Lead Generation using Machine Learning
Lead generation is a marketing term that is used to identify and cultivate potential customers for a business. Whenever a company starts making new customers through various sources, then this process is called lead generation for a particular product or service in a company. Although lead generation can be made through various sources such as Facebook, YouTube, advertisements on TV, etc., nowadays, machine learning is also being used to generate leads for a business.
Besides making intelligent machines or computer software, machine learning is also known to do cool and complex things like targeting the audience automatically for a particular product and service without using many resources. In this topic, "Lead generation using machine learning", we will discuss what exactly lead generation is? And how machine learning is helpful in lead generation. So, let's start with a definition of lead generation.
What is Lead Generation?
Lead generation is defined as the action or process to build a potential customer for a business. It generally consists of the record of the potential customer, such as contact information (email address, phone number & fax) and possibly additional features about the customers like product preferences and demographic data.
Lead generation is a marketing term that requires a significant amount of time, money, and effort to generate potential customers.
Automation using Machine Learning
As machine learning technology can be used to automate the business, which includes automated mail, product recommendation, self-driving cars, chatbots, etc. Similarly, it is also being used to generate leads in businesses, where various ML algorithms are used to run campaigns, suggest products and services, collect information and demographic data of customers automatically.
In simple marketing, we use various sources to approach customers, whereas using machine learning, we should not worry about resources, time, money, and extra efforts.
How do Machine Learning (ML) algorithms help in a Lead generation?
Machine Learning is one of the most popular technologies, which uses various algorithms to solve complex business problems. It is successfully being used in generating leads for businesses. There are a few important steps to successfully generate a lead using ML algorithms as follows:
Methods of Lead generation using Machine Learning
Machine Learning uses various algorithms to analyze the data and generate a new lead in the database. To create that list of lead's data, multiple methods are being used in the industry. After the analysis of a few industrial tools, here are a few ways to provide input to systems that engage or find out the potential leads.
Here are the following matrices that ML algorithms tracks;
Personal virtual assistance or chatbots are one of the best applications of Machine learning technologies today. ML engineers are continuously focusing on developing advanced chatbots for conversation with the customers in business. ML tools are dedicated to tracking entire chat history based on their geographical location, region, occurrence frequency, text strings, etc. Further, if any customer returns again and again or shows more interest, then machine learning algorithms try to ask for contact detail and save them for you to contact later.
There are millions of websites running over the internet, and many of them may have the same technology which your company is targeting. So, if it is the same, then it can solve many issues in your business-like ranking keywords, most queried keywords, etc. In this analysis, machine learning algorithms and tools are also helpful to find out the competitors/similar websites.
Machine learning allows you to identify such visitors and differentiate them from your target audience as those visitors may come for other reasons instead of buying services.
Advantages of Machine Learning in Lead Generation
Machine Learning has played a vital role in lead generation for products and services in businesses. For a few years, companies used various ways to create potential customers, such as filling a form through email or other sources, but now machine learning has solved the classical approach of generating leads by automation. You don't need to call or meet customers individually to get a question answered; they expect to get all the answers from your website.
There are a few important reasons that make machine learning beneficial for lead generation in your business. These are as follows:
Machine Learning is one of the most popular technologies that is used in various industries such as marketing, healthcare, finance, banking, infrastructure, digital marketing, SEO, product recommendation, etc. Based on some research, it is found that adding an AI engine with ML in lead generation strategy can deliver 51% more lead conversions instantly. Machine learning is also useful to automate the lead generation process through various tools across your website, such as adaptive content hubs, self-nurturing landing pages, Personalized Exit-Intent Popups, Human Lead Verification, etc. Hence, we can say lead generation is a complex process when you have a large customer base, but machine learning has solved this process by narrowing down your target list and reducing the efforts needed to convert the customer as well as increase the business revenue.