Optimize Sales Funnel and Increase Revenue with Machine Learning in Python

Predictive Lead Scoring Workflow — Image by Author

Introduction

Leads are the engine that power many enterprises in today’s world. Because there are so many subscription-based business models, especially in the start-up sector, it is important for a company to be able to turn leads into paying customers. To put it another way, a “lead” is a possible consumer who is interested in purchasing your product or service.

Normally, when you acquire a lead, either through a third-party service or by running a marketing campaign yourself, it typically includes information like:

• Name and contact details of the lead
• Lead attributes (demographic, social, customer preferences)
• Source of origin (Facebook Ad, Website landing page, third party, etc.)
• Time spent on the website, number of clicks, etc.
• Referral details, etc.

Lead Management Process at a glance — Image by Author

The marketing and sales teams invest a large amount of time, money, and effort into lead management, which is a notion that we will take to encompass the three major phases of lead creation, qualifying, and…