How can sale qualified leads improved with data analysis ? | Coursera Community

How can sale qualified leads improved with data analysis ?

  • 1 April 2021
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Just exploring data analysis, and its relation in the area of sale:  How can sale qualified leads improved with data analysis ?

 


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Hello,

Let us say that you are in consumer sales business. I will just throw up some numbers for illustration. You have a list of 1 million prospects and your ratio of Sales to Opportunities is approx 1%. Hence on approaching 1 million prospects you garner 10k sales. The problem you have is this: it costs to approach every prospect and ideally you would like to approach only those prospects which have a better chance at success.

What Data Science/Data Analytics will do is based on your past data of success and failures, identify which amongst your potential prospects have a better chance at success based on the parameters you define. Parameters can include something like the income of the prospect, age of prospect and any other parameters you would want to legitimately  define.

Now after running your algorithm, the list of prospects is curtailed to 25k prospects out of which you end up making 8k sales (you are likely to lose some opportunities in the process). If this gives you higher net profit, then Data Science has helped you here.

Very loosely, this is called target marketing.

 

Hope this helps..

 

Jayesh

 

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