The Definitive Guide to Lead ScoringA Marketo Workbookwww.marketo.com
ContentsWhy should I read The Definitive Guide to Lead Scoring?	   3    Part Five                                         ...
Why Should I Read The Definitive Guide to Lead Scoring?Your buyers have changed foreverYour prospects are turning to onlin...
Part OneWhat is Lead Scoring and Why Do I Need It?  © 2010 Marketo, Inc. All rights reserved.   4
Part OneWhat is Lead Scoring and Why Do I Need It?What is Lead Scoring?                              What Lead Scoring Isn...
Part OneWhat is Lead Scoring and Why Do I Need It?Why Does My Business Need Lead Scoring?According to a RainToday.com repo...
Part OneWhat is Lead Scoring and Why Do I Need It?What Analysts Say                                                    Wha...
Part TwoLead Scoring Basics  © 2010 Marketo, Inc. All rights reserved.   8
Part TwoLead Scoring BasicsExplicit and Implicit Scoring                                                                  ...
Part TwoLead Scoring BasicsExplicit Lead Scoring                                                                          ...
Part TwoLead Scoring Basics                                                                                               ...
Part TwoLead Scoring BasicsImplicit Scoring                                                                               ...
Part TwoLead Scoring BasicsActive vs. Latent buying behavior                These activities imply different levels of sal...
Part TwoLead Scoring Basics                                                                                               ...
Part ThreeGetting Started With Lead Scoring  © 2010 Marketo, Inc. All rights reserved.   15
Part ThreeGetting Started With Lead ScoringLead Scoring BasicsOften the hardest part of lead scoring is getting started.No...
Part ThreeGetting Started With Lead ScoringGetting Started with Lead ScoringGather information                            ...
Part ThreeGetting Started With Lead Scoring50+ Explicit Scores to ConsiderPotential individual-specific demographic       ...
Part ThreeGetting Started With Lead Scoring200+ Behavior Based Scores to Consider (Implicit data)    	 Online demo        ...
Part ThreeGetting Started With Lead Scoring200+ Behavior Based Scores to Consider (continued)    	 Livestreamed events    ...
Part ThreeGetting Started With Lead ScoringBad Behaviors (Implicit data)While most activities give positive scores,there a...
Part ThreeGetting Started With Lead ScoringCreating an Explicit Scoring Model                 Scoring Demographics – Our E...
Part ThreeGetting Started With Lead ScoringYour Turn                                        Scoring Demographics – Your Tu...
Part ThreeGetting Started With Lead ScoringCreating an Implicit Scoring Model               Scoring Behaviors – Our Exampl...
Part ThreeGetting Started With Lead ScoringYour Turn                                        Scoring Behaviors – Our Exampl...
Part ThreeGetting Started With Lead ScoringWeighting Behavior vs. Demographics in           You will want to review your s...
Part ThreeGetting Started With Lead ScoringPre-deployment optimization                      Post-deployment optimization  ...
Part FourAdvanced Scoring Strategies  © 2010 Marketo, Inc. All rights reserved.   28
Part FourAdvanced Scoring StrategiesProduct Scoring                                                                       ...
Part FourAdvanced Scoring StrategiesAccount Scoring                                   Score DegradationB2B buying decision...
Part FourAdvanced Scoring StrategiesThe Feedback Loop                                The Feedback Loop - How Marketo Does ...
Part FourAdvanced Scoring StrategiesLead Scoring Check-up ProcessSchedule check-up processes                      •  uild ...
Part FourAdvanced Scoring StrategiesAdvanced Scoring - Additional ConsiderationsRemember that buying behavior will never  ...
Part FiveLead Lifecycle Management  © 2010 Marketo, Inc. All rights reserved.   34
Part FiveLead Lifecycle ManagementLead Lifecycle Management                                                               ...
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
The Definitive Guide to Lead Scoring
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The Definitive Guide to Lead Scoring

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Discover how to create success across your marketing and sales organizations with lead scoring. This definitive guide, designed for both novice and experienced practitioners, offers advice, best practices and techniques to help you get the most out of every lead that enters your database.

Whether you’re a lead scoring pro or just getting started, these scoring models, tactics, and measurement tips will transform your practices.

Contents include:

The basics in lead scoring including explicit and implicit lead scoring
How to get started with examples from Marketo and Marketo customers
Advanced strategies including Product Scoring, Account Scoring and Score Degradation
Lead Lifecycle Management to improve sales and marketing alignment
Common Lead Scoring Issues to save you time and prevent you from inaccurate scores
The effect Content Marketing and Social Media have on Lead Scoring
How to calculate the ROI of Lead Scoring

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The Definitive Guide to Lead Scoring

  1. 1. The Definitive Guide to Lead ScoringA Marketo Workbookwww.marketo.com
  2. 2. ContentsWhy should I read The Definitive Guide to Lead Scoring? 3 Part Five Lead Lifecycle Management 34Part OneWhat is Lead Scoring and Why Do I Need it? 4 Revenue Cycle Management 35 Labeling Scores for Sales Action 37What is Lead Scoring? 5Why Does My Business Need Lead Scoring? 6 Part SixWhat Analysts and Companies say 7 Common Lead Scoring Issues 38Part Two The Problems with BANT 39Lead Scoring Basics 8 Improving Data Capture with Forms 40Types of Lead Scoring 9 Part SevenExplicit Lead Scoring 10 Content Marketing, Social Media and Lead Scoring 42Implicit Lead Scoring 12 Content Marketing and Lead Scoring 43Part Three Social Media and Lead Scoring 44Getting Started With Lead Scoring 15 Part EightLead Scoring Basics 16 The ROI of Lead Scoring 46Getting Started with Lead Scoring 17Lead Scoring Worksheets 18 Calculating the ROI of Lead Scoring 47Creating an Explicit Scoring Model 22 Decrease in Sales Cycle Duration 48Creating an Implicit Scoring Model 24 Increased Sales Productivity 49Part Four Part NineAdvanced Scoring Strategies 28 Conclusion 50Product Scoring 29 Selecting a Marketing Automation System 51Account Scoring 30 Lead Management Benefits 52Score Degradation 30 Contact Us 53The Feedback Loop 31Lead Scoring Check-up Process 32Additional Considerations 33 © 2010 Marketo, Inc. All rights reserved. 2
  3. 3. Why Should I Read The Definitive Guide to Lead Scoring?Your buyers have changed foreverYour prospects are turning to online channelsto research products, services and bestpractices. They are searching websites,attending webinars and downloading thoughtleadership long before they are ready to buy.Marketers and salespeople must engage earlyin the buying process to gather understandingand react with the right strategies.This guide will help companies grow theirunderstanding of lead scoring and improveexecution with best practices and easy-to-use worksheets. With lead scoring youcan determine a prospect’s current levelof interest in your business and use thatinformation to drive sharper, more relevantengagement. Lead scoring also ranksthe prospect’s demographics, like title,industry and annual company revenue,to make sure they fit your targetcustomer profile.Whether you’re a lead scoring pro or justgetting started, these scoring tactics, casestudies and measurement tips will transformyour practices. © 2010 Marketo, Inc. All rights reserved. 3
  4. 4. Part OneWhat is Lead Scoring and Why Do I Need It? © 2010 Marketo, Inc. All rights reserved. 4
  5. 5. Part OneWhat is Lead Scoring and Why Do I Need It?What is Lead Scoring? What Lead Scoring Isn’t – Pitfalls to avoid: The goal of lead scoring isLead scoring is a shared sales and marketing to identify which leads aremethodology for ranking leads in order to ready to move to sales anddetermine their sales-readiness. You score which leads require furtherleads based on the interest they show in your nurturing. No lead shouldbusiness, their current place in the buying be left behind.cycle and their fit in regards to your business. Lead scoring is not: • stand-alone marketing ACompanies can score leads by assigning process because sales’points, implementing rankings like A, B, C, D, input is essential to identifyor using terms like ‘hot’, ‘warm’ or ‘cold’. The a “qualified” leadkey point is that marketing and sales increase • herry-picking hot leads Ctheir combined efficiency and productivity while ignoring the restbased on the clarity of a sales-ready lead. of the databaseLead scoring helps companies knowwhether prospects need to be fast-trackedto sales or developed with lead nurturing.The best lead scoring systems usedemographic and firmographic attributes,such as company size, industry, and jobtitle; as well as behavioral scoring suchas clicks, keywords, and web visits. © 2010 Marketo, Inc. All rights reserved. 5
  6. 6. Part OneWhat is Lead Scoring and Why Do I Need It?Why Does My Business Need Lead Scoring?According to a RainToday.com report, less than 25% of newleads are sales-ready. So how do you know when it’s time to makethe call? How do you nurture and close the remaining 75%?Lead scoring helps you engage in activities that drive revenue onboth fronts by streamlining lead flow and improving productivityand efficiency between marketing and sales.Essential to Strengthening Align Sales and Marketing Revenue Cycleyour Revenue Cycle • mproves the sales and marketing ILead scoring helps marketing and sales relationship, as unqualified leadsteams identify ready-to-buy individuals don’t distract sales productivityor organizations and the leads that need allowing reps to focus on the best leads ongoing nurturing. Using scoring information, marketing provides.companies can drive marketing and sales • reates common “lead” definition, Cproductivity, and increase revenue simplifies follow-up processesmore quickly. and drives alignment. • reates foundation for marketing and sales CThere are many benefits when you include service level agreements for lead follow-up.lead scoring in your marketing processes.Effectively Drive ROI• 10% increase in lead quality can translate A into a 40% increase in sales productivity.• Focus on the right accounts, and the right contacts in the account, engaging only with warm leads.• coring “sanity checks” pipeline estimates. S By correlating scores to win percentages, you gain insight into whether a deal is likely to close. © 2010 Marketo, Inc. All rights reserved. 6
  7. 7. Part OneWhat is Lead Scoring and Why Do I Need It?What Analysts Say What Companies SayThere are many independent and respected analysts who understand There are thousands of companies that are reaping the benefits of leadthe importance of lead scoring. From their reports and interviews, scoring today. You will find case studies from some of these companiesyou can find powerful definitions of the value that a lead scoring throughout this guide that will help as you develop or improve your leadmethodology brings to both marketing and sales departments. scoring model. Here are some comments from companies that excel in lead scoring.“ B2B marketers who emphasize lead volume over lead “ Lead scoring should be an indicator of sales-readiness – quality reduce sales efficiency, increase campaign costs, not of how much of a fan they are of [our company]. and fuel the gap between sales and marketing. That goal requires a close collaboration between the To generate qualified demand, marketers need technology sales and marketing teams to establish a threshold and processes that capture lead quality information; for when a lead is ready to be passed on to sales. validate, score, and classify leads; develop programs Teamwork is also needed to assign scores for a to nurture leads that don’t yet warrant sales attention; prospect’s actions – a process that begins before a lead and define metrics that directly identify marketing’s scoring system is implemented.” contribution to the sales pipeline and closed deals.” Emily W. Salus, Senior Marketing Manager, CollabNet Laura Ramos, Forrester Research, Improving B2B Lead Management “ ophisticated lead scoring rules help focus sales S“ A solid lead scoring approach not only helps to rank pipeline activity which drives customer-facing reps prospects against one another, but can smooth the lead to engage in more targeted, relevant and meaningful flow and serve as the baseline for building a range conversations, helping us result in a 32% increase of business rules that include ownership, role in qualified lead conversion rates and a 125% and activities. ” improvement in average lead conversion time.” SiriusDecisions, What’s the Score Sally Lowery, Bronto Software © 2010 Marketo, Inc. All rights reserved. 7
  8. 8. Part TwoLead Scoring Basics © 2010 Marketo, Inc. All rights reserved. 8
  9. 9. Part TwoLead Scoring BasicsExplicit and Implicit Scoring How Marketo Does It – Behavioral and Demographic Case StudyCompanies need to consider two different kinds of Scoring Ketera – Getting to Know Youinformation in their lead scoring: explicit and implicit. At Marketo, all incoming leads by Role and Company SizeExplicit scoring is based on information the prospect are scored using a combination of demographics and lead Ketera – provider of the online Keteratells you or otherwise directly identifiable information. source information, plus Network business community - brings behavioral scores that includeImplicit scoring is based on information that you all activity before registration. together over 100K buyers and 800K suppliersobserve or infer about the prospect, such as their Demographic attributes deliver in a Freemium Marketplace. Ketera uses a score between zero points scoring integrated with web content deliveryonline behaviors. and 30 points. From there, and nurturing all customized by role and each different behavior is assigned a point value, from company size in order to engage visitors one point for a web page visited and help with distribution and prioritizationFusing the two scoring systems together, you build a true and email opened to 15 points to the right sales team. Key scores include:picture of value: the prospect’s value to your business for searching for “Marketo” on Google. Qualified leads withand your business’s value. fewer than 65 points are called • Overall Lead Score “Prospects” and receive further • Recent Visits Score nurturing; people with over • Role Scores: Buyer and Supplier 65 points are called “Leads” • ompany Scores: Enterprise / Medium / C and are sent to telesales for further qualification. Telesales Small Business prioritizes qualified, engaged, and educated leads.Types of Lead Scoring Implicit ExplicitBehaviors Online body language BANT data (Budget, Authority, Need, Timeline)Demographics Inferred geography, Data quality Demographics, typically factors, etc. captured from form data or data appending © 2010 Marketo, Inc. All rights reserved. 9
  10. 10. Part TwoLead Scoring BasicsExplicit Lead Scoring Data AppendingExplicit lead scoring is based on observable or directly shared In some cases, you won’t haveinformation, often collected via an online form or registration all the information you need for demographic scoring. Hereprocess. Demographic and firmographic attributes tell you how well it can be useful to append thethe prospect compares against your ideal buyer profile, while BANT information to your database. Many services have match ratesinformation can (sometimes) tell you where the prospect is in their as high at 70%, with betterbuying process. results for public companies. Another added benefit of using data appending services is thatDemographic and Firmographic Lead Scoring Some demographic or firmographic factors they allow you to shorten yourDemographic and firmographic scoring is to consider: online lead forms and landingbased on information like job title, industry, pages, while still capturing allcompany size, and annual revenue. • ob Title / Role – Is this prospect likely J the information you need to qualify leads. If your lead forms to resonate with our solution? Will he captures eight fields today,This type of lead scoring is critical because or she have access to budget? shortening them to five fieldsit tells you how interested you are in the • ompany size – What is the size of C can often increase lead formpotential prospect. The closer the prospect a potential deal at this customer? conversion percentages by 30%is to your ideal prospect profile, the better • ndustry – Does this prospect’s company I or more. This alone is oftenthe fit with your solution and services, tend to have a need for solutions like ours? enough to justify the costand the higher the score. of data appending services. Of course, success with demographic scoring depends on having well defined “personas” for your ideal customer profile. © 2010 Marketo, Inc. All rights reserved. 10
  11. 11. Part TwoLead Scoring Basics Case Study LI-COR Biosciences –BANT NeedBANT is the acronym for Budget, Authority, Do they need your solution? More Understanding EngagementNeed, Timeline – common attributes used importantly, what is the compelling event Improves Sales Productivityto determine sales-readiness. driving the need? If, for example, your internal processes are performed manually LI-COR Biosciences is engaged in the design,Budget and inefficiently, then you are losing your manufacture and sale of high-quality,Can your target actually afford to buy your companies money. This is what drives need. innovative instruments, software, reagents,product or service? How much is budgeted and integrated systems for biotechnologyfor this solution? Always keep in mind that Timeline and environmental research. LI-CORdifferent departments have different budgets. When will the prospect be ready to buy? Bioscience’s lead scoring started with very This ties back to the compelling event. For basic measures, such as form fill out, webAuthority example, there could be a large event coming page visits, and email opens. As sales’Is the prospect a decision-maker? What is his up where a solution needs to be in place, dependence on scoring data has grown,or her title? Do they have power to allocate or it can be as simple as allocating budget LI-COR has built on that activity based scoringfunds? Businesses have many different types by year-end. and now provides sales with product scoresof authority: influencers, decision-makers in eight major solution areas. LI-COR scores(the people who sign on the dotted line) on very specific behaviors to increase theand the eventual end users. As useful as explicit lead scoring can be, score for each solution area and also ties in it relies primarily on the information nurturing for customized communications. the prospect shares with you – meaning it has its limitations as well (see Common Increased visibility into prospect behavior has Lead Scoring Issues, pg.38). That’s why been critical for the sales team as the buying it’s also important to use implicit cycle for research equipment is on average six information in your lead scoring. to nine months. Using Marketo Sales Insight to see account activity increasing most rapidly for specific solutions, sales is able to predict which contacts are actively pursuing a grant and require timely follow up. © 2010 Marketo, Inc. All rights reserved. 11
  12. 12. Part TwoLead Scoring BasicsImplicit Scoring CRM or Marketing Automation?Implicit scoring most commonly consists of tracking your prospect’s Sometimes marketers will trybehaviors (e.g. their “online body language”) to measure their to utilize lead scoring inside their CRM system without thelevel of interest in your products or solutions. It can also consist of supplemental custom marketinginferring additional information about the prospect based on the tools like automation. This only works if you are:quality of the data you have (the location of their IP address, etc.). • nly doing very basic scoring O on demographics.The Basics of Behavioral Scoring Basics of Behavioral Scoring • CRM administrator, or A developer, who is comfortableBehavioral scoring identifies a prospect’s customizing the application.readiness to buy. Leads who visit web pages, Activity Score • illing to spend extra time Wopen emails, and respond to offers are creating workflow to create Clicks link in email +3showing high interest. Visitors to a product and display your score.page are exhibiting better buying behavior Completes form +5than visitors to your careers page. See Visits product benefits page +3examples of behavioral scoring to the right. Visits any company web or blog page +1But the type of activity is only one dimensionof behavior. It does not identify yourprospect’s place in the buying cycle. Whenyou dig deeper into the behaviors that areoccurring, like in the second chart, you are Behavioral Scoring with Importancegoing beyond behavior and identifying the Activity Score Importance Total Scorebehavioral importance. For example, youshould score a prospect that clicks a link in Clicks link in email about industry +3 +1 4an email about a product discount higher Clicks link in email about company +3 +5 8than one who clicks on an industry link, asthe product link indicates buying behavior. Clicks link in email about specific product +3 +10 13For more details on implicit scoring,see Getting Started With Lead ScoringBasics (pg.15) and Advanced ScoringStrategies (pg.28). © 2010 Marketo, Inc. All rights reserved. 12
  13. 13. Part TwoLead Scoring BasicsActive vs. Latent buying behavior These activities imply different levels of sales- Active and LatentBehavior is complex and multi-dimensional. readiness and require different follow-up.You need systems to evaluate and value Activity Behavioral Points Earneddifferent kinds of behavior. The most In this example you can see the first lead, Lead 1: Crissy – Activeimportant distinction lies between active vs. Crissy, is showing very active buying behavior,latent buying behavior. The benefits come while the second lead, Jen, is exhibiting Today Download a sample RFP 10from adjusting your scoring accordingly. latent buying behavior. Yesterday Watched a demo 12Active buying behavior identifies “hot” leadsbased on activities that demonstrate sales- 5 days ago Visited a pricing page 10readiness and current interest. Latent buying 10 days ago Visited trade show booth 4behavior, on the other hand, involves lower 36engagement activity. Lead 2: Jen – LatentUnderstanding the difference is crucial. Last week Downloaded a white paper 3For example, imagine two similar prospectsexhibiting different behaviors. One has Last month Downloaded a white paper 3downloaded an RFP, watched a demo 2 months ago Checked link in email 2and visited the pricing page - all very active 3 months ago Checked link in email 2buying behaviors. The other prospect hasmade several repeat visits to the same page 3 months ago Checked link in email 2over a longer period of time with no implicit 3 months ago Viewed 5 web pages 5interest in your product or service. Whilethese prospects might both achieve the 4 months ago Downloaded a white paper 3same overall engagement, one is active 4 months ago Registered for a webinar 2while the other is latent. When creatinga lead scoring model it is important to ensure 4 months ago Viewed 4 web pages 4you are able to adjust your scoring to take 5 months ago Attended a webinar 8these different buying behaviors into account. 6 months ago Registered for a webinar 2 36 © 2010 Marketo, Inc. All rights reserved. 13
  14. 14. Part TwoLead Scoring Basics Case Study Jigsaw – Understand and ExpandData Quality and other Implicit Lead Scoring 1. ontacting leads with complete information CSometimes, the quality of prospect data tells improves the quality of communication. Jigsaw – a leading provider of businessyou if they are likely to fit your ideal customer 2. ou can scale your marketing efforts, as you Y information and data services – utilizes theirprofile. Typically, data quality scoring rules are know all their contact points: email, address own data append services to simultaneouslyused to “take points away” in order to focus phone, etc. 1) keep forms short 2) feed their leadon prospects with good data quality. 3. rofiles often reach completion when close P scoring model and 3) give sales reps more to purchase and emphasize sales-readiness. understanding of the prospect.Examples of data quality scoring can include Key demographic criteria that is appendeddecreasing a prospect’s score if the email However, the data has one intrinsic flaw: it is and scored includes:address comes from common email domains easier to find data on public companies than(gmail.com, yahoo.com, mac.com, hotmail. private companies. Do you really want to leave • Industrycom, etc.); if the first or last name do not your private company scoring data to chance? • Job Titlecontain any vowels; or if the “inferred • Job Rolecompany” name based on the IP address • Locationmaps to an ISP and not a corporate domain. • Company Size • Annual RevenueFinally, you can also increase or decrease • Phone Numbera prospect’s lead score based on theinformation you can infer from their IP about Once a prospect reaches a score thresholdtheir geographic location. This is especially based on a combination of thoseuseful if you only operate in certain countries. demographics and engagement with Jigsaw (web content, physical event visit, email clickFocusing on the Data Score through, etc.), the lead is passed to a salesA data score is a very simple type of lead rep for follow up. The sales rep has the optionscoring that only considers the completeness to expand reach within that account by usingof fields in a CRM or marketing automation automation to send emails to more leadssystem, and is best used in conjunction with within that account. This enables an ongoinga more comprehensive lead scoring program. process – the scoring model continues to helpIn this type of scoring, a lead would receive prioritize demographics and activity for that100% if all key information is complete, expanded list of people receiving nurturingand 50% if only half the data is available. emails, alerting the rep automatically whenThis type of scoring can provide three boosts a new lead reaches a scoring threshold whereto a sales process: they too should receive a follow up call. © 2010 Marketo, Inc. All rights reserved. 14
  15. 15. Part ThreeGetting Started With Lead Scoring © 2010 Marketo, Inc. All rights reserved. 15
  16. 16. Part ThreeGetting Started With Lead ScoringLead Scoring BasicsOften the hardest part of lead scoring is getting started.Not because it’s complicated, or time-consuming, but because you needsome knowledge to kick start your program. Now that you know why youshould be doing it, this section will focus on how to get started with leadscoring, plus give you all the support and information you need to getit right from day one.First, let’s see where you are with your lead scoring system:Do you have a scoring system in place?a) No, but we’re working on putting processes in place.b) Yes, but it’s a lot of manual work.c) Yes, we have an automated scoring system.Does your organization segment leads and hand them off to sales based on their propensity to buy?a) No, all leads are treated the same.b) Yes, all leads are categorized and passed to sales.c) es, all leads are categorized, qualified and passed to sales only when their score reaches Y a specific threshold.If you answered A or B to either of these questions, you should continue with this chapter.If you answered C to both questions, you should move to Advanced Scoring Strategies (pg.28). © 2010 Marketo, Inc. All rights reserved. 16
  17. 17. Part ThreeGetting Started With Lead ScoringGetting Started with Lead ScoringGather information Align sales and marketing objectives Selecting the score criteriaStart by getting together with your sales team Your sales team must review and approve In the following four pages you will seeto gather data that indicates your buyers’ your information and your buyer personas. a list of possible demographic and behavioralinterest or sales-readiness. Focus on the most relevant and common scores. This is to help you think of different findings and you will soon be able to: scoring attributes that may be relevant to yourReview the following: organization, including those that will have• Past deals and current opportunities • Align marketing and sales to create the a negative effect on scoring. Make copies of• nline activity log: See what pages O profile of an ideal customer, and define these pages for everyone who is going to help prospects visited and the sources, what constitutes a sales-ready lead. create the lead scoring model. Make sure or referring sites. there are some team members from sales• ales logs: Find out past interactions with S • stablish a lead methodology (e.g. using E and some from marketing. Have each person: sales, and the activities and campaigns that points, letter grades, or the terms “hot,” touched the prospect before the purchase. “warm,” and “cold”). • heck off the boxes that they think should C be included in the lead scoring modelYou can test your lead scoring by running • Determine a score threshold that will • ext to each checked off score, mark Nreports of actual leads accepted by Sales indicate a “sales-ready” lead. whether the attribute is critical, important,and see if they mirror your high-quality lead influential, or negative.definition. If not, then simply revisit the • Assign lead scores according to explicit data behaviors and demographics that such as demographic and BANT attributes.did contribute. When you meet with your sales team,Determine your ideal target start with simple demographic scoreUse all relevant information, including ideas and ensure everyone contributes.demographic and behavioral scoring, to create The following worksheets will give you ayour target buyer profile. Think about explicit starting point for identifying the demographicsand implicit attributes and assign points based and behaviors that count in your business.on their relevance. © 2010 Marketo, Inc. All rights reserved. 17
  18. 18. Part ThreeGetting Started With Lead Scoring50+ Explicit Scores to ConsiderPotential individual-specific demographic Potential company-specific demographic Relationship scoring rulesscoring rules scoring rules Title Rankings/Stock Indexes: Fortune 500/Inc Account type (Potential vs. Actual) Role 500, etc Customer Purchasing authority Number of employees Partner Number of direct reports Company revenue Competitor Level of manager (to whom do they Revenue growth (growing, declining, etc) Prospect report?) Company financial viability Investor Years of experience Number of divisions Previous relationship Specialties Number of products sold (sku’s) Ex-customer Type of email used (Gmail, corporate, Location Lost opportunity Yahoo) City Product(s) purchased Years at current position State Complimentary technologies used (CRM, Designations/Certifications Zip ESP, ERP, CMS, MRM, MA) Honors and awards received Country Recycled count Social network participation Phone area code Lead source Social network connections Headquarters or satellite Website Social network influence Location of branches Sponsorship Public recommendations Size of branches PPC Affiliations - groups and associations Website traffic Content syndication Career interests Website plug-ins Online ad Personal interests Year founded Budget defined (Monthly, Quarterly, Degrees received Organizational structure (proprietorship, Annually) partnership, corporation) Timeframe (Project completion deadline) Geographic markets served Competitors Partners Fiscal year end Industry Did everyone in sales and marketing mark the same attributes? Discuss any that don’t match and then compare to your reporting and buyer personas you have created. Do the demographics match your personas and the data in your reports? If not, discuss these with the group. © 2010 Marketo, Inc. All rights reserved. 18
  19. 19. Part ThreeGetting Started With Lead Scoring200+ Behavior Based Scores to Consider (Implicit data) Online demo pplication directory (Google A Blog posts Manuals RSS/XML feeds Open Marketplace/Appexchange) Viewed Viewed Viewed O pened demos for Integrated Viewed multiple times Viewed multiple times Subscribed multiple products Utilized post integration Commented Downloaded Subscribed to multiple Watched Clicked link inside Clicked link inside Watched multiple times Phone call Rated Images Watched different demos Answered S hared via social sharing Reference guides Viewed C all lasted more than 2+ button Viewed Viewed multiple times Live demo minutes Viewed multiple times Downloaded Scheduled discovery call C all lasted more than 5+ Press releases Downloaded P articipated in discovery minutes Viewed Clicked link inside Videos call C all lasted more than 15+ Viewed multiple times Viewed Scheduled initial demo minutes Clicked link inside Workbooks Viewed multiple times Participated in initial demo Called in (inbound call) D ownload asset promoted Viewed Downloaded Scheduled follow-up demo inside Viewed multiple times Clicked link inside P articipated in follow-up Widget Downloaded demo Interacted with Books/eBooks Clicked link inside Recorded webinars/ Downloaded Viewed webcasts Free trial H osted a free version on Viewed multiple times Case studies Registered Downloaded their website Downloaded Viewed Viewed Participated Clicked link inside Viewed multiple times Viewed multiple times Articles Downloaded Downloaded Free software Viewed Product data sheets Clicked link inside Clicked link inside Downloaded Viewed multiple times Viewed R eached out and did Utilized post download Clicked link inside Viewed multiple times a reference with Live webinars/webcasts P urchased or downloaded Downloaded Downloaded Registered for additional licenses Clicked link lnside Emails Viewed M ultiple licenses being Presentations Opened Commented during used at one time Viewed Brochures Opened multiple times Asked question during Viewed multiple times Viewed Clicked in R eviewed follow-up Clicked link inside Viewed multiple times Clicked in multiple times recording Downloaded Downloaded Rated event Clicked link Inside © 2010 Marketo, Inc. All rights reserved. 19
  20. 20. Part ThreeGetting Started With Lead Scoring200+ Behavior Based Scores to Consider (continued) Livestreamed events Web pages Online courses Podcasts Additional Behaviors Registered for Viewed landing page Viewed information on Listened Viewed F ills out form on landing Registered for Listened multiple times Commented during page Completed Downloaded Asked question during U ses instant chat Registered for multiple Subscribed R eviewed follow-up functionality Completed multiple recording U ses request a call back Videocasts Rated event functionality Certifications Viewed Viewed webpage- any Viewed information on Viewed multiple times Surveys V iewed webpage- product Registered for Downloaded Visited specific Received certification Completed Viewed webpage- pricing R eceived multiple Viewed results V iewed webpage- certifications How does this compare with P articipated in multiple customer pages or reviews your reporting? Do the behaviors match the data? If not, discuss surveys Viewed multiple webpages Community these with the group. V iewed multiple webpages Submitted an idea Tradeshow in one week Submitted multiple ideas Attended Shared via social sharing Read about best practices Visited booth Browser used Read about ideas Watched demo Visit Knowledge base A ttended multiple Search Activity R ead about product tradeshows S earches for company information name Asked a question Roadshow/Seminar Searches for product name Asked multiple questions Registered S earches other (scored on Answered a question Attended term) A nswered multiple Attended multiple events Search engine used questions Shared a best practice Microsites S hared multiple best Viewed practices Shared via social sharing © 2010 Marketo, Inc. All rights reserved. 20
  21. 21. Part ThreeGetting Started With Lead ScoringBad Behaviors (Implicit data)While most activities give positive scores,there are actions that do the opposite.Activities that deserve a negative scoremay include: Email unsubscribe Non-product web visit Career page Press room Investor page Leadership page website activity for a long period No of time Change in purchase timeframe No progression in buying cycle Added to “Do Not Call” list Spam complaint Negative social media comment Declines contract/warranty renewalDon’t ignore negative scoring attributeswhen building your model. Use themto your advantage in conjunction withother scoring methods. © 2010 Marketo, Inc. All rights reserved. 21
  22. 22. Part ThreeGetting Started With Lead ScoringCreating an Explicit Scoring Model Scoring Demographics – Our ExampleNow that everyone on the team has idenfied Attribute Value Scoresthe critical, imporant, and influencing factors Critical: (10-15 points)that should affect your lead score, you mustcreate the lead score itself. First, compare Title Director or VP +12the suggestions by each of the team Industry Healthcare, Financial, or High Tech Industry +10members. Does everyone agree? Differencesshould be discussed so that the best scoring Purchase Authority Decision Maker +15model can be created. You will want to make Company Revenue Greater than 500 Million +10a list of the agreed factors, and assign a score Product Using competitive solution +15to each. Timeline Identified, less than 3 months +12 Important: (5-9 points) Location US +8 Company Revenue 100 Million to 499 Million +8 Title Manager +7 Timeline Identified, more than 3 months, less than 8 months +5 Influencing: (1-4 points) Location English Speaking, Non US +4 Timeline Identified, more than 8 months +3 Title Analyst, Coordinator, or Specialist +4 Company Revenue Less than 100 million +1 Negative: Title Student -15 Title Consultant -5 Industry Services -6 Industry ecommerce -10 Location Non English Speaking Country -10 © 2010 Marketo, Inc. All rights reserved. 22
  23. 23. Part ThreeGetting Started With Lead ScoringYour Turn Scoring Demographics – Your TurnInsert the demographic attributes Attribute Value Scoresimportant to your organization in the space Critical: (10-15 points)to the right. Mark the appropriate score nextto the attribute. © 2010 Marketo, Inc. All rights reserved. 23
  24. 24. Part ThreeGetting Started With Lead ScoringCreating an Implicit Scoring Model Scoring Behaviors – Our ExampleHere is our sample for scoring on behaviors. Behavior ScoresYou will notice we identified specific active Critical: (10-15 points)buying behaviors as critical, and more latentbehaviors, like visiting a general web page, Visits pricing pages +10as influencing. Downloads Marketo reviews +12 Timeline 3 months +15 Watches demos +5 overview demo +10 detailed demo Important: (5-9 points) Downloads buyers guides +8 Downloads data sheets +8 Searches for “Marketo” +8 Heavy web activity +5 Influencing: (1-4 points) Watches any webinar +4 Downloads any white paper +2 Watches any video +2 Visits any web page +1 Bad Behavior: (negative points) Email unsubscribe -10 No website activity for one month -5 Added to “Do Not Call” list -5 Negative social media comment -4 Visits career page -2 Visits investor page -2 © 2010 Marketo, Inc. All rights reserved. 24
  25. 25. Part ThreeGetting Started With Lead ScoringYour Turn Scoring Behaviors – Our ExampleInsert the scoring behaviors for your Behavior Scoresorganization in the space below. Mark Critical: (10-15 points)the appropriate score next to the attribute. Important: (5-9 points) Influencing: (1-4 points) Bad Behavior: (negative points) © 2010 Marketo, Inc. All rights reserved. 25
  26. 26. Part ThreeGetting Started With Lead ScoringWeighting Behavior vs. Demographics in You will want to review your scores to make Identifying Sales-ready Leadsyour Scoring Model sure that those you would want to send toWhile you will list the demographic and sales actually meet the minimum score to be Most concur it’s important for sales and marketing to agree onbehavioral scores separately, you will add sales-qualified. This will often occur if basic which leads should be passed from marketing to sales and which should stay in the nurturing queue. To make sure the two teamsthem together in your scoring model to demographics are close to target and the are in agreement it often helps to create a chart, like the one below.make your total lead score. Review the lead has participated in one or two critical In the example you can see how we use demographic and behaviorscores to make sure that for a typical behaviors. This is very important because if scores to decide which leads will be sent to sales.sales-ready lead the demographic score you send too many leads to sales they maymakes up no more than half of the total use their time inefficiently, and if you send too Which leads should go to sales?score. This is important, as a lead that does few leads the reps will not be able to sustain Behavior Scorenot have any behavior, active or latent, their pipeline. Refine the scoring until the 50• 24-50 0-25 0may not be ready for sales interaction. appropriate leads are being sent to sales. 1 2 3 4Identifying Sales-ready Leads What happens if a lead doesn’t reach the Demographic Score 50+ ANow that you’ve created a lead scoring threshold? Put them into a nurturing trackmodel, you will need to determine the until they show sales-readiness with 24-50 B threshold – the point where you hand over implicit behavior. 0-25 Ca prospect to sales. How is this threshold 0 Destablished? Start by looking at pastopportunities. At what point does yourtypical lead appear sales-ready?Do you only want to pass ‘A’ leads overto your reps? © 2010 Marketo, Inc. All rights reserved. 26
  27. 27. Part ThreeGetting Started With Lead ScoringPre-deployment optimization Post-deployment optimization Allowing sales to control the scoreYou need to test your scoring system on As soon as you start seeing results When a sales rep disagrees with a lead score,existing pipeline leads and opportunities you should be revising your scoring and believes it is not sales-ready, it may causebefore you launch it. Here’s how to set and associated processes. You must optimize the lead to be ignored, or placed into a staticup your own test bed: your lead scoring for the changing market stage. To prevent this you should give your dynamics, new products, etc. Holding regular sales reps the opportunity to alter the score,• ake a random sample of records in T meetings with marketing and sales to review allowing them to put the lead in the proper the company’s CRM system (open and update the most accurate scores stage. If too many leads are coming back opportunities, closed lost, etc.). is a prerequisite. to marketing, you know it’s time to update• xamine each contact’s demographic E the scores. characteristics and activity records. • eview scores of won and lost R• ssign each record a score based on A opportunities. Did your top prospects have When you give your sales reps the the new lead scoring criteria. the top scores? opportunity to recycle leads and alter scores,• xamine the percentage of your sample E • ook closely at high scoring leads that don’t L then you can monitor and tweak scoring that would qualify as a sales lead. turn into opportunities. What can you do to weights. If too many leads are coming back to improve scoring to prevent the wrong leads marketing, then changing the score threshold,If your ideal prospect is a marketing director coming through with a top priority score or score values, becomes an option.at a Fortune 500 company who attended a from marketing?product-specific webinar, then a combination • ook at demographic segment scores for Lof those attributes should equal, or exceed, region, title, and company to see if scoresthe threshold-point barrier to qualify them are improperly adjusted.as sales-ready. • ook at online behaviors to ensure L actions taken by your best leads are properly scored. Regular conversation allows marketing and sales to analyze and adapt the lead scoring system based on what they’ve learned and helps develop a shared idea of what needs to be done for improvement. For more on this see “The Feedback Loop” in the next section. © 2010 Marketo, Inc. All rights reserved. 27
  28. 28. Part FourAdvanced Scoring Strategies © 2010 Marketo, Inc. All rights reserved. 28
  29. 29. Part FourAdvanced Scoring StrategiesProduct Scoring How Marketo does Product ScoringUntil now, we have looked at how to measure General behavioral scoring measures interest Marketo’s Revenue Performancea lead’s general interest in your company. But in your company, but product scores allow Management suite consistswhat if we want to score leads for multiple, you to measure interest in what you’re of three core products: Marketodistinct products? actually selling. Lead Management, Marketo Sales Insight and RevenueCompany X sells phones and phone headsets Product scoring has the potential to become Cycle Analytics. By having ato the North American market. Let’s assume very complex. We don’t have to necessarily separate score for each product, Marketo can adjust the messagethey sell only one kind of headset and one measure interest, e.g., for each stock keeping the customer or prospectkind of phone, and there is one customer unit (SKU) separately. But most sophisticated is receiving.profile for both products. marketing automation systems will allow you to do this and assess relative interest in aWith two lead scores – one for each product specific product, product line, or SKU through– Company X’s demand generation team product scoring.gathers deeper insight: a sales manager can,for example, assign leads to a specific sales repwho can follow up – with relative certainty –that there is purchase intent for the product. © 2010 Marketo, Inc. All rights reserved. 29
  30. 30. Part FourAdvanced Scoring StrategiesAccount Scoring Score DegradationB2B buying decisions are becoming more Setting boundaries for your prospects’ Case Studycomplex. Procurement processes are scores helps manage your marketing pipelinedesigned to minimize the risk of big purchase inventory. For example, you may want QlikTech – Global Scoringdecisions. The number of people involved to score early awareness behavior fromin each committee depends on the size of 0 – 30; introduce a new range of 30-70 QlikTech – provider of a powerful, accessiblethe buying organization as well as the cost as the prospect company starts to explore business intelligence solution enablesand importance of the purchase. Amongst and commit to change; and a 70-100 range organizations to make better and fastertech companies, for example, purchases as they move to conversion. You need to decisions – operates around the globe,valued at $100,000 - $1M, are typically made offset the natural growth in points that can with a focus in 13 key regions. To roll outup of four to eight people (according to accumulate from non-active buying behavior. an effective lead scoring program globally,MarketingSherpa and TechWeb’s Business QlikTech started with a simple globalTechnology Buyer Survey, 2009). The buying Score degradation, often called score corporate scoring model first and thenunit gets bigger as the price goes up. decay or negative scoring, reduces enabled each region to modify local scoring over-inflated scores or brings down scores to reflect their specific requirements,Expect every individual on a buying as buyer intent changes (e.g. moving out programs and language.committee to score points as normal, though of active buying mode).in some scenarios, no individual will pass the Scoring at QlikTech includes rules at the globalsales-ready threshold, but the sum of their You can introduce a decay mechanism level, at the regional level and at the productbehavior tells a very different story. A flurry with a reoccurring score reduction, level to track downloads. These rules allof activity from one company is a solid either as a simple subtraction, or a contribute to a lead’s score dependingbuying sign. percentage reduction. on their actions.An account score groups the individuals Another boundary-setting tactic is a score For QlikTech, scoring is an iterative processinvolved in a buying process and provides cap. In this scenario, a lead score cannot grow of improvement between Sales and Marketinga group view of readiness to buy. You can use above a certain point unless certain criteria as well as between Corporate and Regionala sum, an average or even a weighted average are met (e.g downloaded a certain asset, Managers. Ongoing reviews help ensureof individual scores, until the group reaches or interacted with a sales rep). scores are continually adjusted and refined sosales-ready status. Sales is getting the right quantity and quality Demographic scores can change with new of qualified leads.Effective account scoring must determine information to qualify or disqualify the lead.which individuals belong in the same Such scores usually rely on explicit data,account. You can group by accounts in your such as job title, but can be set back by newCRM system, or use sophisticated marketing behavioral data. If a lead makes repeated visitsautomation systems, to infer connections to your careers page, they are indicating abased on IP addresses and company names. change of profile that needs a lower score. © 2010 Marketo, Inc. All rights reserved. 30
  31. 31. Part FourAdvanced Scoring StrategiesThe Feedback Loop The Feedback Loop - How Marketo Does ItLead scoring methodologies, especially whennew, are an imperfect science. You meet withsales, build common definitions, and assignscores based on your understanding of thebuying process.It is the feedback loop that turns guessworkinto accurate predictions of sales-readiness.Don’t undervalue simple, ad-hoc discussionswith the sales reps that receive the firstqualified leads. Their feedback allowsyou to measure insight against the scoresand interesting CRM information. Forexample, at Marketo, a discussion with thetelequalification team led to score reductionsfor careers page visitors to screen out jobapplicants.A structured check-up process is another wayto assess your lead scoring campaign, examineyour complete lead database and segments aswell as individual leads. © 2010 Marketo, Inc. All rights reserved. 31
  32. 32. Part FourAdvanced Scoring StrategiesLead Scoring Check-up ProcessSchedule check-up processes • uild a list of disqualified sales leads B How Marketo Does Itat least quarterly. and note their favored assets for meaningful differences with the opportunities list. Marketo’s demand gen team• Take stock of your database scores. • nderstand relative importance of implicit U reviews its own lead scoring rules on a regular basis. How many leads have scores between vs. explicit indicators. Marketers often In addition to talking with sales, 0 – 10, 10 – 20, 90 – 100, etc. Where do overestimate the importance of latent we evaluate our lead scoring the majority of your leads lie? Do outliers behaviors (e.g. downloading a new campaigns against their specific with very large scores indicate scoring white paper). ability to predict the creation methodology errors? Is a scoring decay • sing your customer list, focusing on the U of a prospect opportunity. mechanism in place? latest wins of your target market, evaluate The metric, Campaign Member• Do you have new pieces of collateral and their demographic scores against the to Opportunity Conversion are they being scored properly? Remember qualification threshold. If they fall below it Ratio, is key in deciding which online behaviors are truly that significant changes, such as a website then you need to adjust both your positive indicative of active buying redesign, change your marketing collateral and negative scoring campaigns. behavior, and which behaviors ecosystem – meaning your scoring may need • ssess who in the buying organization A we scored more heavily after to be reviewed. was pivotal to the closed deal. A common one of our scoring reviews.• Build a list of new opportunities created mistake, outlined by SiriusDecisions in their since the last check-up. Which online paper, When Good Lead Scoring Models behaviors were most correlated with Go Bad, is to overestimate the C-suite’s moving to the opportunity stage? Which influence over buying decisions. Example: New Opportunities This Quarter – content assets performed best? A marketing • ake changes and capture adjustments M Interaction with our Online Assets automation system that integrates in the scoring campaigns. Sophisticated seamlessly with your CRM can deliver this marketing automation platforms – through Asset % of Opportunities information for you (see next page). catch-up campaigns – make it possible Pricing Details Page 95• Evaluate accuracy of BANT information for you to retroactively score leads with to overcome the inherent weakness new methodology and create a potentially Contact Us Page 91 of self-reported information. Use data massive shift in lead position. Case Study + Contact Us Page 89 from qualified sales leads and actual Pricing Page 87 sales to compare actual vs. self-reported BANT figures. State of the Industry - Analyst Report 77 Case Study 33 Webinar 15 Careers Page 12 © 2010 Marketo, Inc. All rights reserved. 32
  33. 33. Part FourAdvanced Scoring StrategiesAdvanced Scoring - Additional ConsiderationsRemember that buying behavior will never SiriusDecisions Demand Spectrumbe 100% predictable. Behavior will dependon factors of size, industry, etc. Public Demand Type Key Characteristics Key Requirementscompanies, enterprises, and mid-market, Disruptive product/servicesall have different buying approaches.A well-segmented database provides more New Concept No budgetary line item Market Leadershipstable, predictive models. Requires issue creationIn an established market, buyer familiarity, Retools existing processbudgets and buying processes are more likely New Paradigm Solves current problem better Process/Solution Changeto be defined, making scoring easier. Replaces current line itemThe SiriusDecisions Demand Spectrum to the Necessary product/serviceright sheds some light on how demand type Established Market Highly contested market Competitive Positioningimpacts meaningful BANT collection: do notadd BANT variables to scoring unless you Trying to steal market shareknow it’s relevant. SiriusDecisions Brief, What’s the Score © 2010 Marketo, Inc. All rights reserved. 33
  34. 34. Part FiveLead Lifecycle Management © 2010 Marketo, Inc. All rights reserved. 34
  35. 35. Part FiveLead Lifecycle ManagementLead Lifecycle Management Case StudyAs you begin to develop and improve your lead scoring, it’s MarketSource – Revenue Cycleimportant to consider your overall revenue cycle. Your revenue cycle, Model and Sales/Marketingtraditionally called a “funnel”, starts with your demand generation Alignmentprograms, and ends with a closed deal and new customer. The MarketSource, a leading provider of salesnumber of stages between these points depends on your internal and marketing services, uses a revenuemarketing and sales processes. cycle model to help marketing and sales to work together for execution and process improvements. The model maps lead stages,Revenue Cycle Management velocity and blockages and the reportingConsidering your new lead scoring system’s helps define lead scores for movementplace in your revenue cycle will help you see between stages.the big picture and clearly show you if yourprocess needs to be more robust to cover No Lead Left Behind John Ledoux, Revenue Engineer foradditional stages of your revenue cycle, The example above ignores an important rule The Pedowitz Group, who manages thebeyond its main “when to pass a new lead of revenue cycle management: no lead left lead to revenue process says: “The Revenueto sales” purpose. behind. Leads should never reach a dead end Cycle Model provides a microscope into my in your revenue cycle. Below is a different marketing. If we see that leads are gettingFor example, it’s easy enough to draw example that turns the philosophy into action. stuck at the Marketing Qualified Lead stage,a simple representation of your current then we need to review our nurturingrevenue cycle. Here, anonymous visitors In the new model, a new stage titled “Names”, programs to ensure we are communicatingimmediately become leads, then holds incoming prospects as they enter your effectively to move prospects to the nextopportunities, and ultimately customers. revenue cycle. As you may only wish to push stage. Likewise, if we are seeing too many some of them straight to sales, but for the disqualified leads at the Sales AcceptedUnfortunately this revenue cycle, although rest you can use tactics like email nurturing Lead stage, we are able to adjust our scoringsimple, leaves a lot to be desired. It passes to further engage with them and use your and our process accordingly.”every new unqualified name to sales. So what lead scoring system to decide when theyhappens to the leads that do not become become sales-ready.opportunities? How many opportunities arelost if they simply drop out of your process?These leads should stay alive, as they couldresurface one day with the budget andexecutive support they originally lacked. © 2010 Marketo, Inc. All rights reserved. 35
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