If you’re somewhat into digital marketing, or you run your own online business, you must have come across the term Lead Scoring. But what does this do, how can it help you and is there a way to make the best out of it?
Imagine spending 30% less on your acquisition campaigns while increasing your revenue by 30%? The reason is that most marketers expect all leads to behave in the same manner. Sales expect to follow the same funnel and procedure for all their leads. Nowadays, that will not fly. Leads require a different approach when closing – some are ready to buy, and others are not. This is what lead scoring is all about, discovering which of your leads are ready to buy.
What is lead scoring?
At its core, this is a concept designed to help you rank prospects against a scale which shows the actual value offered by each lead. There will be a score, and that score indicates which leads will get a specific function. The highest scoring leads will be suitable for sales; others can be appropriate for nurturing.
The best Lead scoring models are focused specifically on including implicit as well as explicit information. The implicit scores come from monitoring the behaviour of that prospect. Things like clicks, emails opened, whitepaper downloads and website visits will help you figure out the implicit score.
On the other hand, the explicit scores tend to showcase the info that is shared by the prospect. This is a more direct approach, and it focuses on things like geographic location, job title, industry and company type.
Recently, a new type of score named the social score was also included in the mix, and this one shows the lead relevancy on social media. Basically, this will study the activity that prospect has on social media, and it will help figure out the best score on that.
With Lead scoring, a company can easily customise the experience of any prospect. This is modified based on the stage that particular prospect is at and it can quickly boost the lead readiness quality.
Benefits of Lead scoring
There are many benefits you can get from Lead scoring; maybe the most obvious is that you get a boost in revenue. This will help you a lot if you want to grow your business. Plus, you get to prepare your customers for the road ahead in a more efficient manner, and that can also bring in a multitude of benefits all the time.
Moreover, this will help you align your sales and marketing functions. This means you get to establish a language suitable for both sales and marketing. In the end, this will bring you a sound return on investment and the quality will be second to none all the time.
The marketing efficiency is also increased via Lead scoring since you get to figure out what types of leads matter the most for your business. Nurture them, and you will have no problem racking up the best profitability for your company in the long term.
Avoid rushing and results can be very well worth it all the time. Setting up an efficient lead scoring mechanism for your business is time-consuming and requires several cycles of adjustments to your formula, be patient!