What is lead scoring?
Lead scoring is the practice of scoring or assigning point values to business prospects. This scoring system is collaboratively developed by the sales and marketing teams. Together, they define what a qualified lead looks like and what core characteristics they share. Based on a variety of prospect behaviors and how they complete forms on the website, the prospect will be assigned a number (typically between 1-100). And once a prospect’s score reaches the number that deems them qualified, they will move from the marketing bucket over to the sales bucket, and a sales rep will follow-up with them directly.
Why is lead scoring important?
Marketing automation tools like lead scoring help business optimize the sales process and stay in sync with the customer journey. When the sales team can focus their time on high quality, hot leads, this will ultimately result in an increase in sales and revenue. When a company reaches out at the right point in time for the customer, this will also help sales and revenue.
Why should my business invest in lead scoring?
Investing in lead scoring can improve marketing and sales alignment, increase the quality of leads, and enable your sales team to be more efficient and effective with their time. When implemented correctly, lead scoring can improve the lead nurturing process and overall customer experience by segmenting the audience based on interest and readiness levels. Providing prospects with the amount and type of information they are interested in based on their score will keep them more engaged, and result in increased revenues.
Why should I track and evaluate my lead scoring program?
A recent DemandGen report states, “regular reviews and updates of scoring programs proved to have a clear impact on the success and effectiveness of scoring programs, with ratings of highly effective climbing to 50% among those organizations reviewing their models…”
Close monitoring is essential to identifying trends, gaining insights on your prospects, and determining where tweaks need to be made. With any new program, it needs to be closely monitored in the beginning, to make sure it is working as you planned. Over time, the process will get easier, and while regularly monitoring will always be necessary, it can likely become a monthly task as opposed to weekly.
Is my business ready for lead scoring?
Investing in marketing automation processes is a big decision, and needs to be done at the correct time. A few signs that indicate you are likely ready to implement lead scoring: marketing is generating a substantial amount of leads for your sales team, your sales team is regularly following up on the current leads they are receiving, and your business has collected the necessary data to get started (demographics and behavior patterns).
If you think your business is ready to jump on the bandwagon, we at Measured Results Marketing can help you with process from start to finish. Email us and let’s begin the conversation about your specific business needs.