Lead Scoring Best Practices: 6 Tips For Effective Online Marketing
Today’s online marketing is no longer “collect and collect.” We are no longer in the “spray and pray” era where all we do is hoard a lot of leads and send our emails to them, hoping that majority of them will convert. We are in the time when certainty and relevance are at their highest demand. For a business to gain profit and revenue, it needs to make sure that the people who engage with their brand are not random. These people need to convert; else they have wasted resources and time just to get clicks and not sales. Fortunately, marketers can now do just that with an active lead scoring best practices.
What are the Lead Scoring Best Practices?
Lead Scoring is the process of segmenting leads and ordering them according to priority. Leads are usually prioritized according to interest in your product. Lead scoring also depends on whether or not they fit in with for your business and can maximize marketing and sales.
In a more straightforward definition, lead scoring prevents marketers from wasting money and time on irrelevant leads. These leads are considered bad since they are unlikely to convert and make a purchase.
How Lead Scoring Promotes Effective Marketing
Marketers like you need to understand that the process of buying things has drastically changed. The Internet now plays a significant factor in the buyers’ decision. This has resulted in the following implications:
- Buyers are no longer dependent on a company’s sales team to get information on a product.
- Buyers are now more informed and aware of a product/service before they even decide to make a purchase.
- Buyers now have more control and command over sales transactions.
- Buyers are already halfway through the buying process when contact occurs.
According to Oracle, companies that make a concerted effort in identifying action made in their buying process are consistently achieving the following:
- An increase in conversion rate
- A shorter and more concise sales cycle
- A rise in win rate
Lead scoring provides insight into your goals and your target buyers. If your incoming leads are not meeting expectation, your marketing efforts will need recalibration. Lead scoring also enables you to have a more detailed look at each of your leads. The data gathered from your customers will be valuable information for your marketing team.
You can start scoring your leads while also having different goals in mind. These goals might shift as you determine where you intend your business to go and the customers you prefer to work with. The criteria of how you will score your leads will help you focus on your marketing strategies and execute them simultaneously.
Lead scoring also improves and increases your return on investment (ROI). It is done by targeting your most valuable leads. Keep in mind that lesser money and time wasted on poor leads equates to more efficient spending and a much higher ROI. Lead scoring also helps you monitor high-quality leads, instead of losing them in a collection of unsorted leads.
Marketing and Sales Relationship
For lead scoring to work, both sales and marketing need to collaborate. They need to discuss their needs and work together to make sure no data gets lost in the process.
Lead scoring always starts with the sales team. The marketing needs to know what exactly qualifies as a particular lead for a sale. That may be about their knowledge of the product or service, the kind of assistance they get, or a stage of the buyer’s journey.
Marketing will then execute the scoring criteria provided by the Sales. The marketing team should then hand the lead to the sales team once they meet the required standards. This set of qualifications will then streamline the whole process and produce the ROI.
6 Effective Lead Scoring Best Practices
What qualifications can marketing and sales utilize to score leads? What are some of lead scoring best practices, follow up, and nurturing? Here are some tips and tricks used by multiple experts:
1.) Utilize BANT For Lead Scoring
BANT is an acronym for Budget, Authority, Need, and Timing. It is a useful sales strategy that has been used for decades to score leads. Today, BANT is still one of a valid lead scoring best practices.
- Budget – Budgeting varies for different businesses. Marketers are unsure about how much a potential customer is going to invest in their product or service. If one of your leads doesn’t have the budget to compensate for your asking price, you should still monitor and keep them warm until their budget increases and meets your price demand.
- Authority – is the person who’s making the conversion also happen to be the decision maker? If not, how much influence do they have in the purchasing process? Who exactly is the primary decision maker?
- Need – determining the needs of your leads is essential. Some might be interested only in your downloadable or are just researching for a school assignment. There are two indications of need: the obvious (you are, say, a steel manufacturer and your leads are retailers of metallic items), and the not-so-obvious (your leads are either unhappy with their current seller, or just doing research).
- Timeline – the buyer, is the only one who knows its exact timeline ( when they are ready to make a purchase). However, you can make educated guesses by looking at your recon info.
2.) Pay Attention to Digital Body Language
Talking face-to-face is not the same as digital communication. With the latter, you are unable to refer to physical indications, like their facial expressions, posture, the tone of voice, or stance when trying to figure out their interests. However, body language also has a digital equivalent that you can use to score your leads.
The digital body language includes the following:
- Blog posts read
- Downloadables downloaded
- Email Opens
- Forms Completed
- Links clicked
- Pages viewed per sessions
- Social media activity
- Website sessions duration
The more interest they show based on the number of their online actions, the higher their lead score will be.
3.) Make Your Life Easier with Marketing Automation
Marketing Automation benefits any business who are looking to increase the effectiveness of their lead scoring. With marketing automation, you can score leads as they come in, and you can even establish workflows to follow up with them automatically. Having a marketing automation tool in place will take the burden of lead nurturing off your shoulders, removing some elements of human error.
4.) Incorporate the KISS method
Doing Lead scoring best practices can seem complicated, especially for starters, but it really doesn’t have to be. For small businesses, you can take leads slowly as they come. Manage your lead scoring with ‘KISS’ in mind – Keep It Simple, Stupid. Don’t overwhelm yourself with the details and technicalities. Also, add some qualifiers to your lead scoring blueprint as you learn how to transition from simple to complex. Don’t shock yourself and keep things smooth and simple from the beginning.
5.) Set Up A Detailed Follow Up Strategy
So you’ve finally scored your leads. You’re now aware of who really wants your products/services and who are the passers-by. What’s your next plan? Are you just going to sit and wait for your leads to make a purchase magically, or are you going to make a move and start a follow-up plan? We recommend you do the latter.
Plan your workflows and lead nurturing strategies. Model them in a way that will nudge your leads further down and towards the last portion of your funnel.
6.) Don’t Disregard Unqualified Leads – Keep them Alive
You also need to pay attention to your unqualified leads. They may not be ready to make a purchase now, but that doesn’t confirm that they’ll never be ready to buy from your brand in the future. Keep them warm by providing helpful information. Keep them in your subscriber’s list and nurture them until they are finally ready to purchase from you.
If you want to survive today’s online marketing, doing lead scoring best practices is going to be necessary for you. Never neglect this marketing strategy. If you feel like your too occupied to make an effort in scoring leads, then utilize marketing automation. Make your sales and marketing team get along and collaborate. Finally, use these tips to its fullest effect.