When is a lead not a lead?
Lead scoring is a powerful tool used by marketers to effectively prioritise leads based on their behaviour, demographics, and fit. This technique involves assigning values to leads to determine which ones are worth pursuing, and which can be placed in the nurturing stage.
Effective lead scoring involves a combination of objective and subjective factors. Objective factors include demographic information, such as the location, industry, company size, and job title of the lead. Subjective factors involve the lead’s behavior, such as their engagement levels and interaction with your brand. Here are some examples of elements that can be scored in a lead:
- Email opens and clicks
- Form submissions and downloads
- Website visits and duration of visit
- Social media engagement
- Content consumption
- Event registration
- Company size and revenue
- Industry and location
- Job title and department
- Technology stack and tools used
- Education and certification
Scoring Leads Based on Fit:
Fit scoring is about assessing the alignment between the values and objectives of the prospect and your organization. Fit elements include:
- Company values
- Business goals
- Budget and funds priorities
- Expected time of decision making
- Influencers and decision-makers within an organization
Once the elements are established, the next step is to determine the lead funnel stages that need to be scored. The traditional lead funnel involves four stages- Awareness, Interest, Decision, and Action.
Awareness stage is where leads become aware of your brand, product, or service. At this stage, the leads are scored based on their engagement level for the campaigns, webinars, and other marketing activities.
In the interest stage, the leads exhibit a strong interest in your brand and product. They might have engaged multiple times through website visits, downloaded resources, and attended webinars. Lead scoring at this stage includes content downloaded, visits to pricing pages or requesting a demo, and contact with sales representatives.
In the decision stage, the leads have evaluated your solution and are considering you as their potential supplier. Scoring elements at this stage include product/service fit, budget, purchase timeframe, and primary decision-maker.
Action stage is the closing stage, where the lead decides whether to sign with the supplier. Scoring elements at this stage include the contract value, purchase lifecycle, and post-purchase feedback.
Lead scoring techniques are crucial to prioritising leads and improving the quality of leads passed to the sales team. By assigning scores based on their behaviour, demographic, and fit, marketers can ensure that the sales team spends their resources on the most qualified leads, which further augments the probability of higher conversion rates.