It is not easy discovering purchase-ready customers; however, lead-scoring can help you in this regard. It is important to remember that only 4% (approximately) of the visitors to your website may be ready to purchase. Therefore, if you invest one dollar per visitor for conversion, then only 4% of this investment is worthwhile leaving you with a waste of 96 cents. With the help of lead scoring, you can find out which leads need to be ignored and which ones to pursue.
This definitive guide to lead scoring informs you regarding the basics of scoring leads alongside helping you to create a functional lead scoring model. And you can use this model to find purchase-ready customers for your business.
Lead Scoring? What is That?
Lead Scoring is the method of assigning values to every lead, which is generated for your business.
In other words,
Lead scoring is a methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization. The resulting score is used to determine which leads a receiving function will engage, in order of priority.
This value is often assigned as numerical points. You can use numerous attributes to score the leads, such as
- Professional information regarding visitors
- How visitors have engaged with your website
- Brands across the internet
The sales and marketing team may benefit from the lead scoring process in the following manner.
- They can prioritize the leads
- Appropriately respond to these leads
- Increase the lead conversion rate (converting leads into customers)
Every business may have a unique model for the allocation of points to score the leads. However, the data from the past leads are commonly used in order to design the value system.
- At first, search for the contacts that became customers and learn what they have in common.
- Find out the attributes of the contacts that did not turn into customers.
- After looking at the data from both sides, you can identify the attributes that need to be weighted more based upon how likely they are to specify if someone is the right match for your services or products.
Why is Lead Scoring Important?
Marketing teams may use the ‘lead scoring’ method to rank their leads with accuracy based upon various data points. Your marketing team can focus on the leads with the most likely ROI (leads that are more likely to make a purchase) based upon the lead scoring. They can target the best leads and can direct the lead nurturing and marketing efforts towards them.
Lead Scoring Models
Lead scoring models ensure that the values assigned to every lead represent their actual compatibility with your product. Many lead scores are based upon a point range of 0 to 100. However, every lead-scoring model that you develop has to support a specific attribute of the core customer. You can develop six types of lead-scoring models based upon the type of data collected from the people who showed interest in your products or services.
- Demographic Data
- Company Information
- Online Behavior of Leads
- E-mail Engagement
- Social Engagement
- Spam Detection
Continue reading a full blog to learn more about the Lead Scoring matrics and how to score the leads…
