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How to Create Lead Scoring Models with Marketo Examples

  1. Lead Scoring Behavioral & Demographic Examples Dan Radu Marketing Automation Consultant
  2. What is Lead Scoring? The Lead Score determines a prospect’s level of interest and ranks their profile Why is this important? • Less than 25% of new leads are sales-ready1 • 10% increase in lead quality can translate into 40% increase in sales productivity2 • Decreases the sales cycle time from lead generation to sales conversion3 References 1. 2. 3. Your No-Nonsense Lead Nurturing Plan, Erica Stritch,, The Definitive Guide to Lead Scoring, Marketo, pg. 6 The Definitive Guide to Lead Scoring, Marketo, pg. 48
  3. Behavioral & Demographic Engagement • Opens • Clicks • Page Visits • Downloads • Responses • Meeting Requests • Webinar Attendance • Website Search Query Profile • Revenue • Industry • Number of Employees • Country • Job Title • Role (e.g. Buyer, Supplier, Job Seeker) Data Vendors
  4. Marketo Tokens
  5. Meeting Request Example Smart List Flow Who What {{my. Engagement – Fills Out Meeting Request}} = +50
  6. Job Title Change Example Smart List Flow Who What {{my. D – Job Title - High}} = +20 {{my. D – Job Title – Mid }} = +15 {{my. D – Job Title – Low }} = +10
  7. Lead Scoring Matrix Indicator Lead Score A 1 Hot 81 to 100 B 2 Warm 51 to 80 C 3 Cold 0 to 50
  8. Leads in CRM Microsoft Dynamics CRM – Best Bets CRM – Sales Insight
  9. Plan and Execute Before • • • • • • Definition of a “lead” Buying behavior Personals Ideal customer profile Sales readiness threshold Sales funnel During • Work closely with sales • Identify behavior / demographic scores and their importance • Establish a lead methodology / indicators • Sample test After • • • • Monitor and review Regular conversations with sales Exclude yourself and your team Adjustments based on new findings
  10. Lead Scoring Decay When should lead score decrease?
  11. Lead Scoring Decay • Browsing job descriptions • Lack of engagement • Unsubscribes • Spam complains • Do not call requests • Undesired country • Unsuitable industry
  12. Lead Scoring Decay • Personal email addresses • Looking for “free services” • Unrealistic interest in products • Negative social media comment
  13. Lead Scoring Decay • False name (e.g. does not contain a vowel) • Inadequate budget • Limited decision making power • Job title is “Student”
  14. Thank You Dan Radu Marketing Automation Consultant 647 760 8629 Skype: Macromator

Editor's Notes

  1. The presentation is on LeadScoring, looking at both behavioral and demographic profiling. The examples given are based on Marketo marketing automation software, however these principles can be used in many of the other software solutions.
  2. You as a marketer have to know when leads are ready for sales. You can’t just pass on a list of leads. You don’t want to have sales focus on bad leads and you don’t want to waste sale’s time. That is why a score helps you categorize what’s “hot” and what is “not”Lead scoring is almost like dating. You need to select who are you going to spend your time with, who matches your criteria and who do you want to start a relationship with.Marketing automation offers the technology to gather this information before hand.
  3. There are two dimensions here. You have to take into account both behavioral engagement and the demographic profile. Someone can have a good company profile and have money to spend, however if they don’t show any interaction with you then they are not a good lead.In terms of engagement scoring you could give +1 for opening emails, +5 points for clicking, +10 points for checking out the website, +20 more points for looking at pricing on the website and if they request a meeting that is +50. That is the score for interacting with you.How about profileYou also have to know if you are speaking with the right decision maker.Is this prospect located in a country where you want to sell? I like to keep things organized so I maintain these campaigns in separate folders for Behavioural Engagement and Demographic Profiling. There is Explicit vs. Implicit Information. The explicit information is given to you by the lead but you can also gather a lot of implicit information. You can also use Data Vendors like D&B, InsideView, or Lead411 to fill in gaps in your data. For example if you have a company name, you can look up industry, geography, company size, revenue etc.For example is a so when you get the data, it goes directly into CRM and then into your marketing automation tool.
  4. I like to build lead scoring models using tokens.Do you know what Tokens are? They are like variables, they hold certain values and you can use them to maintain the scores in a central point.The naming convention I like to use is Engagement – [Action] or Profile – [Parameter]In a flow you which would change the lead score you can use this token instead of the number itself. Should you want to change the weight of this score you can just change the token value and that will be reflected in all the campaigns where this token is used.
  5. Here is an actual example. Let’s say you are browsing a company website and you fill in their contact us form to request a meeting. The campaign will campaign will be triggered and the Engagement Score will be changed with the {{Engagement – Fills Out Meeting Request}} token, which is 50 points. The flow is:Change Score with the token valueMark the Request a Meeting Interesting MomentSync this lead to CRMBecause this lead is in CRM, sales wil be able to see it as a new lead. They will be able to see their score and what action they took.
  6. Another example here, a little more complex. In this case when someone gives their job title the change of score flow is starts which will assign a different score based on job titles categories. In this case a CIO, Consultants, CTO are considered more influential and therefore should receive a higher score.
  7. The lead score value by itself doesn’t mean much, unless it’s transformed into meaningful information for sales people. A lead scoring matrix turns the lead score into an indicator. They need to know when to engage and/or start calling.You can get very creative in making the information easy to understand. I’ve even see one marketing automation system showing red chili peppers. I don’t suggest you use apples.
  8. For example, this is how Marketo will present this information in CRM for sales people.Option 1 – Marketo recommendedStars – Score qualityFlames - Urgency Option 2Stars – DemographicFlames – Engagement
  9. When you work on a lead scoring project there are things you should do before hand and also ongoing. Before you start a building lead scoring…. Sales might not even know themselves what a true lead is. They might have conflicting ideas. It must be clearly discussed and agreed.Buying behavour varies from industry to industry. Do they look at webinar videos first and then they call you or do they call you first then they look at webinar videos. Buying personals and ideal customer profile are also important. Our customers are young single mothers vegetarian from the Annex who do hot yoga. How can the marketing automation system identify the leads if you don’t know how your customers look like?Ask yourself also, when is the lead score high enough for sales to engage? What is the threshold?During the process, the most important thing is to work closely with sales to identify behavior / demographic scores and their importance. You should run the lead score for a test sample at different stages. Use some new prospects and some existing customers to see if the score accurately reflects them.After lead scoring is in place it is important to monitor and review. Work with feedback loops with sales.Have regular conversations.Exclude yourself from lead scoring to avoid skewing the data.What needs to be adjusted? For example you can realize that C-Level executives or Technical Decision Makers do not have the influence over the buying decisions which you thought they do.
  10. Lead Scoring doesn’t always go up, it should go down as well.
  11. Examples of situations when lead scoring should go down:-Browsing job descriptions-Lack of engagement-Unsubscribes-Spam complains-Do not call requests-Undesired country-Unsuitable industry
  12. Examples of situations when lead scoring should go down:-Personal email addresses-Looking for “free services”-Unrealistic interest in products-Negative social media comment
  13. Examples of situations when lead scoring should go down:-False name (e.g. does not contain a vowel)-Inadequate budget-Limited decision making power-Job title is “Student”
  14. Those were the best practices I wanted to cover for lead scoring. You can get quite sophisticated with a lead scoring methodology and as I mentioned is an ongoing process.Your comments are welcomed!