According to Marketing Sherpa’s B2B Benchmarking Report, only 21% of B2B marketers have established a lead scoring program. Lead scoring is an effective methodology to determine whether the prospect is a potential buyer or not. It plays a vital in lead management. It helps the marketers know, which prospect would fetch them immediate profit and which prospect can be preserved for future.
It is an effective process because marketers can’t waste their precious time chasing a prospect who have no interest and need for your product. Also it power ups sales funnel by better lead management. Marketers are assigned with tight and rigid budgets and they lack time as well. It is obligatory to design a lead scoring process for the marketers which help them in achieving their targets. A great start on setting up lead scoring for your business would be this lead scoring 101 whitepaper.
Here is the best practices to be followed by the reps to achieve high lead score:
1) Define your lead scoring yardstick:
One great way to gain lead scoring success is to refer your old school stories. What factors and traits of your marketers helped you closing the deal before the deadline and what took them really long to cover the journey of sales funnel and which ones are more likely to fall through. You should also refer your website analytics which would show your prospect’s behavior; number of visits to your web pages, CTA clicked, blog visits and forms filled. This would surely give you a brief idea of how different prospects can be approached in different ways.
2) Determine your method of lead scoring:
This feature is added to the lead scoring process because it helps in determining which method would be more suitable and beneficial for the company. The methods are:
· Traditional lead scoring: It is a tool which helps the marketers to determine, which leads are qualifying and which can go in the sales team’s hands. The prospects are asked to fill in the forms and the property they fill in there, is cross checked with the company’s criteria. A lead’s each property is assigned to some weightage and it is set manually in the system. The system then automates and gives a scoring result.
· Predictive Lead Scoring: It is a modern tool for lead scoring process. It is a tool that uses an algorithm to predict who in database is a qualified lead or an unqualified lead. It is not bounded to property information of leads, demographic information and behavioral of the leads. It even helps in figuring out what is common in the customers and what is not and what are the most qualified leads.
3) Define your criteria:
One thing you need to determine for your company is, what set of criteria makes for a qualified lead. The criteria can be set on the basis of demographic information, activities on your site as in; number of clicks, visits, and their behavior. By evaluating these things you can determine which prospect is more likely to become your customer. Certain questions asked to the prospect related to BANT could help you even better:
· Budget for the product
· Authority: to make the decision
· Needs for the product
· Timescale: when will they be comfortable to purchase your product.
4) Relate your nurturing process with lead scoring:
Lead nurturing means building relationship with buyers during the sales funnel, even if they consider purchasing your product in the future. Your prospect wouldn’t be buying your product in the first phone call. They might show no interest at first, but a sales rep maintaining good relationship with them can change their mind. Lead nurturing helps the marketers communicate consistently with buyers throughout the sales cycle. Lead nurturing plays a great role in lead scoring.
5) Determine what score of a lead makes it sales ready:
Now that you received every possible detail you could get from your prospect, you can examine which criteria makes for a marketing qualified lead. Point systems could help you with this; you can assign point values to each criterion. Once you set points for each lead, the scores would help you decide, how quick the sales team will be able to hit on the prospect.
But eventually your lead scores for each prospect will not remain the same, their day to day activity will also change their individual score. In this case you can opt for lead management software, it can auto score and re-score your leads.
If you business have implemented a lead scoring system, please share how it had improved your business. I would love to hear them from you.