Lead Scoring Software Market Trends

Growth Drivers

• Rising Online Retail Sales - For businesses to become successful and profit-making in the longer run, it is necessary to identify the campaigns and channels that result in high-quality leads. Lead scoring software enables reaching out to qualified leads promptly and helps to convert leads into paying customers. According to estimates, global retail e-commerce sales surpassed over 5 trillion in 2022.
• Increasing the Number of E-mails - The software saves the time and efforts of the sales team by setting data points to indicate a sales-qualified lead, ultimately conferring a final score for each lead which in turn increases the conversion rate of potential lead captured from sources such as emails. For instance, global e-mail subscribers reached over 4 billion in 2022 and are expected to reach around 4 billion by 2026.

• Growing Use of Social Media- The lead scoring software users retrieve lead information from various social media platforms and identify which leads are ready to move to sales. It was found that more than 58 % of the global population used social media, until July 2022.
• Upsurge in the Number of Websites- will escalate the demand for lead scoring software as information on leads is collected through various websites. For instance, it is observed that, per day, approximately 576,000 websites are created around the globe.
• Surging Popularity of Chatbots- Chatbots employ lead-scoring systems to rank leads according to their degree of interest, and qualify leads according to preset standards such as location, budget, or requirements.
• Hyper-personalization and Lead Scoring- complement each other to produce a more sophisticated and successful lead management strategy, and create an environment where leads and businesses can connect more productively.

Challenges

• Concern of Poor Lead Acquisition- Erroneous data is the primary cause of lead scoring problems which will generate inaccurate results if a lead scoring model doesn't change as the clients do, or the data that is being gathered is either too erroneous or contains too many mistakes to be useful. Determining the appropriate scores to assign leads based on their behavior and socio-demographic factors is one of the key issues of lead scoring as they are based on gut feeling, randomness, and sometimes erroneous assumptions.
• Challenges associated with integration may cause incompatibility issues
• Complex privacy and compliance requirements to ensure ethical use of data
• Labor-intensive system