It is crucial to know which sales leads are most likely to buy. This will allow you to allocate your resources effectively and optimize your marketing spending. This article will discuss how to create a lead scoring system that suits your business and your target audience.
Lead scoring is a way to determine the quality and sales potential of leads. Highest scores will be awarded to leads that show greater interest in your product/service offerings and who match your ideal buyer persona.
To help you get started with the finer points in lead scoring, here's an Emarketer video:
Lead scoring will highlight the best leads for your company, and can help you save time and money
Not all leads can be created equally
There are many factors that contribute to a company's lead score. You will need to establish clear benchmarks and define
Companies that have implemented lead scoring can attest to its ability to drive higher rates for the following:
Sales productivity – Helping your sales team personalize the pitch to customers
Conversions: Learn to prioritise quality leads over cold leads when you market
Alignment between marketing and sales – both departments have the chance to make informed decisions based upon the gathered data
Criteria for Selection
First, determine the criteria that will be used to assign values to your leads in order for you create a lead scoring campaign. These criteria will help you track and follow up with your prospects to determine which ones are most likely to convert.
As a way to rank your leads, you can use the BANT model (Budget Authority, Need and Timeline). You'll need to evaluate your prospects using this model.
This budget could be the spending limit that companies have set. The criteria should include the tangible benefits that individuals and organizations stand to gain from your products or services. This could be in the form reduced costs or improved efficiency.
This principle also applies to determining which prospects are qualified to have the authority to purchase. Targeting prospects with purchasing power should not be limited to those who can promote your brand to peers (influencers), and those who can act as information gatekeepers to the rest.
This is a way to show customers that you are offering something that they can use to solve their problems. It is important not to target people who aren't relevant.
If your business sells office supplies, it's a good idea to avoid targeting home-businesses as they are unlikely to buy large quantities of office supplies on a regular basis.
This should include the whole buying cycle of your customers. While some customers will have a set time frame for purchasing, others may not.
This window of opportunity is your chance to inform your prospects about your products until they have a clear understanding of their needs, and are ready to place orders with you.
Notice that marketers are often required to consider both indirect and direct factors when defining criteria for each category in the BANT method. Marketing professionals and experts have come up with a variety of ways to qualify sales leads.
If you have determined who or what your buyer personas are based upon market research, your primary reference point for qualifying prospects and leads should be your buyer personas.
This is the best way to qualify leads as well as the most reliable because a well-constructed buyer persona is the right fit for your brand.
Demographics and Firmographics
These terms are basically the same. They are data points that reveal attributes of individuals or firms that marketers use in defining their target market. B2B marketers need to consider all data, such as the type of business, employees and profit, along with IAO (interests and attitudes) variables.
Online and offline activity are excellent indicators of customers' interest in your brand, and their willingness to purchase. You can also look at customer behavior on your website, email engagement and eBook downloads, as well as forms filled out.
You need to talk to customers and sales teams to determine which metrics are most important.
Input from Sales and Customer Service
Your company's front line is your customer service and sales departments. They can provide valuable insights into your customers' expectations and opinions, which will help you to develop better strategies for the future.
Your Step-by-Step Guide for Lead Scoring
It doesn't need to be complicated to score leads for B2B companies. These are the steps to help you determine your lead scoring criteria.
Identify the criteria that should be used
This includes listing the minimum qualifications you expect your leads to have. You may also need to consider other criteria, such as those that have a fixed face value or implicit data. These are your analysis-driven data and your data equalizers. They provide the checks-and balances for your lead scoring matrix.
2. Define your market
This will allow you to identify the common characteristics of your target audience. To determine the suitability of your leads, you can combine buyer personas with your existing customer base.
3. Find your ideal lead
It is important to identify the characteristics of your ideal customer so that you can score higher on leads. Ask your customer service or sales teams to identify the best customers. This will help you determine which segments bring in the most revenue and which customers are most open to renewals.
4. Track customer behavior
This involves listing all behaviors that you can use to encourage engagement among your leads, including signups, clicks to download and downloads online. The key is to identify the key metrics.
You should ensure that you have the right analytics tools in order to collect relevant data. You should use Google Analytics to track simple data.
Take a bow
Knowing your prospects is the most important B2B rule. Once you have your criteria established, you can decide the best scoring system for your company and the point distribution. You now know the steps so you can set your definitions.
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Marketing Insider Group's post, You Need to Define Effective Criteria for Lead Scoring appeared as a first article.
By: Carter Grimm
Title: You Need to Define an Effective Criteria for Lead Scoring
Sourced From: marketinginsidergroup.com/content-marketing/need-define-effective-criteria-lead-scoring/
Published Date: Tue, 30 Aug 2022 14:00:00 +0000