careful.
Today's lead management systems are a basis for lead management, at best and nothing else.
Most of them do not incorporate AI (with an emphasis on Machine Learning and Deep Learning), and they provide elementary filters but lack operative insights.
The reason for this lies in the fact that they receive an orphan's hand.
Its source is rarely stated, and in most cases, it emerges into the management system with no data, history or background collected to arrive at it.
Thus, they start collecting data on him again for the purpose of the spot sale.
Experts will argue that an AI system can be added to interface with the lead management system for these insights.
Unfortunately, this attempt will not succeed because the data provided by the management system to the AI systems is limited to begin with and hence no insights can be drawn.
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What awaits us next?
A business desktop recently developed in Israel by the CNWD erPL company and other similar solutions may provide an answer to this complex challenge by organizing the multitude of processes in the organization, ongoing learning from international trends, national data, and various indicators of the organization's activity, monitoring fluctuations, and referring to many factors that accompany the The process in order to point out operative insights and give answers to complex issues that until now have been obscured due to implementation difficulties.
Roni Hersh is a communications consultant and owner of "Hersh Communications and Strategy".
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