Right at the heart of many productive lead nurturing campaigns is lead scoring, which offers a calculated method of assessing the stages of the buyer's journey each lead is at, and ultimately, attract buyers more effectively.
But even before you look at how to conduct your lead scoring, you need to be sure that the technique is right for your business. Let's look closer...
Is lead scoring right for my business?
There are a few indicators which can suggest whether or not your company could benefit from lead scoring.
Lead generation volumes
If your sales team is dealing with a small number of leads, there might be no need for lead scoring until you achieve a volume which warrants it.
Quality of leads
by the same token, if your sales team is not happy with the quality of leads which they are getting, there might not be any point in starting lead scoring until you have solved this problem.
aside from the leads themselves, lead scoring requires demographic and behavioural data for the system to be based on. If you don't have this data, you may need to reassess.
A method to attract buyers
Before you can get to the holy grail of attracting more buyers, lead scoring can help you to identify which level of the Buying Stage your leads are currently at. There are three main elements of a typical lead scoring system which can help you make this judgement and qualify your sales:
1. Lead Fit
This is the initial component of lead scoring, and is based on key background information which you have gathered about the prospect. It could be the organisation they are from, including size and estimated buying power, or it could be their job role, and how influential they are in terms of procurement. These are important variables when it comes to how to nurture a B2B prospect, but there are also parameters which can help to assess the fit of B2C prospects. Take potential customers who are considering a high spend purchase. They could be assessed based on their lifestyle, job, disposable income and stage of life.
2. Lead Interest
This is where your website, email and social media data will come in. Just how engaged has a lead been with your brand? How many emails have they opened? Do they follow you on social media? And how frequently have they visited the lead pages which convert on your website? You need to measure the number of proactive steps which have been taken by the lead to interact with your company through calls to action. What is a call to action? Think of the opportunities you give leads to interact - from social media to landing page visits and email enquiries.
3. Lead Behaviour
While it might not seem as important as lead interest, lead behaviour can tell us a lot about a lead's intentions. Look at which kind of content they have consumed - does it suggest they have a good knowledge of your product, or that they are still trying to understand your offering?
Calculating lead score
By scoring using the categories above, you can define a lead score and your prospect's position at the buyer's stage. This will allow you to determine what is a sales qualified lead. Whether you use a scale of one to ten, one to 50, or one to 100, is up to you.