What is lead scoring? Lead scoring is a logic methodology that will give a score to the leads within a sales funnel. This scoring allows us to determine how likely the leads are to buy into your product.
Why do we need lead scoring?
Lead scoring can be very useful, when you have limited resources, to focus your team on contacting the leads which have the highest chance to convert.
When should you start using lead scoring?
Right now! We especially recommend the use of this methodology to our clients, when opportunities are lost due to resource limitations, and there is a high volume of leads. At this point it is time to start building and implementing your lead scoring model.
How complex should it be ?
A scoring model can be built simply, with just 3-5 dimensions or can be built to comprehend multiple variable dimensions, which sometimes even uses artificial intelligence to develop the algorithm.
A great starting point is analysing your historical data to understand which dimensions have an influence on the conversion rate from a lead to a customer. Examples of historical data can be demographics, geography, sources, behavior or engagement.
Another factor to consider is the number of lead scoring models that you may need, working collaboratively to cover your entire product or services.
How can you implement your lead scoring model(s)?
Once you have analysed your historical data, you should implement your Model with the dimensions which have an impact on your conversion rates. If the dimension has a positive impact you should add points, if the dimension shows a negative impact, remove points.
Then you can focus your resources on the top scoring leads.
What should you do with the leads which have a low score?
During a customer journey, the engagement and the maturity of leads can evolve… therefore you may want to keep contact with your lower score leads, as they might become top scoring leads. You can do this by creating an automated nurturing email journey, have these leads included in an audience you target with advertising or have personalised content on your website for when they visit again.
How long will my lead scoring model remain valid?
As long as it works! You should define Key Performance Indicators (KPI’s) on which you want to monitor your models (for this you will need resources) and have it reviewed regularly. If you start to see that your top scoring leads aren’t converting as well as your lower scoring leads, it is time to review your model.
As a further tip, it might make sense to implement lead scoring models at a few or every stage of your pipeline, depending of the stages and the volume of leads at each stage.
We are at your disposal to discuss how your lead scoring can be set up.
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