Redmond-based Versium this week announced the launch of LifeData Predictive Lead Score Service, a self-service product that uses machine learning to assist marketers with lead generation, thereby reducing marketing inefficiencies and increasing conversion rates.
LifeData consists of more than 1 trillion data points, made up of both online and offline data such as location, demographics, socioeconomics, online behavioral data, real-time event-based data, and purchase interests, LifeData is entered into a modeling program and each person receives a predictive score on Versium’s Datafinder platform based on their likelihood to convert.
“When you do predictive modeling and machine learning, it’s really all about the data,” said CEO Chris Matty. “By modeling some of this in connection with (marketing), it can give a really good picture of the best products this person is going to embrace and like. The consumer gets more relevant and interesting offers, and the business is benefited by getting their products and solutions in front of the consumers most interested in those solutions.”
Lead generation is not new, but predictive marketing is becoming somewhat of a buzzword, according to Matty. Traditional lead scores are focused on a rules-based approach, but also rely on human intuition, which leaves room for unconscious biases. By using a computer algorithm to sort data and issue potential leads, marketers are left with a more complete, actionable list of potential leads in less time and with less legwork.
“Organizations are drowning in data while starving for actionable data intelligence. Our Predictive Lead Score service addresses this pain by delivering highly accurate predictive intelligence automatically, much faster and at a fraction of the cost of alternative solutions,” Matty said. “Most importantly, customers using our Predictive Lead Score are seeing increased conversion rates as high as 900 percent.”
Matty said Versium has been “heads down” assembling data and building tools since it was founded in 2012. Now that the product is in the market, the company is beginning to hear feedback from clients. Matty said he’s been pleased with the progress.
“We’re really starting to see the business grow very significantly. We’re in high-growth mode, and looking to ramp up sales and marketing activities,” Matty said.