A lead is just an inquiry or correspondence with a potential client. Leads and business prospects can also be compared. A lead can also be any contact that a sales team keeps or collects. This implies that the lead may be a potential client or contact.
In the business world, several firms keep track of leads in the hopes that these sales contacts or leads will eventually become clients. From an ERP perspective, a lead can be any information, such as the potential buyer's phone number, email address, or social media account.
Through marketing, live chat, direct mail, advertising, and other marketing initiatives, we are generating an increasing number of leads. With the aid of various activities, such as direct communication, internet communication, or mass media operation, we can close sales deals.
If a contact's traits or purchasing habits more closely resemble those of your target customer groups, we can classify them as a good lead. The individual is more likely to become a client from a lead in these situations.
Every organization in the current business world aims to produce as many leads as possible, or more accurately, as many quality leads that have a higher chance of becoming loyal clients.
Marketing wings now rely increasingly on ERP and CRM solutions for managing and generating leads in the ERP era. ERP makes it simple to incorporate various marketing tools, which might aid in lead creation. Email marketing, SMS marketing, and marketing automation solutions can all be integrated with CRM and ERP marketing and customer relationship management tools. Additionally, to collect as many leads as possible, websites, blogs, live chat, and other services can be integrated. The ERP application can also facilitate the conversion of leads into clients.
What is Lead Scoring?
Finding out how interested they are is the next step after you have a sufficient number of leads. This implies that you might have 100 leads on hand. However, only 50 of them might be interested in your goods, and only 10 of them might actually purchase them. You must determine the level of interest in order to arrange discussions and activities and to utilize leads to their full potential. At this point, lead scoring can help you.
Lead scoring
Lead scoring is the process of determining the degree of interest by employing certain values, particularly those expressed in numerical form. ERP tools that have lately been developed and are on the horizon automate this procedure.
However, we must provide specific features to enable the computer to learn the process well and produce correct results. The characteristics may include the lead's age, occupation, or state. A leader who is a college student, for instance, is less likely to buy child care supplies. The likelihood of a lead over 50 purchasing geriatric support solutions is also higher.
Lead Scoring Attributes
1. Company details
It is also possible to choose the lead's company or organization details as an attribute for lead scoring. It will assist you in determining the industry's size and nature, as well as highlighting those who are unlikely to be your clients.
2. Email success rates
Your emails will undoubtedly be clicked through by those who are interested in doing business with your company. The lead will receive a lower score if the email is left unclicked or if the recipient unsubscribes.
3. Predictive lead scoring
One strategy that has elevated the lead scoring process to a higher degree is predictive lead scoring. This approach will assist you in utilising machine learning techniques and web data to determine the traits of current clients. This will also assist you in comprehending the traits of fresh leads. Additionally, it can assist you in ranking the likely purchasers according to the analysis.
Based on the probability rate, this will assist the sales staff in planning business strategies.
Odoo CRM and Predictive Lead Scoring
Businesses and industries all over the world have been using Odoo 18 CRM, a comprehensive customer relationship management platform. It facilitates predicted lead scoring and aids in the efficient planning of various business processes.
This blog post explains how Odoo CRM creates predictive lead scores to increase the prediction's accuracy with reference to purchasing trends.
In Settings, select Configuration.
Predictive Lead Scoring can be checked here.
There are various fields under predictive lead scoring. State, Country, Phone Quality, Email Quality, Source, and so forth are some of the fields. The predictive lead score already includes these fields, among others. However, if we want, we can add or remove fields.
Odoo uses the stage to determine an opportunity's success rate. But the fields that are added to predictive lead scoring are also crucial. Click on the Update Probabilities button.
Here, the probabilities are calculated based on Phone quality and Email Quality. So click on the Update button. Then, go to create a new lead.
To add a new lead, first enable the Leads option from the Settings.
So click on the Leads menu, then click on the New button to add a new one. The new form shows the Probability there. Here, the probability is 7.92%.
Let's add some details inside the lead like Email and Phone number, etc. The screenshot below shows that the customer details are added, and the Probability is automatically updated as 26.19%.
Then go back to the Settings and update the Probability. Add some more fields to calculate the probability. Here, State, Country, and Tags are added. Then click on the Update button.
Let's add some new fields and delete some of the existing ones. We can take phone quality off the list, for instance. Language will be added to the fields instead. Depending on our preferences, we can add the fields.
So let's create a new lead. Here the probability of the lead is shown as 7.92%.
Then let's add some more details like Address, State, Country, email, Phone number, etc.
Odoo 18's predictive lead scoring improves sales efficiency by giving high-potential leads priority, allowing companies to concentrate on the most promising prospects. This data-driven strategy increases revenue growth by optimizing sales efforts and improving conversion rates.
To read more about What are the Benefits of Lead Mining in Odoo 17 CRM, refer to our blog What are the Benefits of Lead Mining in Odoo 17 CRM.