Let’s dive into lead scoring and what it is, how to use it. And how to make sure it delivers on its promise of helping your sales reps spend their time on the best prospects. Building a Lead Scoring System.
Lead scoring is an automated process set up in your marketing platform where prospects are assigned a numerical score. Typically from 1 to 100, with 100 being the best and 1 being the worst. Typically, the numbers are applied to various demographic. Behavioral, or intent-based data, and the final score should reflect how likely this specific prospect is to become a new customer.
You can create a simple or complex lead scoring model
For companies new to lead scoring, it’s a good idea to start with a simple calculation and, over time. As you gain more information and see the model in action. You can add more elements to make it more precise.
For example, the goal of lead scoring is to give sales reps a better understanding of which leads are the best, so they spend more time on them than those who aren’t as likely to close.
This means that the scoring model should assign a high value to the characteristics that represent the best customers.
How to Set Up Lead Scoring for a B2B Company
First, you look at the demographic information available. This can include company size, industry, and the role of the person you’re talking to.
Typically, the larger the company, the bigger the opportunity, so the higher the score.
The more closely aligned the prospect’s industry is with the industries in which the company is successful. The higher the score. Similarly, the higher and more aligned the title, the higher the score.
Here’s an example
Prospect 1 is a $10 million company in manufacturing, and the title of the person contacting them is Chief Financial Officer.
Prospect 2 is a $100 million company in the professional services industry. And the person they are targeting is the CEO.
This company’s lead scoring model is as follows. 33 is the maximum points you can earn for each of the three categories (size, vertical, and role).
Prospect 1 gets 10 out of 33 for size, 33 out of 33 for vertical, because manufacturing is the company’s primary vertical; and 20 out of 33 for director-level person. Their total lead score is 63, which is good but not great.
Prospect 2 gets a 33 out of 33 for size, 23 out of 33 for vertical, and 33 out of 33 for role. Their total score is 89, which is great.
This is a basic demographic model, but there are more sophisticated ways to do lead scoring.
For example ,Building a Lead Scoring System
You can assign points to people based on the time they spend on your website. The more pages they visit or the more times they return, the more points they earn.
Even the choice to download content or sign up for a newsletter could affect the score. Prospects who subscribe to your blog, attend a webinar, or download an e-book from the homepage could get a higher score than those who don’t.
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The elements of a lead-scoring model are endless
The most important thing is to know what australia phone number list behaviors and information typically lead prospects to turn into sales opportunities and therefore into new customers. Once you discover these patterns, you can use this data to build your lead-scoring model.
How Sales Should Use Lead Scoring
Now that the scores have been established, what should sales do with this data?
In the example above
The sales person managing both adb directory opportunities knows that Prospect 2 should receive more attention. There may even be different types of content or special offers that can be applied to prospects who scored that high.
This doesn’t mean that salespeople should ignore prospects with lower scores, but they should be aware of the time and attention they’re spending on people who are less likely to become customers.
Instead, an effective approach might be to create slightly different lanes in the sales process, where leads with higher scores receive more personal attention and those with lower scores can receive more automated attention. Building a Lead Scoring System.
Leads with higher scores might have additional resources assigned to the sales process, such as an engineer or manager, while leads with lower scores could be handled entirely by sales reps.
Lead scoring can also be used to ensure that all reps receive an equal amount of highly qualified leads and less qualified leads.
Often, quality is left to the judgment of the rep, who is not always impartial. All reps feel like they are not receiving enough high-quality leads, and showing them an even distribution of high-scoring leads across the team solves this problem.
How to measure lead scoring success
Now that lead scoring has been implemented into your company’s strategies, you need to consider how to measure the effectiveness of your established models.
The first metric is your close rate, which should increase if you spend more quality time with better, more qualified prospects.
The next metric is your sales cycle. This should actually decrease: it should be easier and faster to close the more qualified prospects.
Another metric is overall lead quality
This means getting an aggregate score for all leads in your pipeline. This shows you whether your marketing is generating high-quality leads, and if not. You need to optimize your marketing message, refine your campaign targeting. Improve your offers, and generally align all your strategies directly to the highest-scoring lead models.
You can then score your leads by campaign, role, and even the prospect’s specific pain or challenge. And see how well you’re doing in each of these categories. This information will help inform future campaigns and may even provide data on how to adjust your lead scoring model.
