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Problem Statement

An education company wants to improve its lead conversion rate of around 30% by identifying 'hot leads' or the most promising leads that are likely to convert. The company has data on leads and needs a model to assign a lead score to predict the likelihood of conversion, with a target rate of around 80%.

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NehaKarunya
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25 views

Problem Statement

An education company wants to improve its lead conversion rate of around 30% by identifying 'hot leads' or the most promising leads that are likely to convert. The company has data on leads and needs a model to assign a lead score to predict the likelihood of conversion, with a target rate of around 80%.

Uploaded by

NehaKarunya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Problem Statement

An education company named X Education sells online courses to industry professionals. On


any given day, many professionals who are interested in the courses land on their website and
browse for courses. 

The company markets its courses on several websites and search engines like Google. Once
these people land on the website, they might browse the courses or fill up a form for the course
or watch some videos. When these people fill up a form providing their email address or phone
number, they are classified to be a lead. Moreover, the company also gets leads through past
referrals. Once these leads are acquired, employees from the sales team start making calls,
writing emails, etc. Through this process, some of the leads get converted while most do not.
The typical lead conversion rate at X education is around 30%. 

Now, although X Education gets a lot of leads, its lead conversion rate is very poor. For
example, if, say, they acquire 100 leads in a day, only about 30 of them are converted. To make
this process more efficient, the company wishes to identify the most potential leads, also known
as ‘Hot Leads’. If they successfully identify this set of leads, the lead conversion rate should go
up as the sales team will now be focusing more on communicating with the potential leads
rather than making calls to everyone. A typical lead conversion process can be represented
using the following funnel:
As you can see, there are a lot of leads generated in the initial stage (top) but only a few of them
come out as paying customers from the bottom. In the middle stage, you need to nurture the
potential leads well (i.e. educating the leads about the product, constantly communicating etc. )
in order to get a higher lead conversion.

X Education has appointed you to help them select the most promising leads, i.e. the leads that
are most likely to convert into paying customers. The company requires you to build a model
wherein you need to assign a lead score to each of the leads such that the customers with
higher lead score have a higher conversion chance and the customers with lower lead score
have a lower conversion chance. The CEO, in particular, has given a ballpark of the target lead
conversion rate to be around 80%.

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