Why lead scoring is good for you and how to go about it
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Why lead scoring is good for you and how to go about it

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Lead scoring is a must-have tool for today’s B2B marketer. It helps marketers to generate leads that are better qualified, lends direction to their marketing efforts enabling them to focus on the ...

Lead scoring is a must-have tool for today’s B2B marketer. It helps marketers to generate leads that are better qualified, lends direction to their marketing efforts enabling them to focus on the more important ones and also fuels better revenue generation by providing insights for lead nurturing programs. While the idea of lead scoring sounds pretty alluring, a surprising number of businesses fail to engage in it, purely due to lack of knowledge. This whitepaper spells out the benefits of lead scoring and tells you how to create a basic lead scoring model that you can use.

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    Why lead scoring is good for you and how to go about it Why lead scoring is good for you and how to go about it Document Transcript

    • WHY LEAD SCORING IS GOOD FOR YOU AND HOW TO GO ABOUT IT
    • Executive SummaryLead scoring is a must-have tool for today’s B2B marketer. It helps marketers to generate leadsthat are better qualified, lends direction to their marketing efforts enabling them to focus on themore important ones and also fuels better revenue generation by providing insights for leadnurturing programs. While the idea of lead scoring sounds pretty alluring, a surprising number ofbusinesses fail to engage in it, purely due to lack of knowledge. This whitepaper spells out thebenefits of lead scoring and tells you how to create a basic lead scoring model that you can use.What is Lead Scoring?Lead scoring is the process of assigning points to prospects that indicate the prospect’s interestlevel in the business offering. Points or scores are assigned to the prospect based on theirattributes and behavior towards the company’s marketing efforts. For example, a prospect who isthe part of the decision making team in the buyer company and has been a regular visitor of theseller’s website will score more and rank higher than a prospect who is in the executive level orhas shown minimal interest in the seller’s website or e-mails.Top 3 Benefits of Lead ScoringGet Qualified LeadsIs your sales team complaining of poor quality leads? Are your salespersons citing leadquality as a reason for not being able to close deals? You can put an end to this sales-marketing banter with lead scoring. Lead scoring lends a logical and scientific angle tothe process of categorizing leads ensuring that the leads passed on to your sales teamare of good quality. There’s no room for subjectivity as you classify leads based on thepoints earned by them, owing to their behavior and attributes.Prepare Personalized Marketing ProgramsDepending on the score of your prospects, you can categorize them into variousmarketing programs. Some with high scores could be passed on to sales immediately,while some could be put on suitable lead nurturing programs. Lead scoring allows youto design personalized marketing programs for each bucket of prospects depending ontheir interest levels, thus enhancing your chances of closing deals.
    • Know Whom to Splurge OnDo you spend a lot of time, effort and money on prospects who just don’t respond?Lead scoring will help you determine which prospects are worth the investment, andallow you to prioritize your marketing expenditure accordingly. Invest more time inprospects with a higher score and let your automated lead nurturing programs handlethe others.Creating a Lead Scoring Model that WorksKnow What CountsThe first step is to determine the aspects based on which lead scores would be assigned.Examples include prospect attributes such as age, location, title, decision making authority orprospect behavior such as response towards your e-mail marketing campaign, website visits ordigital footprint. When assessing prospect behavior, make sure you take into account all thetouch-points that have been a source of prospect interaction.Assign WeightOnce you have identified the aspects, the next step is to assign weight to each of them. Not allprospect attributes or behavior are equal. For example, consider an e-mail sent by your companythat is opened by 2 prospects—one being the CEO and the other being the purchase manager.Obviously, the CEO should score higher simply by the virtue of his position in the organizationalhierarchy that will help you close the deal faster.Determine Threshold LimitsWhen creating your lead scoring model, be sure to spell out the threshold limits peractivity/attribute. Threshold limits help the score stay realistic and prevent unwarranted leadscore inflation. For example, suppose a prospect opens your marketing e-mail 5 times, would itmake sense to score them 5 times? If not, you can set a threshold limit to the number of timesyou want the score to be applied.While creating a basic lead scoring model is easy, its accuracy depends on the co-ordinationbetween sales and marketing. For the leads scoring model to work, marketing and sales will needreal-time updates from each other about prospect behavior. Marketing automation programs may
    • be used to bridge the gap between the marketing and sales functions, thus strengthening yourcompany’s lead scoring model.
    • For the past 14 years, MindMatrix has been aligning sales and marketingfunctions for over 20,000 sales and marketing profes sionals across 200companies, from diverse verticals through its innovative sales andmarketing software and solutions.Unique to the industry, MindMatrix offers Next Generation MarketingAutomation software on a single unified platform for Sales and Mar keting.Our solutions bring about a seamless integration of the 2 functions helpingour clients derive the maximum benefit from their investment in marketingand sales automation.Contact me today to know more about how MindMatrix solutions can helpyou align your marketing and sales processes for improved results.