Are you proficient in your lead scoring methods?
Lead scoring is designed to help you differentiate quality leads that are ready to convert from prospective leads who need more nurturing before they’ll be ready to make a purchase. There are two main types of lead scoring methods: traditional lead scoring and predictive lead scoring.
The traditional lead scoring method is what many organizations start with when first introducing lead scoring to their business. Each lead is given a score based on predetermined criteria. This criteria is composed of both explicit and implicit data.
Explicit data focuses on the data the prospect provides (industry,company, service area, title, budget etc.). Implicit data is based on the prospect’s behaviors (web visits, click through rates, repeated visits to the same sales page etc.)
Each criteria is given a numeric value, and the combined numeric value determines the prospects lead score. If the score meets a certain threshold (that sales and marketing both agreed on) then this lead is sent to the sales team for follow-up. If not, it gets placed in the appropriate nurturing campaign (based on their interest) until their lead score increases enough to meet that minimum threshold.
The predictive lead scoring method uses an algorithm to determine lead quality and the likelihood of whether that prospect is prepared to make a purchase.
This algorithm incorporates behavioral and historical data from your CRM along with big data to build the ideal lead profile. The incoming leads are then scored against this ideal lead profile to determine which are most likely to convert, and which need more time.
The main differences between traditional and predictive lead scoring methods is that predictive lead scoring models do not require you to assign values to each criteria but instead utilize large data sets to predict behavior.
Figuring out how to get started and which approach is best for your business can be challenging. But, putting in the time and effort to nail down an effective lead scoring program is well worth your while. According to the 2016 Lead Scoring Survey Report, more than half of respondents experienced improved marketing and sales alignment from scoring, and more than 40% saw improved conversion rates among leads.
The Yetis at Measured Results Marketing can guide you through the lead scoring process everywhere from consultation to implementation. Set up your free consultation today by calling us at (571) 606-3106 or sending us an email.Tags: b2b, lead nurturing, lead scoring