Lead Scoring Model: All You Need To Know About The ProcessWhat is Lead Scoring?
Lead scoring is the practice of ranking leads based on their based on their predicted potential willingness to buy. The process works by assigning a numerical or letter score to a lead and differentiating qualified and unqualified leads. The score is based on value-assigned criteria such as identity attributes, the behaviour, and demographic identity and expressed preferences. This score creates a clear indication for your sales team on which prospect to follow up on and how. If the score reaches a certain tipping point, the team automatically knows how to take action.
Is Lead Scoring Model right for my business?
Your sales resources are limited, their time is limited and their ability to follow up on a certain lead beyond a certain number of times is limited too. Hence, segregating your leads into different buckets and creating a clear mechanism on their follow up could improve their close rate and even their sale sizes.
If you are wondering if your company requires a Lead Scoring Model to be put in place yet, then it is important to understand that lead scoring is most useful to a company whose Sales team faces enough leads that pursuit of some come at the expense of others.
It is a highly effective tool to determine which leads are most profitable to pursue. This allows your sales reps to invest their valuable time in pursuing the right sales leads for your business. But the process only can work in full potential when your number of leads is more than what your sales team can handle. So, an effective lead generation system is more important even before you put a lead scoring system in place.
How to create a successful Lead Scoring Model?
1.Award points for a combination of actions and not a single action: For example, if a person has picked up your automated marketing call, then do not assign him just a single point. Rather focus on his interaction as how long he listened, at what point he dropped out etc and assign scores to individual actions.
2. Bucket your lead with diversity: Do not just bucket them with a unified score, especially when you are starting. You may want to bucket your leads in terms of behavioural scores and demographic scores separately before you find the right combination score for your high prospects.
3. Keep the human interaction high: Lead scoring model is to help automate a part of sales decision. But to reach to a right level of automation, a high level of human interaction is required in the initial phase. Ask your sales team and take their feedback on whether they are finding the scoring process helpful, look at analytics on whether your lead to conversion ratio is improving. Also, talk to random samples of people with low scores to figure out if you have rightly scored them low in the prospect list.