Lead scoring is a collaborative sales and marketing system for ranking leads in order to determine sales-readiness. Leads are scored on the interest they show in your business, their place in the buying cycle and their fit with your business. This is part 2 of a two-part series of the value of and how to lead score.
How do you score leads?
Companies need to consider two different kinds of information in their lead scoring — explicit and implicit:
- Explicit scoring is information the prospect tells you or directly identifiable information.
- Implicit scoring is information that you can observe or infer about the prospect like their online behaviors.
When merging the two scoring systems, a company or brand can create an authentic true picture of value — the prospect’s value to you and your business’ value to the prospect.
Explicit lead scoring
This is based on directly shared information usually collected from an online form or registration system. Here are some key things to know about this explicit scoring
- Demographic and company attributes tell you how well the prospect matches your ideal buyer profile, while BANT information can generally tell you where
the prospect is in their buying process. BANT is budget, authority, need and timeline.
- Demographic and company attribute scoring is based on information including job title, industry, company size, and annual revenue.
- This kind of lead scoring is powerful because it should show how interested you should be in the potential prospect. The more the prospect mirrors your ideal prospect profile, the better the match with your solution and services, and the higher the score.
- Demographic and company factors to consider range include – job title and role, company size and ability to make a deal and the type of industry — do they tend to need a solution like yours?
- Of course, success with demographic scoring depends on having well defined “personas” for your ideal customer profile.
It involves tracking your prospect’s behaviors (e.g. their online actions) to measure their level of interest in your products or solutions. It can also involve inferring additional information about the prospect based on the data quality you have (the location of their IP address, etc.). Here are important things to know about implicit scoring:
- Behavioral scoring identifies the prospect’s readiness to buy. — leads visiting web pages,
- opening emails, and responding to offers reveal interest. Visitors to product pages are showing better buying behavior than visitors to careers’ pages. Digging deeper will allow you to distinguish between and score higher those who click on discounts compared to those who click on and industry link. Product links signal buying behavior in greater readiness.
- Be mindful of similar prospects showing different behaviors. One has watched a demo, visited prices and terms pages and downloaded an RFP. Those are all very active buying behaviors. The other prospect repeats visit to the same page over an extended time frame with no implicit interest in your product or service.
- As you can see, these prospects might both achieve the same overall engagement, one is active while the other is latent. As you create your lead scoring system, it is important to adjust your scoring to reflect these different buying behaviors. These activities imply different levels of sales-readiness and require different follow-up.
- Generally, the quality of prospect data indicates matches to your ideal customer profile. Data quality scoring rules are used to deduct scores to focus on prospects with good data quality.
- The data does have an intrinsic flaw — it is easier to find data on public companies than private companies. Can you really want to leave your private company scoring data to chance? Use all relevant information, including demographic and behavioral scoring, to create your target buyer profile. Think about explicit and implicit attributes and assign points based on their relevance.
So I hope these two post gets you better prepared to score your leads and convert them into greater sales.
Here is is a great post from Lead Lizard and Marketing Profs on how companies are lead scoring. Be sure to read the part of about the your best assets for attracting and scoring leads — forms, email clicks, tagged pages visits, campaign response, email opens, landing page visits and visited website.
How are you doing your lead scoring and what you see are its benefits?
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