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Ever wondered how some of your favorite shopping sites already know what you like? Curious how some of your most wanted items pop everywhere while you browse on social media? Well, that is the power of AI, specifically recommendation system. Every now and then I am put to relief by recommendations, they barely let me forget. Moreover, they even suggest better options without getting lost in the pool of items in different categories with different names, quality, brands, a little overwhelming too!
According to a GEM (Global Entrepreneurship Monitor) report, 3 startups are created every second. So, while you were asleep at least 0.8 million startups were created! Or shall we say, 0.8 million leads came up from nowhere?
Even if 0.1% of these were relevant to your business, you still have approximately 860 leads to contact, assuming you sleep 8 hours a day. Leaving the numbers behind, the most important problem that businesses are and have been facing is the lack of ability to differentiate between high and low-quality leads because the speed at which market is growing is rapid.
So, companies started to come up with their own strategies to handle this problem and the one solution that really emerged was the concept of lead scoring.