Is your business ready to implement a lead scoring model? If so, you should definitely come to INBOUND and attend our talk: 23½ Tips to Master Lead Scoring: The Hows, The Whos and The Whatchamacallits where we’ll break it down and share exactly what you need to do, to introduce a successful lead scoring program to your business. In the meantime, let’s review the basics.
The marketing strategy and plans you’ve implemented are working. The leads are steadily coming in. In fact, there are so many leads that the sales team isn’t sure which to focus on first. Not a bad problem to have, right? But, where do you start? First, you have to take a good look at the data you are collecting, and identify any possible gaps.
In order to effectively score leads, you must understand the different types of data:
This is information gathered by monitoring and analyzing the prospects actions or behavior. Examples include: pages of the website they’ve visited, how many times they’ve visited, content they’ve downloaded, engagement levels on social media, # of events attended etc.
This is information that is simply provided by the prospect typically through online forms. Examples include: industry, job title, company size, purchase authority, budget, etc.
This is a combination of both implicit and explicit data that will have a negative impact on a prospect’s lead score. For example, if a lead shares that he is located in territory that you don’t serve or if the budget for the project doesn’t meet your guidelines, or this prospect doesn’t have purchasing authority, these are all criteria that would negatively impact his/her score.
Setting Lead Scoring Thresholds
After identifying all of the different types of data you must assign point values to each criteria and set a minimum threshold score that will indicate when a lead should be sent over to Sales. To determine point values of each criteria, first identify which information and behaviors are most important to your business. The most important criteria will be assigned the highest point values whereas the lesser criteria will be assigned smaller point values. Many businesses start this process by assigning a score of (1-10) for each criteria. But, this is not set in stone and can always be adjusted to accommodate your specific business needs. Additionally, you’ll want to assign negative values (-10-1) to the identified negative criteria. If the overall score for a prospect meets the identified threshold, the lead is then sent to Sales. If it doesn’t, the lead continues to be nurtured until they’ve taken additional action that boosts their score to meet the threshold.
Monitor, Analyze, Request Feedback
No two businesses are exactly the same, which means no two lead scoring models are going to be exactly the same. To build the most effective and efficient lead scoring model you must regularly monitor and analyze the program. Keep a close eye on how many leads are meeting the threshold and request regular feedback from the Sales team as to whether they agree if the leads are in fact qualified leads. If there are discrepancies, make adjustments to the scoring model and again monitor progress and request more feedback. Finding the perfect lead scoring recipe should be a collaborative effort, and one that can take time. But when it all comes together, and it will, productivity goes up and more leads close. And that’s when you can stand proud knowing all the hard work and effort was worth it.
Have questions about the lead scoring process? We want to hear them. Will you be attending INBOUND in November? Haven’t registered yet? Here are two discount codes :
- $200 off all-access passes – use code “200AAMeasuredRESULTS”
- $50 off community passes – use code “50CPMeasuredRESULTS”
We’d love to have you come chat with us at our booth. And if you can’t make it, just give us a call at 571-606-3106 or send an email.
Image courtesy of Stuart Miles at FreeDigitalPhotos.netTags: lead nurturing, lead scoring, marketing automation