Lead scoring
Qualify and prioritize leads quickly and easily. With lead scoring, you keep a grip on all leads and know exactly when to follow up!
What is lead scoring?
Lead scoring is an online marketing method where you qualify and prioritize leads by scoring them based on degree of suitability and interest.
The process of lead scoring starts with validating leads on specific criteria to determine their fit with the organization. During the subsequent period, you measure the level of interest based on interaction on the website and via email. Lead scoring software assigns points to leads based on a scoring model. This is how you qualify and prioritize your leads.
Why lead scoring?
Lead scoring is a form of lead management. It makes the lead generation process more effective and efficient.
More effective
'Timing is everything' is sometimes said. Especially in B2B, the buyer journey is not a matter of a few days. A buying process of several months is the rule rather than the exception. More than 70% of B2B buyers report that their search begins online. Only 19% of them are willing to talk to a salesperson at that point.
Therefore, the timing of the follow-up process is crucial. A call too early can create irritation, and a call too late can cost you the order.
If you fine-tune the contact moment, you will always make timely calls. Therefore, the goal of lead scoring is to give sales the tools to follow up with the right leads at the right time to maximize the scoring opportunity.
More efficient
Timing the follow-up process and validating leads is possible manually on a small scale, but this is a very labor-intensive process. As your lead file grows, you quickly run into your limit.
Lead scoring helps lift the productivity of the marketing and sales team. Once the lead scoring model is set up, you have little to worry about. Leads are then automatically scored based on set criteria.
Tip: Predictive lead scoring does not require setting up a lead scoring model. Machine learning (AI) is used to predict the probability that a lead is ready to purchase.
Lead scoring model
With a lead scoring model, you determine when a lead is ready to follow up. You set exactly what criteria the software assigns points for and how many.
In inbound marketing, it is common to assign leads a status that indicates the extent to which they are qualified.
These statuses are:
- Subscriber - potential lead, for example subscriber to a newsletter
- Lead - cold lead
- Marketing Qualified Lead (MQL) - validated based on suitability
- Sales Qualified lead (SQL) - validated and shows desired level of interest
- Customer - active customer
The two axes of lead scoring
As described in the introduction to this article, you qualify leads based on two parameters:
- Fit: to what extent does the lead fit with (the objectives of) the organization?
- Interest: to what extent does the lead show interest?
The image below shows what actions should be taken in four conceivable situations:
- Not suitable and no interest: you avoid these leads, because they deliver nothing and are therefore a waste of your energy.
- Not suitable, but interested: this is a tricky one. When you are driven by opportunity you might go for an "easy" order. But especially in B2B, there are plenty of reasons to avoid these leads.
- Fit, but no interest: with these leads, you stimulate interest. If this has no effect you avoid the lead.
- Fit and interest: this is the sweet spot. You follow up on these leads as soon as possible.
Measuring suitability
There are several ways to measure whether a lead is suitable for the organization. This depends entirely on the objectives and strategy.
Suitability of leads is measured at three levels:
Organization level
For example:
- Industry
- Organization size
- Location
Contact Level
For example:
- Job Title
- Education level
- Job level (operational, management, C-level)
- Role (project leader, certain responsibilities, etc.)
Situational level
For example:
- Allocated budget
- Timing (when live with solution?)
- In-house solution or not
Measuring interest
Interest is evidenced by interactions a lead has with the organization. On the online side, these are interactions with the website and via email. Consider:
- Number of website visits.
- Number of clicks in emails.
- Number of website downloads.
- Contact requests.
- Participation in webinars or live demos.
- Watching videos (to the end or to a certain point).
- Visits to specific pages, for example, a product or pricing page.
- Clicks in specific emails, for example a click on a CTA of a sales promotion.
Assigning minus points
It is also possible to assign minus points in the lead scoring model. For example:
- Lack of interaction (for example, no website visits for more than certain number of weeks)
- Unsubscription mailing list
- Certain job titles, for example student
Combination with lead nurturing
Lead scoring forms a good combination with lead nurturing.
With lead nurturing you provide leads with the right information at the right time. This means tailoring information to the specific needs of the lead and the stage in the buying process.
Lead nurturing thus creates various opportunities for leads to interact with your organization. Think downloads, clicks, website visits and more. Lead scoring measures the interaction of leads during this process.
In other words, lead nurturing aims to build a valuable relationship with leads, and lead scoring measures the extent to which this is successful.
Lead scoring software
When applying lead scoring on any scale, you can't do without lead scoring software. The software validates lead information and measures interaction on the website and via email.
Marketing automation
Marketing automation platform, such as HubSpot, offer tools for lead scoring, lead nurturing and more.
Through workflows, you build lead nurturing campaigns that intelligently provide leads with the right information at the right time. The lead scoring functionalities within the software ensure that every lead interaction is measured and weighted.
You then use the lead scores as you see fit. Some organizations qualify in a hard way. That is, leads need a certain score to land on sales' plate. A hard threshold is then set in the marketing automation software. Another choice is to use the lead score to prioritize. This way, sales starts following up with the most promising leads.
Below is a lead scoring example in HubSpot of both a positive lead scoring criterion (number of page views) and a negative criterion (opt out of all email). Of course, this is only a small part of a full lead scoring model.
Need help with lead scoring?
Do you have questions about lead scoring? Or do you need advice on it? We are happy to help you move forward! Call 085-7608181 or use the live chat on this page.
