I took my young son to his first baseball game recently. A major right of passage complete with hot dogs, peanuts, and ice cream. As I sat beside my son teaching him how to keep score, we launched into a conversation about how players are selected to build a team. No, it’s not like getting picked for dodge ball. It’s a lot more complicated than that. As a matter of fact, over the last ten years, most major league teams are using statistical analysis to place a value on major league baseball players. For an entertaining example of this, catch the movie from a few years ago called Money Ball, which stars Brad Pitt. So, what’s that got to do with lead generation? Well, it got me thinking…mining for qualified, quality prospects who are interested in investing or buying a small business isn’t too unlike major league player selection.
Can you predict the way people will behave based on statistical analysis? Yes. One thing we know for sure, big consumer brands use predictive modeling to accelerate the growth of their business. Companies like Proctor & Gamble analyze credit card purchases to help determine who buys what and how much. Grocery store chains do it. All retailers do it. Is it possible to create a database that indicates who is likely to invest or buy a business? Could there be a “Moneyball” algorithm for buying businesses? Yes!
If you have followed my blog, The One-Minute Lead Generator, you know that I enjoy focusing on this subject. And if you have read my book, The 30-Minute Lead Generator, you know that I have an entire chapter that focuses on predictive modeling. (If you haven’t read the book, I’ll send you a free sample chapter. Just click on the link below.)
Let me return now to my original question I asked in this post: Would an algorithm that forecasts the value and performance of a prospect help you in your efforts to accelerate deal flow? You bet it would, and I can show you how. Click on the link below to read more on this subject.