In part three of our series on enhancing SugarCRM using add-ons, we’re discussing how using SugarPredict offers deeper insight on the data you are currently storing within your CRM. This add-on helps sales and marketing teams define their goals and create more accurate predictions about leads and opportunities.
Check out parts one and two of this series, too! In part one we highlight Sugar’s Customer Journey add-on and how it supports better business processes. Part two explains the uses of Sugar Hint, a relationship intelligence tool that helps teams fill in the gaps on their customer and prospect data.
What is SugarPredict?
SugarPredict is a predictive analytics tool that uses artificial intelligence and machine learning to provide insight on your leads and opportunities. Believe it or not, SugarPredict is a free add-on that can be used within your Leads and Opportunities modules, however there are some data requirements in order for this add-on to work properly within your instance.
For starters, SugarPredict is only compatible with versions 11.0 and higher and requires a Sugar Sell license. SugarPredict combines the current data found within your Sugar instance with AI driven models to predict the likelihood of leads and opportunities converting into sales. It displays these predictions in badges, on scoring dashlets, and in list views for access to the insights at a glance.
Because SugarPredict drives performance by continuously analyzing your customer data, Sugar users who’d like to adopt the tool are evaluated by SugarCRM first to confirm their CRM has sufficient data to utilize the add-on effectively.
How Does SugarPredict Work?
There are many determining factors that go into SugarPredict’s prediction analysis. Some of the most common factors include:
- Size of company
- Geographic location
- Time it took to convert or close
- Overall performance
Although these are not the only factors SugarPredict is relying on to calculate the potential conversion of your leads and opportunities, they are standard data points you should be collecting on your leads and opportunities as a whole.
SugarPredict also does sentiment analysis by reviewing the transcripts from SugarLive call records and assigning them a positive, neutral, or negative rating based on the tone detected in the conversation. Agent and customer sentiments are analyzed and receive separate values. The results are displayed via SugarPredict icons throughout your Sugar instance, again making it easy to quickly identify information at a glance. The Sentiment Analysis feature must be set up in conjunction with SugarLive and requires Sugar version 11.1 or higher and a Sugar Sell license also.
How Can I Increase My Lead Conversion Using SugarPredict?
Within your Lead’s module, your SugarPredict add-on will calculate the likelihood of the lead to convert into a contact or account. There are different ways SugarPredict can be accessed for these purposes:
List View: List view provides temperature badges that will identify predictions in more likely or less likely terms. As you can see, these temperature badges are color coded, making it easy for you to determine a ‘Good Lead’ vs. a ‘Bad Lead’.
Dashlet: You can also add SugarPredict to the Leads record dashlet within your Leads view. This will help you identify a more in-depth description of why SugarPredict predicted those results. For instance, SugarPredict will evaluate your current lead with other leads that converted within your CRM so you can compare similarities with accounts that have converted successfully.
Lead Prediction Details: These details provide an overview of the lead prediction and driving considerations when scoring that specific lead.
Utilizing the prediction details can not only provide your sales team with a more accurate prediction, but it can benefit your marketing team as well. This helps your marketing reps identify who to exactly to market to, helping you increase your ROI.
Using SugarPredict to Enhance Your Opportunities Module
When you’re utilizing the SugarPredict add-on within your Opportunities module, the AI tool is calculating the likelihood the opportunity will convert into a closed won deal. Think of how much time your sales team is spending on trying to close an opportunity? Are they focusing on the right opportunities?
With SugarPredict, your insights are determined by previously closed opportunities. What factors are driving your closed Deals?
Just like the Lead’s module, the SugarPredict add-on in Opportunities can be viewed in similar ways:
List view: Within the list view, your Opportunities are shown through color-coded temperature badges that help you easily identify how strong your opportunities are. This will allow you to directly focus on the right deals, and hep your sales team cut time spent on wrong deals.
Using the Prediction Details dashlet, your reps can know exactly which factors are driving SugarPredict’s decisions.
This can help provide your sales team with a more accurate prediction when it comes to their forecasting, along with helping your marketing team pinpoint more marketing opportunities. All-in-all the SugarPredict add-on will give your reps and managers more insight on what type of opportunities they should focus on versus dismiss, helping you make more efficient business decisions.
That’s a wrap! We have concluded our three-part series and discussed three different Sugar add-ons that can be beneficial to you. To learn more about how these Sugar Add-ons can benefit you, contact the experts at TAI!