Lead scoring is a methodology used to prioritize leads to identify those that are sales ready and those that continue to need nurturing. When effectively implemented, marketing automation systems and lead scoring tools have the ability to improve productivity and increase sales. In November, we will be speaking at INBOUND on this exact topic- 23½ Tips to Master Lead Scoring: The Hows, The Whos and The Whatchamacallits, and we’d be honored to have you join us.
If you’re on the fence about incorporating lead scoring into your business model, or you’re just beginning to research the possibilities, this blog provides a snapshot of how lead scoring works.
Lead scoring provides you with a roadmap. Quite simply it prioritizes your leads in a manner that allows your sales team to easily identify which leads they should focus on. This in turn results in more closed-won business. Lead scoring is organization at its best. There is no better way to hone in on those leads that are ready to make a purchase and guide them through the process.
Starting From Scratch
If you’re trying to determine if lead scoring is right for you, the first question to ask is: Is my organization producing enough leads to warrant lead scoring? If the answer to this isn’t a resounding yes, you will want to take a step back and first perfect your lead generation strategy. But, if your sales team is overwhelmed with leads and unable to identify those most likely to convert, then implementing a lead scoring tool could be exactly what you need to do to take your business to the next level.
It’s time for teamwork. Round up the sales and marketing folks and hammer out the details of what makes an MQL (marketing qualified lead). This involves reviewing all criteria, and evaluating what is the most important (to each department) and why. For lead scoring to be effective, everyone needs to be on the same page. Working together from the onset will set the tone for the entire project.
It’s time to assign point values to each piece of criteria. Define what actions and attributes an ideal prospect would have and what that score would be. This will be the minimum score that a lead must possess in order to be pushed to the Sales team for follow-up. Typically each criteria is ranked on a scale from 1-10, but this can be adjusted as the business sees fit. No two lead scoring models will be identical. You simply need to decide what works best for your organization.
Workflows & Rules
Examine current workflows and create new ones where necessary. If a lead is a MQL which Sales Rep does it get sent to, how quickly will they be contacted, what emails should they receive after being sent to sales etc. If the lead did not score high enough to be sent to sales what workflow do they enter into? Setting up the rules is important and will result in improved customer satisfaction leading to more conversions.
Test, Track, Analyze
When implementing any new program it’s critical to test it before going live. Have a group of designated testers review test leads for accuracy and recommend changes. Remember that lead scoring tools will need updates over time. Regularly meet with all users, request feedback, and implement changes. Monitor and track progress through regular reports and analyze the conversion rates.
If your organization is ready to take the leap into the world of lead scoring, we want to talk with you. Give us a call at 571-606-3106, send an email, or come visit our booth # F5 at INBOUND, we’d love talk details about your organization. Hope to see you there!
Image courtesy of Sira Anamwong at FreeDigitalPhotos.netTags: b2b, lead generation, lead scoring, marketing automation, marketing automation tools