Should you run after every lead? Or, can you choose which ones are worth it?
Let’s save the answer, as we all know quality leads convert better. So, what are quality leads? How do you know it’s worth the time?
Quality leads are those leads who show a high intent to convert. Let’s say someone checks out your pricing page- you can say he’s a potential lead! Another user just browses your ‘About us’ and leaves- not that hot a lead, right?
You get the drift, right! Now, you may ask, with thousands of lead, how do you pick out the quality leads?
That’s exactly where lead scoring comes in!
Consider this – a 10% increase in lead quality results in a 40% increase in sales productivity.
What is Lead Scoring?
Lead scoring is a system of ranking leads based on values assigned to their chances of converting. Lead scoring tools consider a number of individual behaviors and engagement to determine the score of a lead. Things like reading a blog post, visiting your pricing page, filling out a form, and so on.
Now, the leads which have the maximum points are your hottest leads. You will find them on top of the list as high-priority leads. Let’s use an example to make things clear-
Let’s say someone clicks on your Google ad, comes to your website, reads a few blogs, and fills out the quote- all these actions show that the lead has a high intent of converting. Naturally, the lead scoring platform will give him more points.
On the other hand, a user follows your social links, reads your blogs, checks your website, and leaves- this person will get a low score from the software. This is how lead scoring works!
How does Lead Scoring Software Work?
Traditionally, companies scored leads manually. But in this age of online presence, you will get lost in a sea of data and spend your lifetime scoring a single lead! Thanks to technology, we have lead scoring capabilities in many CRMs like LeadSquared predictive scoring while you can also find standalone solutions.
The software can take into account several factors to determine the lead score. You can program the parameters and behaviors and let the software do the rest! We will give you an illustration-
Let’s say you are selling a car. Your target audience is 35 to 55-year-olds, with 50,000 yearly income, and a college degree. Now anytime a lead matches your parameters, he will get a point. If he matches most parameters, his score will be more!
Modern lead scoring software uses artificial intelligence (AI) to provide predictive lead scoring. The algorithms factor in purchasing and behavioral data and predict when a customer is likely to make a purchase.
You have to determine the actions that show the shift from interest to intent. Then you can program those actions into your lead scoring software to track hot leads through workflow automation.
How to Determine Factors that Impact Lead Scoring?
As you can see, it’s a lot of data we are talking about. So how do you know which data matters most?
We advise you try out the following-
- Gain insights from your sales team
- Enquire your customers
- Run in analytics
Gain insight from the sales team: Your sales team knows your customers best. They can tell you which blog post closes the most deals and which offers don’t bring in any customers. Based on the insight, you can find out the best content and actions that convert and assign points accordingly.
Enquire your customers: You can interview your customers to determine the trigger that encouraged them to take action. It could be a product review, an offer, or anything else- just provide a questionnaire to your customers and find out what works best.
Run in analytics: Your analytics can reveal a lot about your customers and their behavior. You can get an attribution effort and locate the campaigns that brought in most leads. You can also see which actions lead to conversions, and set up your lead scoring system based on that.
Lead Scoring Models
Businesses use different lead scoring models to determine the compatibility of leads with the product. You can create your own lead scoring model supporting a specific attribute of your core customer. Here are some lead scoring models for your consideration-
Demographics let you score your leads when you are targeting a specific audience. Let’s say you are looking to sell to an age group, or people belonging to a profession. You can collect demographic data by asking questions on your landing page.
If you sell to companies, you can give points to companies that meet your target size, revenue, or location. If a company doesn’t match your requirements, a point can be taken away for determining the right leads.
You can score leads based on their online behavior. A user can get more points for browsing your product page compared to someone who just viewed your company information. Predictive lead scoring can analyze online behaviors and reflect the change as the lead moves down the funnel.
You can also use lead scoring models based on-
- Open and clickthrough rates of emails
- Social engagement of your leads
Implement Lead Scoring for Optimum Conversions
If you are looking to boost your ROI, increase conversions, and align sales with marketing, consider implementing a CRM with lead scoring features like LeadSquared (15-day free trial). It does all the hard work for you, and all that remains to be done is to follow up on your high-priority leads and help them take action.
Get actionable data that converts, and ensure you get more customers. Understanding the pain points is easier than you think – when you have LeadSquared with you.