Effective Lead Scoring Tactics – 5 Best Practices For Instant Success
If you are planning to go beyond a reach a whole new level of marketing for your company, you need an effective lead scoring model. Lead scoring is a method of ranking prospects in accordance to a scale that represents the perceived value that each lead to the organization. The score is then used to determine the specific function of a particular lead. These are the reasons why an effective lead scoring model needs to be utilized by any company.
Lead scoring is an important aspect of your company’s sales and marketing. Your company’s lead scoring model is a powerful tool to use to your advantage. Therefore, it should be effective and should be taken to the next level.
Effective lead scoring model also helps in aligning your sales and marketing maneuvers improving sales productivity and pipelining marketing techniques, helping you save valuable time and marketing efforts. According to B2B Marketing Zone, more than ⅔ of marketers use both demographic and behavioral data for lead scoring. However, not all these marketers get the best results from their lead scoring models.
Here are five tips for building a successful Lead Scoring Model:
1. Utilize Score Degradation and Negative Scoring
To get the most out of your lead scoring efforts, you need to utilize both score degradation and negative scoring. Using a lead scoring model that is dependent on normal scoring alone can potentially lead to tendencies of several lead scores piling up. Consider this example: a random visitor is piling up the lead points from visiting certain web pages on your website and downloading your contents. But at the end of the day, that visitor leaves without even making a purchase
By assigning negative scoring to certain site activities and attributes, you will be able to prevent lead scores from piling up and covering other potential leads. Doing so will then allow you to easily sort relevant qualified leads rather than mixing everything up with casual visitors. In addition, you can also assign point decay or expiration to contact those who have not engaged with your brand for a significant period.
2. Create Separate Lead Scoring Systems
It is sometimes essential for you to set up different lead scoring systems, especially if your business is offering different varieties of products and services. Doing so will allow you to have different lead scoring approaches for each of your offers, maximizing your opportunities at finding the right customer for each of your product and/or service.
By using this technique, Product A, for example, will no longer be affected with the lead interactions happening on Product B. This makes your lead scoring more diverse and effective.
3. Create a Solid Foundation for your Model
To ensure that your lead scoring will product amazing results, make sure that you first establish a solid set of steps or thresholds that your customers will go through before you score their interactions made on your website. These stages of your leads’ life cycle will begin from the time your prospects visited your site, made an interaction on your pages, and finally making a purchase on your product or acquiring a service you are selling.
Your customer life cycle can be set into four key thresholds. These steps will enable your models to sort out leads accordingly to their level of site engagement.
Thresholds will serve as stages of the life cycle of your leads that begins from the time they visited your site, made interaction on your pages until finally making a purchase the product or service you are selling. You can set four thresholds for your models to sort leads according to their level of engagement:
- Prospect – probable contacts
- Lead – very active leads
- Marketing Qualified Leads (MQL) – This type of lead are the ones that you or your marketing team should be focusing on. Once determined, you should then create opportunities to further qualify them for sales. Give something reasonable for them to make interactions with, which can then prove their level of engagement.
- Sales Qualified Lead (SQL) – The main lead type that your lead scoring model should determine. You can spend more energy on SQL as these are the leads that have the highest chances of converting or making a purchase.
4. Design Your Lead Scoring Models based on High-value Webpage and Activities
Keep in mind that not all of your site’s web pages are the same value. There will be pages on your website that will demand a high value rate, for instance your “Contact Us” page and Sales page. When designing your lead scoring models, you also need to determine which web pages are of the highest values. Once you’ve managed to determine these pages, make sure you place higher lead point values to them to successfully determine which of your current leads are taking “hand-raising actions.”
5. Stop Assigning Points to every Opened Email
Last but definitely not the least is your opened emails. Keep in mind that while the rate of email opens does indicate signs of brand engagement, you can’t rely on it all of the time as it can potentially cause your lead scores to inflate. A more compelling metric would be pageviews of submissions generated from the emails you sent. Using a comprehensive Marketing tool like Infusionsoft, you can assign points exclusively for the first occurrence of an email open.
Keep in mind that cumulative lead scoring on email opens will automatically be disabled to avoid inflation with your lead scores. According to the current statistics, only 11.5% of online marketers are scoring only on email conversions. The rest are lead scoring based on the combination of three elements: clicks, opens, and conversions.
Lead Scoring is an absolute necessity if you are looking to boost your conversion rate and improve your brand’s overall image and reputation. It can lead you to your exact target audience and will give you the chance to formulate the best lead conversion strategy to attract them to become longtime customers. There are multiple other lead scoring strategies that a lot of marketers use. What are other lead scoring practices have you employed at your brand? We hope it’s going well. If not, then you can always shift to the ones we’ve provided above.