Effective omni-channel communication requires businesses to provide rapid and accurate responses to customers and prospects. One of the most effective strategies to accelerate response processes, and sales cycles, is Lead Scoring – the rating of leads by using an automated scoring system. This marketing technique is applied in marketing automation strategies, and consists of assigning points to prioritize subsequent marketing and sales actions based on the results of these scores, serving as the analytical data-oriented foundation for automated decision-making.
The objective of Lead Scoring is to help identify lucrative business opportunities and possible conversions. Thanks to this rating system, it is now possible to prioritize the most valuable leads and maximize conversions.
Lead Scoring from scratch
Before we can implement Lead Scoring in inbound marketing tools, we need to apply a tailored methodology to achieve those desired results.
Lead Scoring means we can now identify the most appropriate time to initiate a specific action which may include sending an email, making a phone call or scheduling a business meeting. Similarly, it provides relevant data so we can easily identify exactly what stage the lead is at and then take the most appropriate action: if the lead is cold, we need to redefine the strategy; if the lead is hot, it is more likely to result in a conversion.
Through these scoring rules, the marketing and sales departments are intrinsically aligned and able to jointly prioritize the leads based on past activity and relevant profile data. Automated lead nurturing is then implemented to increase the customer conversion rate.
How to apply Lead Scoring to accelerate sales results
To demonstrate a lead scoring strategy in action, we will explain how it works in our inConcert Marketing Automation & CRM suite. The step-by-step process is itemized below:
1) Type of contact and its potential value
Once these elements have been defined, a specific value is attributed to each contact and operational type. The value will depend on the type of contact and the history of previous interactions. Factors such as the stage the lead is at in the conversion funnel, the number of clicks, the number of times the website has been visited, or the fact that the lead is a subscriber, are all elements that can and will impact the value of a lead.
2) Operation type
This will define whether the contact score increases or decreases. Each contact may add or subtract value depending on the specific needs of the evaluation.
3) Action description
To guide the internal teams, a descriptive tag is added to indicate the type of action that is being carried out with a detailed description that defines the action in greater detail.
4) Awarding allocation
Following the logic of Lead Scoring, each lead is awarded a certain number of points after a decision is made based on the actions performed by this contact. Through automation, it is possible to create conditions to activate nurturing, contacting and lead scoring in the customizable distribution workflows.
5) Strategic Feedback
The score assigned during the Lead Scoring process is available with drill-down insights for analysis by the marketing and sales teams. This then enables those teams to design and implement strategies that are consistent with the goals and the type of contact initiated by customers.
An example of Lead Scoring :
Let’s imagine that an international telecommunications company wants to grow its revenue in a rural market, expanding business outside of the capital city, where it already has a solid client footprint.
Let’s suppose that the company decides to assign 90 points to the contacts coming from the city center, but subtracts 30% of their score if they are based in the same region as the company’s headquarters. In addition, 10 points are assigned if the prospect opens a specific email.
Once the scores have been assigned, the company will decide on the type of action to be taken based on each lead score.
Let’s presume that the contacts with a score between 10 and 60 points will be assigned automated actions based on Lead Nurturing, such as email content newsletters.
Conversely, leads with a score between 60 and 90 points will receive an automated sales email with a specific commercial offer to the prospect, and those with a score of over 90, will be prioritized for a contact by phone. This high-volume, automated process process has proven to increase the probability of closing a sale outside the capital city.
Conclusion: why you should implement Lead Scoring
Lead Scoring automatically generates scores based on interactions and provides sales teams with valid information enabling them to make more educated decisions. At the same time, it provides valuable insights to marketing and sales teams so they can decide which lead nurturing activities should be implemented.
A well-structured Lead Scoring strategy delivers many advantages to businesses seeking to have greater control over their opportunities:
– It means the degree of interest of a lead can be measured: how close to conversion is the lead.
– It increases the efficiency and coordination of marketing and sales teams
– It delivers effective database segmentation
– It improves conversion rates and increases the efficiency of email marketing, telemarketing and social-media messaging campaigns
In summary, implementing Lead Scoring within the framework of an automation strategy optimizes team resources and time. It intuitively eliminates repetitive manual tasks, so that marketers and salespeople can focus on applying a more assertive follow-up of the most valuable contacts, ensuring that the campaigns generate an increased ROI.