Lead Scoring: Easy Way to Nurture Leads
Increasing your business revenue is never easy. You have to take care of your existing customers while you generate, capture, and nurture leads. Aside from that, you have to make sure that your captured leads are of good quality. You don’t want to invest in the leads that are never interested with your offer in the first place.
In addition to that, not all of your leads are equal, some of them are ready for pitching while others aren’t. How do you determine whether a lead is good or still in need of polishing? The answer is simple, you can do this via lead scoring.
What is Lead Scoring?
You must know by now, that when it comes to marketing automation, you have to plan out every action that you take. This is to avoid wasting your time, money, and effort, especially if you’re planning to set up a lead nurturing campaign. As stated earlier, not all your leads are created equal. Not all of your leads are hot (ready for purchase); some still need more time to be ready to bFcustuy what you offer. Now, if you’re going to invest and spend money on your leads, you have to make sure that these leads will convert into a customer, otherwise, your investment is for nothing.
In this oh so common scenario, Lead Scoring comes in making it easier for you to determine and categorise your lead’s readiness.
Lead scoring is an organised rule-based scoring system, which allows you to rank your leads according to ice cold or flaming hot. Infusionsoft by Keap has its own customisable Lead Scoring system where 5 flames indicate the lead is hot, while 1 flame means that the lead is ice cold. Leads who are hot are just one talk away from making a purchase, while cold leads need tons of product pitching before they even consider your brand.
Now, if your leads are flaming hot, that’s great! It means that you can bag those sales fast. However, if these leads are cold, it means you need to plan out a strategy that can get these people to re-engage, consider and see your brand as worthy of their monies
Why Lead Scoring Matters in Nurturing Leads?
There are a lot of reasons why lead scoring is crucial for your lead nurturing strategy, and the biggest of this is that you can create a separate mailing list out of these hot leads. Separating ready prospects, lukewarm (nearing convinced) prospects and cold prospects make it easier for you and your team to land sale since you can tell who needs more attention and who doesn’t.
Why a Lead Scoring Model is Vital
Now, what would happen if you didn’t score your leads from your lead nurturing campaign? You will be sending emails and pitching to every lead you have. This includes your cold leads and unengaged ones— and that’s wasted effort and investment. Imagine selling the most delicious seafood dish to ever exist, to a person who doesn’t even eat seafood, now that’s how pitching to a cold lead looks like—a wasted effort. You have to first convince that person to like seafood before you try selling your product
With lead scoring, you will be able to see at through data if the prospect you’re engaging with is interested and willing to make a purchase or just some casual passerby who got curious about your brand. This way, you can segment and create better marketing strategies for each lead you encounter. Through this approach, you will be able to personalise the emails you send as well as pick the right time to offer them your product.
By doing an organised well thought out approach you can save time, money and resources.
3 Steps in Creating Your Lead Scoring Model
Step #1: Gather All Information
Before anything else, you have to make sure that you have all the information that you need about your lead. This means you have to combine the information that they have provided on your landing page, as well as their behaviour towards your brand. This way, you will know how frequent they open your emails, how they engage with your email as well as the contents they’ve been downloading.
This doesn’t only give you an idea on how to segment your leads. It also gives you an idea on how you can personalise the emails will be sent according to your lead’s interest.
Step #2: Assigning Points
The main reason for creating your own lead scoring model is to determine how hot or cold your lead is. The secret behind knowing the level of interest your lead has with your brand is to understand their behaviour. In order to know their behaviour, you have to gather together the information you have from your lead first, which includes gathering information from:
- Information Forms
- Your own website and the pages they visit
- Email Campaigns
- Webinars they have attended
This also means you have to take note of your customer’s open rate and engagement rate from the emails you sent them. After doing so, you will have to rank each of the mentioned categories and assign befitting points. How many points are you going to add if the person opens your email? If they open a link from the email that you sent, how will this affect their scores? This way, it’s easier for you to determine whether or not your lead is interested in what you’re offering them.
Step #3: Listing Negative Points
After listing down all the factors that can add points to your leads, you will now need to work on the factors that can deduct assigned points from your lead. Remember, you want to make sure that the score that you get from your lead will determine whether they’re interested with your brand, or not. This way, you can filter out the unqualified leads from your qualified ones. This is one of the determinants that will help you know which leads should you be investing your time with, and those that are not worth your time.
During this part, we go back to step one and two, that is to gather information. However, this time, you will have to add points to the factors that affect your lead negatively, such as the bounce rate. If your lead bounces off from your email, the moment they opened your email. It indicates that your lead isn’t interested in the contents of your email. You can then use this information as a factor for deducting points from your lead’s score.
Remember, your leads are individuals with different wants and needs. This means you’d have to address their wants and needs accordingly. Through lead scoring and segmentation, nurturing your leads won’t be that much of a task.