Fuzzy Match Algorithm: Taking Lead Management to the Next Level
As you already know, lead generation is important for making sure your sales pipeline is constantly filled with potential customers. The issue is that many leads are not ready to immediately make a purchase. Some of these leads will be ready down the road, while others may never be ready to pull the trigger. For those that just need more time, you need a lead management strategy that nurtures leads until they are ready to make a purchase. You need software that digs deep and has the ability to filter through and analyze every piece of data against Customer Relationship Management (CRM) accounts.
What is Fuzzy Match?
The Fuzzy Match algorithm uses cutting-edge AI technology to determine the relationships between different data points, going far beyond a simple string match. It is able to determine even the smallest connection and interpret the relevance against the rules you have defined using the intuitive interface. Marketing and lead generation are constantly changing. For this reason, the Fuzzy Match algorithm is constantly improving behind the scenes to help you stay ahead of the game and to ensure the desired results with a high level of accuracy.
Fuzzy Match Features
Fuzzy Match offers fast, reliable, secure, and customizable features to meet your organization’s needs and goals. Rules and data dictionaries are applied to match company names based on the client’s fault tolerance settings which can be set at:
- Strict match
- Moderate match
- Lenient match
Basic Rules for Fuzzy Match
There are 14 basic rules that are the cornerstone of the Fuzzy Matching algorithm.
- Email and web domain match – Fuzzy Match is able to detect relationships between email domains and web domains that ultimately link to the business. This is even true of companies that have more than one email domain.
- Company name match – This algorithm has the ability to use exact string matching.
- Suffixes – Fuzzy match recognizes that company suffixes are not a distinguishing feature between businesses and therefore understands they are insignificant.
- Geographical Spellings – Geographical abbreviations are recognized as being the same as their spelled out counterparts. For instance, the U.S. is the same as the United States.
- Whitespace – There are instances in which one company name will at times be spelled with a space and other times not. This algorithm is able to ignore the space and realize it is the same company with or without the space.
- Nicknames – Fuzzy Match recognizes popular, shorter names of a company as being the same as that company. For instance, Kentucky Fried Chicken is more popularly known as KFC.
- Names Change – It is not uncommon for company names to change over time due to rebranding efforts. Both old names and the current name are recognized as being the same company.
- Acronyms – As with company names, acronyms are recognized as well. Did you know that AOL used to be called Quantum Computer Services? Fuzzy Match identifies both as being the same company.
- Mergers – Mergers and acquisitions can cause confusion, but this algorithm is robust enough to understand when these occurrences have taken place between companies. For instance, in early 2019, Disney acquired 20th Century Fox. The algorithm is able to recognize and understand that this merger took place.
- Inferred Industry – An inferred industry is assigned to the records during matching such as the healthcare or high tech industry based on words such as “pharma” or “technology” that have a high association with their respective industries.
- Stock Codes – The software is able to identify stock tickers and match against master records for that company.
- Common words – Settings can be adjusted to ignore common words that may be part of the company name, yet not a distinguishing factor such as “group”. For example, John Doe’s Real Estate Group.
- Geographical match – When there are multiple locations of one company, the closest geographical location is the one chosen.
- Special characters – Matches will be detected even when special characters are used versus the whole-word counterpart. It is recognized that @ and “at” have the same meaning and act accordingly.
This smart and intuitive platform even allows for tiebreaker rules to be set when potential duplicates are found. By default, the account with the most leads, contacts, and opportunities is chosen. However, custom tiebreaker rules can be created to fit your company’s needs.
Customized to Fit Your Needs
Lead generation and management are not one-size-fits-all. Fuzzy Match allows you to define rules that work for your business and decide on how strict the rules are. It is important to note that the stricter the rules, the fewer matches you will produce. The future of your company depends on your ability to generate leads and nurture these leads until your company is able to close the deal. Using a reputable vendor will help you reach your goals faster. Contact LeadAngel today and schedule your half-hour consultation session!