Behavior Scoring and the Imminent Purchase
Do you know which of your prospects are most likely to convert in the coming days or weeks? Most don't, but that's starting to change.
Infer, a provider of predictive applications, recently released a new behavior scoring solution into general availability which provides those involved in sales and marketing an opportunity to make predictions about which prospects will convert by mining a spectrum of activity data in marketing automation platforms and by using machine learning and predictive analytics to produce more accurate behavior scores.
The problem with traditional lead scoring, according to Infer, is that scores tend to be manually assigned, use additive point values and don't calculate the "specific combination, concentration or recency of a lead’s complete activity trail." Infer’s new solution, however, uses "deep hooks" into marketing automation systems like Marketo and Eloqua to model and exploit snapshots of a prospect’s behavior, predicting which prospects sales and marketing teams should invest their time and effort into and when.
“Infer helps us better prioritize our top sales leads by looking across two dimensions: whether they are a great fit for New Relic software analytics, and whether they’re currently exhibiting buying behavior,” said T. Baxter Denney, director of marketing operations at New Relic. “As more and more companies discover our software analytics products, we use Infer’s dynamic scoring to provide the right contacts to our sales team at the right time. The company’s behavioral models automatically surface deals that will close significantly sooner and more often than our average prospect.”
The solution is currently being used by brands including AdRoll, Chef and New Relic. Infer indicated it has actually generated over 30 million behavior scores for New Relic alone by modeling 47 million activity records.
“We’re taking a truly groundbreaking approach to helping companies capture more revenue opportunity by identifying their best prospects and recommending the exact timeframe to engage with them,” said Vik Singh, co-founder and CEO of Infer. “We’ve overcome major shortcomings in today’s rigidly built marketing automation systems, including their approach of rolling up a broad set of behaviors rather than snapshotting each step in an activity trail. Thanks to our highly scientific techniques, Infer’s models are able to look across all of a prospect’s data to deliver the very best behavior scoring in the marketplace today.”